To whom it may concern;

I don't need or want any additional regulation from the government on investing. Your efforts to "protect me or other investors" from the financial industry is a waste of time and money. It only results in the erosion of return on my investments because the cost of regulatory compliance is so much.

A test is not necessary, the prospectus covers the risks.

Self-directed individual investors that understand the risks should have the opportunity to built diversified strategies, to not only speculate, but also generate income & hedge when appropriate.

It is absurd to prevent Americans from investing in any sort of securities that they want to. Risk assessment should be done by the investor, not by government regulators. For example, anyone could invest in a NASDAQ fund. But a leveraged fund gives me 3x the return (and risk) for 1x the investment. I would have to invest 3x as much to get the same return. That just ties up more of my money and prevents me from getting those higher returns.

Investors have a greater interest in protecting their investments and there is no reason that an investor should not have the choice on how or when they can invest their money in any legal investment opportunity. Public securities including inverse and leveraged funds are yet another investment tool in the arsenal of ways to respond to changes in the market.

I've been investing in leveraged and inverse funds for over 15 years. I would've never been able to build a nest egg for retirement from almost nothing if I did not have the ability to invest in these funds. Please don't take it away.

Leveraged and inverse funds are a hedging tool when I think put option premiums are expensive and/or I am unable to directly short a stock or ETF in my retirement accounts. I also use them to make speculative directional bets where I deem appropriate.

Dear Sirs/Madams, It's come to my attention that you are considering regulating so-called complex or leveraged ETFs. As an active small investor, I implore you not to do so. I use these ETFs to hedge risk in the marketplace, and this gives me confidence in my investments, knowing that I can sustain market shocks, as well as to maintain reasonable rates of return. I have been using these for two years, and it has worked well for me. The notion of requiring a "test" for these ETFs strikes me as an undue and unreasonable hardship for myself and my fellow investors.

Leveraged funds have been an important way I have improved returns. Inverse funds have allowed me to reduce risk of market crashes. People should be able to do this without having a high net worth.

I would like to say that I am in favor that the people should decide what shares to buy and what not to buy because it is the peoples money that they are using to get a hold of the shares so they can invest for their retirement or future for their families.