嘉信理财（SCHW.US）第三次收紧税收感知多空账户：部分多空SMA最低门槛由100万美元提高到1000万美元，并停止组合保证金账户新增客户与新资金，9月16日生效

Charles Schwab Corp. is imposing even stricter limits for customers interested in tax-aware long-short accounts, at least the third time the retail brokerage has done so, according to a note distributed to clients.

Schwab clients will now have to have a minimum of $10 million of assets to fund some long-short separately managed accounts, an increase from $1 million, according to the note, which was sent to clients and obtained by Bloomberg on Wednesday. The firm also said it won’t enroll new clients or accept new funds in portfolio margin accounts, which use greater leverage.

It’s the latest in a series of moves that highlight the risks and concerns around one of the most popular trades on Wall Street. Over the past three years, legions of affluent Americans have flocked to tax-aware long-short accounts, a complex strategy that typically involves betting both on and against companies to generate losses that help investors slash capital-gains levies.

Schwab and rival Fidelity Investments, the two major firms that were facilitating the strategy, have both pulled back recently amid concerns over unprecedented growth in the convoluted trades.

While Schwab had already twice buckled down on who can open new accounts and placed borrowing and other limits on tax-aware investing, Fidelity has taken more drastic measures by indefinitely pausing onboarding of new clients.

Read More: Schwab, Fidelity Turn Down Billions From Ultra-Rich Tax Strategy

“We regularly review our platform requirements to ensure we can effectively serve advisers and their clients across the full range of capabilities they rely on,” a Schwab spokesperson said in an emailed statement. “These changes apply only to new accounts — current clients will continue with no impact to existing terms. We remain committed to helping advisors meet client needs through a broad range of tax-aware investment solutions.”

Schwab’s policy, which the letter said will take effect on Sept. 16, even further restricts the growing strategy.

“The current pace of growth of these strategies could limit our ability to support the full range of capabilities you and your clients rely upon from us,” the firm said in the letter.

At Schwab, some were concerned that the allure of eliminating taxes was spurring wealthy investors to get into the strategy even if they didn’t completely grasp how it worked, Bloomberg previously reported. Fidelity, meanwhile, said it was taking time to evaluate what was driving the growth of tax-aware strategies.

Despite the two firms’ pullback, interest in tax-aware strategies hasn’t gone away. Other money managers, including less-traditional ones, are still touting their tax-minimizing products.