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Forrest Hilton Comment On Regulatory Notice 22-08

I oppose new rule making that would make leveraged and inverse ETFs difficult or impossible for normal investors to buy. I have used these sorts of ETFs in the past profitably for both hedging risks and investment purposes. I believe these products are both understandable and useful to the average investor.

Given the recent blow-up of so-called qualified investors and family offices like Bill Hwang, I would much rather regulators focus their time on tightening the rules in places that are systemically important, like large private funds rather than on small individual investors.

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.