Roxanna Islam

Single-stock leveraged ETFs were unusual when they first arrived in the U.S. market just four years ago. Today, it might be hard to find a stock without one. Issuers are aggressively pushing beyond megacap tech into niche equities, pre-IPO registrations, and even experimenting with leverage levels and frequency.

Single-stock leveraged ETFs were unusual when they first arrived in the U.S. market just four years ago. Today, it might be hard to find a stock without one. Issuers are aggressively pushing beyond megacap tech into niche equities, pre-IPO registrations, and even experimenting with leverage levels and frequency.

As ETF strategies continue to expand into new asset classes and structures, the SEC has been taking a closer look at how some of these products fit within existing regulations. Prediction market ETFs have drawn much of the attention, but single-stock ETFs, crypto ETFs, private company exposure, and higher levels of leverage are also part of the broader discussion around “novel ETFs.” As the comment period for novel ETFs has now ended, this research note reviews some of the relevant ETFs (and potential ETFs) in this category.

The Texas Stock Exchange (TXSE) is more than a regional milestone — it is a shift in competition among U.S. capital markets. After months of anticipation, the TXSE reached a major landmark last week as Texas Capital’s TXS and OILT ETFs became its first primary listings, followed a day later by PWRX as the first new ETF to launch on the exchange. While a handful of ETFs alone will not reshape the ETF market, they represent the first test of whether issuers see value in a new Texas-based listing venue and the beginning of TXSE’s broader effort to compete with established exchanges.

Crypto ETFs have remained resilient in 2026 despite higher rates and legislative roadblocks. With bitcoin prices back near $85,000, bitcoin ETFs (and the broader crypto ETF universe) have been back on investors’ radars. Renewed ETF inflows suggest that investor demand remains strong even throughout ongoing uncertainty. This note highlights the latest developments in bitcoin and crypto ETFs through charts and analysis.

While AI investing initially centered on hyperscalers and chips, the opportunity has been broadening as infrastructure grows. Opportunities are moving further down and across the supply chain — into memory, data center power, components, and robotics. The ~15 AI and tech-related ETFs launched in September alone emphasize the growing opportunities for targeted AI exposure.

ETF issuers continue to push the boundaries of product innovation and unconventional strategies attract greater attention, as regulators consider the next wave of novel ETFs outlined in my previous research note. Recent rule changes for listing 3x leveraged commodity-based products and a wave of CFTC-regulated sports futures are recent milestones since I last covered the topic. While these developments demonstrate how far ETF innovation has evolved, they also raise important questions about regulatory approval, underlying investment exposure, and the risks investors may be taking.

The Magnificent Seven have dominated the technology trade, but investor attention is now shifting toward the MANGOS — a group of companies that place greater emphasis on artificial intelligence (AI) rather than traditional megacap technology. Unlike the Magnificent Seven, MANGOS includes privately held companies such as OpenAI and

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