Good morning. It has come to my attention that you are possibly looking to eliminate leveraged inverse ETF funds, or access to them by "normal" investors". Or, you would require going through a "special process" or test in order to have access to them. Please understand that NO ONE gets into these products without first doing research and learning about them. They are complicated structures/instruments, and not easy for the average person to understand. Therefore, we do our due diligence before we get into them. I would like to say that it is very important for average investors to have access to strategies that allow us to hedge against drops in the markets. As you know, nothing goes up forever, and often times when it does come down, it tends to wipe out years of gains in the process. Therefore, these products allow us to hedge against these catastrophic losses, and even make gains during tumultuous times. Please do not take these products away from us! Thank you for your time.
Robert Shapiro Comment On Regulatory Notice 22-08
Good morning. It has come to my attention that you are possibly looking to eliminate leveraged inverse ETF funds, or access to them by "normal" investors". Or, you would require going through a "special process" or test in order to have access to them. Please understand that NO ONE gets into these products without first doing research and learning about them. They are complicated structures/instruments, and not easy for the average person to understand. Therefore, we do our due diligence before we get into them. I would like to say that it is very important for average investors to have access to strategies that allow us to hedge against drops in the markets. As you know, nothing goes up forever, and often times when it does come down, it tends to wipe out years of gains in the process. Therefore, these products allow us to hedge against these catastrophic losses, and even make gains during tumultuous times. Please do not take these products away from us! Thank you for your time.