Leveraged ETF's and crypto ETN's are part of my broader strategy in hedging and incrementally fine tuning my use of leverage. Retail investors and traders like myself accept the risk that come with leveraged ETF's, and it's not up to regulators to decide how much risk retail investors should take. Retail investors are capable of understanding the risks associated with leveraged assets, and don't require patronizing regulations that require a "test" or any other "gatekeeping" regulations. Gatekeeping regulations such as investor accreditation don't benefit retail traders, and only allow wealthier investors to access to investments that can give them an advantage in their strategy. I ask that FINRA do not implement any gatekeeping tests or requirements that prevent retail traders from investing in leveraged, inverse, or any other ETFs/ETNs.
Kevin Kwan Comment On Regulatory Notice 22-08
Leveraged ETF's and crypto ETN's are part of my broader strategy in hedging and incrementally fine tuning my use of leverage. Retail investors and traders like myself accept the risk that come with leveraged ETF's, and it's not up to regulators to decide how much risk retail investors should take. Retail investors are capable of understanding the risks associated with leveraged assets, and don't require patronizing regulations that require a "test" or any other "gatekeeping" regulations. Gatekeeping regulations such as investor accreditation don't benefit retail traders, and only allow wealthier investors to access to investments that can give them an advantage in their strategy. I ask that FINRA do not implement any gatekeeping tests or requirements that prevent retail traders from investing in leveraged, inverse, or any other ETFs/ETNs.