The Wall Street subway stopGetty imagesInvestors have grown concerned that the stock market is overvalued.But the market may have less risk than feared, a ProShares analyst told Bloomberg TV.There is much less leverage in stocks than 20 years ago, he said.While mega-cap tech stocks have led the S&P 500 to record highs, the market now hovers at valuations some consider to be extremely over-priced.

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