Dear FINRA, LETFs are not "complex" products. They are very simple to use. I can simply buy them to introduce modest amount of leverage to my diversified and safe portfolio. LETFs allow me to easily adjust the risk and reward levels in my portfolio. They are SIMPLE instruments. Simplest form of leverage, and the wildest of them are only 3x leveraged. How dare you take away my freedom and not allow me hold these as long as I will? I come from a poor country and maybe I will never have a 1st world citizen net worth. How dare you lock me and other unfortunate poor people out from using LETFs, with minimum net worth requirements? Forced liquidation and closing down of current LETFs in this market downturn, actually means locking in the levergaed losses for the investors. This would be a purely malevolent act towards them. How dare you even think of forcing people to lose money? You should; 1) Inform people the risks of LETFs with flashing neon signs. 2) Require to pass an exam, before allowing people to invest in them. YOU CAN'T; 1) Force decisions for people. 2) Force cool-off periods. 3) Force net worth requirements. 4) Force liquidations. 5) Take away the free will of people. Sincerely, a foreign investor who would like to freely invest in the land of freedom USA.
Mahmut Akkus Comment On Regulatory Notice 22-08
Dear FINRA, LETFs are not "complex" products. They are very simple to use. I can simply buy them to introduce modest amount of leverage to my diversified and safe portfolio. LETFs allow me to easily adjust the risk and reward levels in my portfolio. They are SIMPLE instruments. Simplest form of leverage, and the wildest of them are only 3x leveraged. How dare you take away my freedom and not allow me hold these as long as I will? I come from a poor country and maybe I will never have a 1st world citizen net worth. How dare you lock me and other unfortunate poor people out from using LETFs, with minimum net worth requirements? Forced liquidation and closing down of current LETFs in this market downturn, actually means locking in the levergaed losses for the investors. This would be a purely malevolent act towards them. How dare you even think of forcing people to lose money? You should; 1) Inform people the risks of LETFs with flashing neon signs. 2) Require to pass an exam, before allowing people to invest in them. YOU CAN'T; 1) Force decisions for people. 2) Force cool-off periods. 3) Force net worth requirements. 4) Force liquidations. 5) Take away the free will of people. Sincerely, a foreign investor who would like to freely invest in the land of freedom USA.