June 9, 2016
I am writing to request Rule S7-24-15 be denied as I will be adversely affected.
The SEC makes investing very difficult for individual investors who are not high net worth financial professionals. You do this via pattern day trading rules and rules restricting purchase of IPO initial issues.
Now you intend to impose conditions on leveraged ETPs which will result in the funds discontinuing the products. This will FURTHER RESTRICT the options available to individual investors and make achieving financial goals more of a challenge.
Leveraged 3X and Inverse 3X ETPs provide individual investors with options not otherwise available to retail investors and do so at a reasonable cost. The funds track their underlying indexes reliably.
These products are not creating systemic financial risks. These products are not deliberately misrepresenting facts to investors. These products meet all legal requirements set out for this class of investment.
Approval of s7-24-15 will harm millions of investors who participate in these offerings. I hope that is not your intention.
Thank you for allowing me to comment.