# 2025-23820: SEC Weighs Approval for 4x Leveraged ETFs Amplifying Market Swings Daily

2025-23820, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the GraniteShares 4x Long Russell 1000 Daily ETF and the GraniteShares 4x Short Russell 1000 Daily ETF Under Rule 14.11(f)(4) (Trust Issued Receipts), is a Federal Register notice from Securities and Exchange Commission published 2025-12-29, effective Comments due January 20, 2026; rebuttal comments due February 2, 2026. The Commission designated January 1, 2026 as the date by which it shall either approve, disapprove, or institute proceedings. (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-23820
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-23820
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the GraniteShares 4x Long Russell 1000 Daily ETF and the GraniteShares 4x Short Russell 1000 Daily ETF Under Rule 14.11(f)(4) (Trust Issued Receipts)
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 60765
- Published: 2025-12-29
- Effective: Comments due January 20, 2026; rebuttal comments due February 2, 2026. The Commission designated January 1, 2026 as the date by which it shall either approve, disapprove, or institute proceedings.
- Comments close: not stated
- Significant: no
- Touches household money: no
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Weighs Approval for 4x Leveraged ETFs Amplifying Market Swings Daily

## Summary

The SEC is deciding whether to approve or reject Cboe BZX Exchange’s plan to list and trade two new GraniteShares ETFs that aim to multiply daily moves of the Russell 1000 index by 4 times—one going up and one going down. This affects investors looking for high-risk, high-reward options and could shake up trading starting early 2026. The SEC is asking for public feedback before making a final call.

## Effects PRIA read

- SEC Reviews 4x Long/Short Russell ETFs: mixed, medium. The SEC is deciding whether to allow two GraniteShares ETFs that would seek daily returns equal to 4 times (4x) or -4 times (-4x) the daily performance of the Russell 1000 Index. The Commission has instituted proceedings and is requesting written comments by January 20, 2026 and rebuttals by Februa…
- Funds Use Derivatives, Stay Fully Invested: mixed, medium. The proposed funds would seek their 4x or -4x exposure by investing in over-the-counter swaps, futures, options, forward contracts, and other financial instruments, and may hold cash and cash equivalents as collateral. The filing says the funds expect to remain fully invested in these Russell-linke…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-23820 on federalregister.gov](https://www.federalregister.gov/documents/2025/12/29/2025-23820/self-regulatory-organizations-cboe-bzx-exchange-inc-order-instituting-proceedings-to-determine)
- [2025-23820 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-12-29/pdf/2025-23820.pdf)

## Related
- [Previous: 2025-23819, Self-Regulatory Organizations; Cboe Exchange, Inc.; Notice of Filing and Immedi…](https://policyrisk.com/federal-register/2025-23819)
- [Next: 2025-23821, Self-Regulatory Organizations; Municipal Securities Rulemaking Board; Order Gra…](https://policyrisk.com/federal-register/2025-23821)
- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-23820 (as of 2026-06-08).