October 14, 2020
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I find it most disappointing that the SEC is considering the imposition of restrictions, conditions and oversight respecting the trading and ownership of leveraged and inverse funds. Over the years I have used both inverse and leveraged funds both to augment returns and as a hedge against adverse market moves. Recently, I shifted assets from Vanguard, which in its infinite wisdom restricts such investments, to TD Ameritrade which believes individuals have the capacity and acumen to make their own decisions, so that I could initiate a leveraged investment. The range of investment choices in the market is immense as are the variable risks associated thereto. As an investor, it is my responsibility to assess those risks as they relate to my circumstances and to render appropriate decisions. I am accountable for my own actions whether helpful or harmful. I believe that it is wholly inappropriate for a governmental agency or any other institution to determine what risks are appropriate for me to assume as an individual investor. It is one thing to post warnings and cautions as to incremental risk of leveraged and inverse investments, however it is quite another to impose rules, regulations and restrictions on a broad universe of diverse investors facing a host of variable objectives and individual financial circumstances. I respectfully request that you reconsider imposition of the proposed regulations and allow marketplace freedom and individual responsibility to govern.