BlackRock, State Street Global Advisors and some other large money managers are asking exchanges to enforce a more narrow definition of exchange-traded funds.

These firms want a new naming system reflected in exchange data feeds that go out to traders and investors. A proposal, shared with exchanges this week, would shut out leveraged and inverse funds that seek to amplify returns or losses from the definition of an ETF. It would also distinguish ETFs from debt notes and some funds that rely on leverage and commodity bets.