Not disagreeing, but where SEC gets these type of rules?
I already listed several ETFs that literally rob the investors, but they were happily approved on time and on TOP.
Here are some: USO, SDS, RWM, UNG
SDS, LOL, 260 to 13 in six years (95% decline), most of which is slippage.
i did not invest in any of this stuff, thankfully.

Now, if there will EVER be a futures based bitcoin ETF, i would happily short it.