Subject: File No. s7-12-18
From: Lee HERFEL

September 24, 2018


1. How do you pick funds? What information do you want to know when you make an investment in a fund? What publications or websites do you review? What tools, online or otherwise, do you use? Do you look at the SECs website?
I have invested, and want to invest in cryptocurrencies bitcoin and ether.

You have not allowed the ETF yet.

I did invest in the ETN, bitcoin tracker one CXBTF, and was in process of investing more in CXBTF as well as ether tracker one CETHF.

Then the SEC halted trading due to "confusion" until September 20th.

1) I am not confused. I do not think anyone is confused.

2) I still cannot trade in CBXBTF at Etrade, they state they are awaiting word from the SEC.

3) The one bitcoin fund that SEC is allowing, is GBTC, which is a -=horrible=- fund that trades 50-100 percent premium over NAV at times.

Why GBTC? You say you are protecting investors? Yet clearly, GBTC is a setup for a collapse down to NAV.

Anyway, please explicitly re-allow trading in the ETNs:

1)bitcoin tracker one CXBTF

2)ether tracker one CETHF

publicly traded, well regulated, on NASDAQ Stockholm.


Lee Herfel

2. Do you read current fund disclosure documents? Do you understand them? Is there information you do not receive from the fund that you would like to get?

3. How well do current fund disclosures (such as a summary prospectus, prospectus, or shareholder report) help you pick an investment? Is it easy to compare different funds? Are there technology-based tools that could make fund comparisons easier? What helpful features do those tools have?

4. Do you use the advice of a financial professional? Does a financial professional's help affect whether and how you use fund disclosures?


5. How do you prefer to receive communications about fund investments? For example, do you prefer mail delivery, email, website availability, mobile applications, or a combination?

6. What types of fund information do you prefer to access electronically? What types of fund information do you prefer to receive in paper? Are there other wayssuch as by video or audio, you would like to receive fund information?

7. How can the SEC better use technology and communication tools to help investors focus on important fund information?


8. Is there too much technical writing in fund disclosure? Would you prefer more tables, charts, and graphs? Would these graphic displayes be in addition to, or in place of, text-heavy disclosures?

9. Do you prefer to receive shorter 'Summary' disclosures, with additional information available online or upon request?

10. Should fund disclosures be more personalized? For example, should disclosures show the amount of fees you paid or your actual investment returns? If so, how?


11. Do fund disclosures make the fund's strategies and the level of risk clear? How can funds improve these disclosures? Would a risk rating, such as a numerical or graphical measure of risk, be helpful?

12. Fund fees and expenses can significantly affect a fund's investment returns over time. Do you think funds clearly disclose their fees and expenses? How could funds improve the disclosure of fees and expenses? Would a comparison of your funds fees against other funds fees help?

13. Do you consider the past performance of a fund when making an investment decision? How could we improve the presentation of performance information?


14. Aside from this questionnaire, are there other ways the SEC can engage with investors, like you, on key topics? Is there anything else you would like to tell us?