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James Pieronek Comment On Regulatory Notice 22-08

I have used leveraged and inverse funds for years without problems. I can understand the desire to provide increased protection for the retail investor, but that could be handled by using the existing system of trading levels that brokerage houses use to limit trading in options and futures. I would think that it would be appropriate to require investors desiring to purchase these ETFs to be at the trading level required for the lowest level to buy put and call options. That way they are required to have read the numerous documents outlining the risks involved.

Deepak Kana Comment On Regulatory Notice 22-08

Dear Officer,

As a retail individual investor I found that the leveraged ETFs enhances our ability to have more returns with acceptable risk. Although it can lead to losses in downturns and choppy market conditions, overall I find it a useful tool for parts of the portfolio. I request you to not take them away from us as it will lead to more asymmetrical privileges for people who already have more sophisticated tools.