Bill Ackman Calls Out Triple-Levered ETFs, Zero-Day Options Boom

Bill Ackman is taking aim at two booming markets beloved by day traders: Highly-leveraged exchange-traded funds and zero-day stock contracts that have become one of the hottest options strategies on Wall Street.

In a series of posts on X, the billionaire investor and founder of Pershing Square Capital Management criticized the heavy use of leverage in markets, asking his 1.7 million followers: “How have 3X leveraged ETFs and Zero Days to Expiration (0DTE) options advanced society or contributed to our economy?”

Bill Ackman

Photographer: Jeenah Moon/Bloomberg

Levered funds, which allow investors to magnify their exposure to an underlying asset or index and are typically ...