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William Heidenreich Comment On Regulatory Notice 22-08

An individual should be able to make their own choices regarding what their risk tolerance is and what investment vehicles they choose. Leveraged/Inverse funds are only a small portion of my portfolio. I use this type of an investment as a hedge to protect the rest of my portfolio as well as enhance my overall returns. Over the last 50 years that I have had an active portfolio of investments, my risk tolerance has decreased. However, I will always maintain a portion of my investments in aggressive securities. This is a choice that I have made as an informed investor.