BREAKING: The SEC is cracking down on highly-levered ETFs amid the recent surge in market volatility. The SEC just issued multiple warning letters to ETF providers, effectively "blocking" the introduction of 3x-5x levered ETFs. “We write to express concern regarding the registration of ETFs that seek to provide more than 200% (2x) leveraged exposure to underlying indices or securities,” the SEC wrote. Leverage is clearly out of control.(The Kobeissi Letter)