Ms. Marcia E. Asquith, Executive Vice President Financial Industry Regulatory Authority, Inc. 1735 K Street, NW Washington, DC 20006-1500 Re: FINRA Regulatory Notice 22-08 (the “Notice”) Dear Ms. Asquith: Defiance ETFS, LLC (“Defiance”), appreciates the opportunity to comment on the Notice. We commend the Financial Industry Regulatory Authority (“FINRA”) for reminding members of their current regulatory obligations.

I find it highly problematic that an attempt to create different classes of individuals is being seriously considered.

It is a perverse incentive structure that would give control over wealth to the small-minded or power-hungry regulator.

To whom it may concern.

I want to oppose restrictions on my investing, and believe that more freedom is better than government control over everything. As FINRA regulators, you are unelected bureaucrats, and should not be working to deny freedom or access to an individual's right to invest. It makes you look very bad, like you only want the wealthy to have a chance to "get ahead" and that you think you are the only smart ones. Freedom includes risk of failure, but it is way better than government restrictions.

I do not want the government of we the people regulating anything of mine. [REDACTED] you cant even control your own debit. So keep your hands off something that is non of your business. Clifford Metcalf

I am a retired lawyer with a high IQ. I have been trading leveraged and inverse funds for over ten years. Restrictions based upon net worth and approval of a broker are discriminatory to favor the rich. I have noticed the same thing about margin restrictions. The restrictions are there to favor the rich and powerful. I do not need nor want your oversite in my life. This is basically class discrimination designed to keep people with less money and less opportunity in their place. Your proposed regulations are not needed.

Encouraging Investment Banks and Hedge Funds to steal from retail investors via the options market will be the result of disbanding these necessary products.

Please do not impose additional regulations regarding leveraged and inverse ETFs. They are a valuable tool to add to an investor's portfolio to hedge market risks.

There are plenty of materials available for potential investors to read prior to buying a leveraged/inverse ETF. The investor should be responsible for reading those materials, not relying on the government to hold their hands. It's called accountability.

Please do not impose additional limits on how I can or cannot invest my money. I work hard for it and feel that I should be able to make my own choices.

Comments:

While optics are ever present around good consumer advocacy policy, creating regulatory burden is not a good way to go about this.

In the strong capitalistic financial environment that the US exists in, retail investors should have the ability to put their money in Leveraged-Inverse ETFs if they so choose as long as they are aware of the long-term risks of holding such financial products.