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Yaya Liu Comment On Regulatory Notice 22-08

Dear FINRA officers: I am a small individual stock/ETF investor, and I would like to share my opinion with you about the opportunities to trade ETFs, including those leverage and inverse funds such as my favorites: TQQQ and SQQQ, etc. Both of my funds and experiences are limited, but I still benefited from trading ETFs in the market. I understand the risks it may involve in trading, and I don't see anything particularly different between, say, QQQ vs. TQQQ/SQQQ. They all involve some risks, and I know I must be responsible for the resulting risk.

Arvind Chopra Comment On Regulatory Notice 22-08

Leveraged ETFs especially on broad indices such as SP500/NDX100/US-Treasury are much better way to adjust risk reward tradeoff.

1. Such ETFs are LESS RISKY compared to Call/Put Options in which investors usually loose money due to time decays.

2. Such ETFs are also a much cheaper way to achieve leverage instead of margin accounts/interest.

3. Leveraged ETFs are much more efficient than Call/Put options which have much wider bid/ask spreads

Yvonne Cook Comment On Regulatory Notice 22-08

I oppose the regulations being considered by the Financial Industry Regulatory Authority. I have the right to choose which public investments I want to invest in. This should not be taken away to benefit only those with high net worth or a privileged few. I do not believe any process needs to be implemented in order to invest in leveraged and inverse funds. I already use them as important investment strategies to hedge other stock holdings and to realize better returns.