I strongly oppose this regulation, which could disrupt the financial market and discourage people from investing. Nobody need to pass a test before ordering food from Subway. If you're not responsible for your own decision, then government is going to take away your freedom.

I oppose limitations on my ability to buy and use these funds.

Too much regulation!!! I should be able to make my own decisions as to how and when I invest my money. Especially how and which methods I use.

People should have the ability to protect themselves in cases of market downturns. People understand insurance against unforeseen events. A market downturn just when you need your money is a serious event. People need to be able to buy protection against that. Also, there is plenty of information made available to investors about these funds. The average investor should understand it well enough.
Or are you just worried about the professional leveraged long investors who don't like it when people are able to short the market and make their speculative bets go awry?

I am not regulators should be able to choose the public investments that are right for you and your family. Public investments should be available to all of the public, not just the privileged.

As a trader of leveraged Funds I find them only as a short term trade to enhance portfolios. I find that they also are much less risky than many stocks on the market such as : OTC stocks , many Biotech stocks , also high flying stocks such as those in the ARK fund. These are just some examples of stocks that may be more dangerous to hold. Look at options those are what are dangerous. Some of these leveraged funds are not as risky as believed

I have used leveraged and inverse funds primarily from Rydex (Guggenheim) and ProShares in my investing for more than 20 years. I understand and have experienced the risks and benefits of such funds. I especially do not want to be denied these tools after all these years; and even when younger and less experienced, I was fully qualified to make my own investing decisions.

Cryptocurrency funds such as BITO are important in diversifying our investments. I personally am fully aware of the risks involved with cryptocurrency investment and limit them just as I do any other investment. A balanced portfolio is a safe haven which can be skewed if others make choices in it for us. It is a fallacy to think that investors cannot research and understand an investment that has been deemed 'complex'. It is also the height of hubris and the extreme of government overreach to decide that we are incompetent to do so.

Investors do not need permission from anyone to place a trade. If the instrument complies with the same laws as other investment instruments, then there is no reason at all to implement a test for the purpose of segregating who may or may not avail themselves of the use of the instrument.