The following Letter Type E, or variations thereof, was submitted by individuals or entities.

Letter Type E:

Dear SEC Rule Comment, 

As one of the millions of investors in mutual funds, I am writing in opposition to File Number S7-26-22, the proposed swing pricing, hard close, and liquidity risk management rule. The rule poses a significant threat to the accessibility and functionality of mutual funds, especially for retirement savers. 

More than 100 million Americans, including myself, rely on mutual funds as a cornerstone of our retirement plans. In fact, more than half of all 401(k) assets in the United States are invested in mutual funds. 

Here are my concerns with the proposal: 

Swing Pricing: On days when funds have a lot of money flowing in, investors like me would be charged a higher price than normal to invest. On days when funds have a lot of money flowing out, investors would receive a lower price than normal when selling their shares. These price changes are going to discourage people from investing in mutual funds because it's uncertain when or by how much their prices might change. 

Hard Close: Funds wouldn't be able to accept orders from your broker or your retirement plan after 4 p.m. ET—even if I submitted your order before then. So, if I want to sell some of my shares, I wouldn’t know the actual sale price until the next day. The rule would make it even more difficult for investors living in western time zones to receive same-day pricing. 

Liquidity Risk Management: Together with existing requirements, this would force some large, popular funds to close or not work as well. 

If implemented, this proposal threatens to create confusion for everyday Americans striving to retire or save for their long-term goals. It would leave investors with higher costs, unexpected tax bills, and lower returns. 

The consequences are clear: this proposal jeopardizes a reliable and widely used investment vehicle for American savers. I urge you to consider the harmful repercussions that will stem from this reckless proposal. 

Thank you,