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Andrea Happel Comment On Regulatory Notice 22-08

To FINRA Regulators:

The proposed regulations in #22-08 are a threat to investors everywhere. One reason the USA is a great place to live, work, and invest, is financial freedom. Few places in the world offer the upward mobility available here in the USA. One reason for our economic growth is the ability of investors of all financial levels to invest as they see fit.

I am a smaller investor. I make decisions based on my own research and my advisors. The ability to invest in a variety of financial vehicles is an important part of living in the free world.

Ajay Balaji Comment On Regulatory Notice 22-08

Leveraged funds can be very useful for certain goals. There is nothing necessarily optimal about the 1x leverage an investor would obtain using a typical index fund such as SPY. For some investors/situations, less than 1x leverage is better and for others, greater than 1x leverage is better. Hence restricting the public's access to leveraged funds could be detrimental to those whose risk/reward calculations point them towards greater than 1x leverage.