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Robert Kronenberg Comment On Regulatory Notice 22-08

Inverse and Leveraged funds are an important part of ability to protect my portfolio. In down markets such as currently exists, in which the markets begin falling overnikght or in the free makret and acceIetate to downside the funds provide important day to day portfolio insurance without taking the much more extreme risk of short selling. In additiion, in strong bull markets the leveraged funds provide extra returns and allow for a hedging strategy in case of a market reversal as well as insurance against a catastrophic loss in a situation in which I am short.

Roger TenNapel Comment On Regulatory Notice 22-08

I not regulators should be able to choose the public
investments that are right for me and my family.

I don't want the government telling me what I can and can't do.

I've probably been investing longer than most of all of the appointees to the board. I've been investing for over 50 years. Why do you think I need your help?

Force disclosure of material risks - then let investors decide. Don't think that you are somehow more knowledgeable than individual investors.

Please leave things alone.