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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.

William Gilmartin Comment On Regulatory Notice 22-08

Dear FINRA, It has come to my attention that you are considering restrictive regulations on various final investment options that are currently offered for public investments. I am a small-time investor and do not have the same type of wealth that hedge fund and wealthy investors have so, I appreciate having the type of funds that are available today which offer various well-defined strategies. This gives me the option to invest in some of the same types of strategies that the big players use. For example the use of leveraged and inverse leveraged funds.