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Christopher Bailey Comment On Regulatory Notice 22-08

I think very strongly that investors such as myself should be able to freely chose which public investments are right for me at various points in my life. I believe that I understand the risks some investments carry and that they are my responsibility. I am a regular investor of leveraged and inverse funds and view them as tools for wealth creation. Purchasing them should not be regulated or limited to only institutions or arbitrarily by exams, licenses, fees, etc.

Erik Haugen Comment On Regulatory Notice 22-08

Dear Regulators,

As an individual investor fully exposed to the business cycle through full-time employment, it is essential for me to manage my overall risk exposure via investments.

Plain-vanilla long-only equity and fixed-income ETFs and mutual funds have a high correlation to economic outcomes and labor markets; for example, nearly all of them crashed during the March 2020 bear market, at precisely the same time that many lost their income due to pandemic restrictions, and in 2009, when massive layoffs occurred due to the global financial crisis.

J Liu Comment On Regulatory Notice 22-08

We as investors should have the freedom to invest at our risk tolerance level. The fact is simple. All adults in this country can freely go to casinos, where their losses are almost certain. Why can't we invest in leveraged products which have much better chance to grow our net worth. Also, leveraged and inversed products are important in my investment strategy--grow my assets faster in an up market and protect my investments in a down market.