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Frederick Trump Comment On Regulatory Notice 22-08

I am very much opposed to restrictions on investing in leveraged and inverse funds. These funds are the average investor's only way to protect himself/herself in market downturns. An individual's potential losses in these funds are limited to the amount of the investment made as opposed to actual shorting of securities where losses can be far greater than the investment made. These funds represent a prudent alternative to the more radical and dangerous ways to seek protection in market downturns. Such restrictions would harm many investors.

Steven Rosenfeld Comment On Regulatory Notice 22-08

In the past 20 or so years, we have had three major market corrections of approximately 37%, 40% and 50%. In all of those cases, it would take close to 10 years to recover the losses, based on normal rates of returns (for example, a 50% drop requires 100% returns to become whole). If you started retirement savings at a time later than ideal, for any number of reasons, you need the ability to try to retire at acceptable levels, and leveraged funds can allow this to take place.