I don't believe that it is correct to classify products as complex due to their structure. Leveraged ETFs have their complexities, but so do many companies. Any given biotech stock may expose investors to more risk, but would be easier to access and trade. It's my belief that any investor who fails to understand the product they're buying deserves any losses they may take and that classifying some products as more complex and therefore riskier, FINRA may accidentally imply that ordinary stocks are comparatively safe when this is clearly not the case.

Complex products (ex: leveraged ETFs) are already limited in several wise ways. Limiting the leverage available to 3x is a good policy. However, completely gatekeeping who can access these products would simply increase inequality and unnecessarily increase costs for consumers. Gatekeeping access to all these complex opportunities would be akin to providing the unearned rent seeking through regulation that tax preparers enjoy now. To reduce inequality and increase prosperity for consumers, we need less unnecessary certification requirements, not less.

Do not change anything. I like the way it is now. Unless it is broken do not change it because if you change it, you will make it worse. I know I won't like the change.

Good Morning, I am writing this comment in response to your classification of LETF's as a complex product. I agree with this assertion, and additional warnings and barriers to investors using these products without prior understanding MIGHT be beneficial to "protecting" investors from themselves. However, I want to specifically advise that restrictions that prevent investors from opting into buying and holding these complex products, like the proposed 1 day buy and sell rule, are a bad idea.