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Mingbiao Fei Comment On Regulatory Notice 22-08

Dear Sir / Madam:

This proposed regulation really hurts investor's interest. Firstly, it opens a door to the abuse of a vague definition of "complex products". In addition, it is investor's freedom and responsibility to make his/her own judgement. We do not need babysitting from regulators - unless regulator will pay for the loss of our investment. These leveraged and inverse funds are very critical part of my investment strategy to hedge the market volatility, especially in this moment of market uncertainly.

Please reconsider this proposal.

Carolyn Lee Comment On Regulatory Notice 22-08

I have been using inverse funds as a hedging tool since they were first introduced. I am currently using them to minimize portfolio damage, both in equities and fixed income. I am not a "licensed professional" but have been doing self-directed investing for over 50 years. I am totally opposed to any restrictions on my ability to invest in all available funds beyond those already required by my broker and by IRA regulations.