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Monday, July 27, 2009
Firms opt against selling leveraged ETFs after FINRA's warning
The Financial Industry Regulatory Authority recently warned that leveraged exchange-traded funds "typically are unsuitable for retail investors" because such investors tend to hold them for longer than a day. The warning prompted Edward D. Jones, LPL Investment Holdings and Ameriprise Financial to ban sales of some leveraged ETFs. Direxion Funds is arguing that the ETFs can be used successfully and is trying to get the brokerage firms to reconsider their bans.
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