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Brian Macnish Comment On Regulatory Notice 22-08

As a FINRA member and long time investor in inverse and leveraged ETFs, I am totally against your proposed regulations in relation thereto. Yes, these are potentially lethal products and I've had my share of losses trading them, but they are still a valuable option to have in one's investment quiver...especially in uncertain times...like now. FINRA trying to regulate investors' access to products like these is like the government trying to impose price controls on food and gas...neither work and both ultimately hurt the ones they are intended to help.

Jonathan Leman Comment On Regulatory Notice 22-08

I think it's extremely important that professional advisors have the ability to work with or against the general market directions from the standpoint of hedging client portfolios, and these funds are the easiest and most efficient ways to implement these hedges. For example if the markets are down 15% this year and a hedge with this type of fund means only -8% loss for clients then they are very critical tool that should not be taken away.

Terence Riley Comment On Regulatory Notice 22-08

I totally disagree with the proposal to regulate leveraged and inverse ETF's. They should be available to everyone, not just high net worth individuals. I understand the risks and use them strategically as a small fraction of my overall portfolio. I do not need anyone telling me what to do, or having to prove myself capable. I also totally disagree with the current regulations that restrict hiring hedge fund managers to only high net worth individuals. Everyone should be allowed to participate if they can meet the specific funds minimum investment requirements.