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Athanassios Diplas Comment On Regulatory Notice 22-08

- Individual investors should be able to make their own risk decisions - Investors can obtain leverage through margin. The amount of leverage can be adjusted by the investor. Leveraged funds are different in that the leverage is predetermined and formulaic. The risks are well known at this point and appropriately explained in the relevant prospectus. Most individual investors can gain leverage through margin without a reference to the same risk factors. - Investor education is important, rather than restrictions based on an arbitrary net worth limit.

David Cleaver Comment On Regulatory Notice 22-08

I am an individual investor with approximately 40 years of investment experience. From time to time, based on market conditions, I have found it prudent to invest in leveraged and inverse exchange traded funds (ETFs). Now is such a time, and I currently have a small investment in such a fund. I want to be able to continue to make such investments as I see fit, based on my own knowledge and experience, without having to abide by any additional regulatory requirements.