I got a letter from Proshare urging me to oppose FINRA regulatory notice 22-08 and I almost submitted my public comments but decided to actually read the FINRA notice first. It was an eye-opener to say the least. I am an educated and experienced trader who understands the risks of complex instruments such as inverse funds, leveraged funds, options etc. But the examples FINRA shared of unscrupulous brokers “experimenting” with nest-eggs of seniors and unsuspecting investors reminded of the dire need for such investors to be protected. It is shameful of companies like Proshares to use their industry clout to double down on a practice that is clearly dangerous and wrong. Don't get me wrong, I use Proshares products myself, but I consider myself a sophisticated trader and am admittedly a bit nervous about going through the screening criteria FINRA may impose on me, but I am willing to take that chance to support the protection of not-so-sophisticated investors who are at risk of misuse of such products.
KM Comment On Regulatory Notice 22-08
I got a letter from Proshare urging me to oppose FINRA regulatory notice 22-08 and I almost submitted my public comments but decided to actually read the FINRA notice first. It was an eye-opener to say the least. I am an educated and experienced trader who understands the risks of complex instruments such as inverse funds, leveraged funds, options etc. But the examples FINRA shared of unscrupulous brokers “experimenting” with nest-eggs of seniors and unsuspecting investors reminded of the dire need for such investors to be protected. It is shameful of companies like Proshares to use their industry clout to double down on a practice that is clearly dangerous and wrong. Don't get me wrong, I use Proshares products myself, but I consider myself a sophisticated trader and am admittedly a bit nervous about going through the screening criteria FINRA may impose on me, but I am willing to take that chance to support the protection of not-so-sophisticated investors who are at risk of misuse of such products.