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Eileen Rosko Comment On Regulatory Notice 22-08

I am a long term investor. Leveraged and inverse funds are important to my investment strategy. They are a small, but important vehicle for hedging against dramatic swings in the market and are crucial to balancing my portfolio. I understand and accept the risks inherent to the use of inverse funds and do not need special tests in order to invest in them. I believe the proposed restrictions infringe on my rights as an individual investor and give a dramatic advantage to institutional and extreme wealth investors.

Guilherme Gobbo Comment On Regulatory Notice 22-08

Dear Regulator,

I first learned about leveraged ETFs in 2007, just before the great financial crisis and I have used them as part of my portfolio to achieve my investment goals ever since.

I had a position in them just before the great financial crisis, and remember well how quickly they lost value, but having grown up in a hyper-inflationary environment, I also had clear understanding of the impact of compound interest rates on the way up, which benefited me significantly as we exited the great financial crisis.

Byron Russell Comment On Regulatory Notice 22-08

I use inverse funds to hedge my investments. I am fully aware of the risks involved with leverage and I understand how inverse funds work. Additional restrictions will only limit my ability to protect my investments. I have already used options in the past to leverage and to protect positions. But options are time limited and expire. I have found that leveraged and inverse funds are actually safer since they do not have an expiration date. I only need to be correct about the direction and not both the direction and time frame simultaneously.