Subject: File No. S7-08-09
From: Karen Voyager

June 24, 2009

Cramer and many other market participants (including myself) have complained to the SEC multiple number of times over the last 18 months about the levered ETFs being abused as market manipulative vehicles. In addition, they increase market volatility and a blatant loophole around leverage restrictions.

It is nice to see that at least somebody in Washington is starting to wake up (after all the damage that has been done to our capital markets and economy) -- FINRA issues a warning:

"Due to the effects of compounding, their performance over longer periods of time can differ significantly from their stated daily objective. Therefore, inverse and leveraged ETFs that are reset daily typically are unsuitable for retail investors who plan to hold them for longer than one trading session, particularly in volatile markets."

Basically, they are saying that the levered ETFs can only be used for day-trading.

Now, why do we need to encourage day-trading (gambling) instead of investing and capital formation that is tremendously vital to our economic growth (it is a shame that so many people lost their jobs because Mr. Cox in a name of "greater liquidity" has transformed our capital markets into a casino)?