Many brokers already require 100% cash payment for Direxionfunds shares, such as the firms clearing through Penson, etc. My particular brokers, IB offers leverage in the amount of about 3 to 1 at the moment, but I personally would never use it. Isn't the whole point of these structured products to obtain the volatility associated with a leveraged instrument without being subject to any of the limitations of a leverage, such as margin calls? If one just wants a lot of leverage, futures are better anyway because of the 60/40 tax treatment.