Joseph H. Phoenix [REDACTED] May 3, 2022 Re:Comments FINRA Notice March 8, 2022 Dear Financial Industry Regulatory Authority (FINRA): It is my understanding that FINRA has proposed regulations in its notice dated March 8, 2022 that will make it less easy to buy and sell leveraged and inverse electronically traded funds. I trade with major brokerage houses. I buy and sell leveraged and inverse electronically traded funds and have successfully done so for over twelve (12) years.

Life is about choices. Some choices are riskier than others. You cannot outlaw stupidity. Liberty means I have the right to choose to take a risk, if I believe that the potential reward is worth it.

Do not stop access to the BITO fund.

I oppose to limitations on investing

No one has a right to take away anothers property and that includes moneys or investments. Respect others and you will be respected.

It's called a free country and we're free to make our own decisions good ones and possibly bad ones. It's our right in a free country

I should have the right to invest in leveraged and inverse funds in order to hedge and reduce the volatility of my existing portfolios. I totally understand the risks associated with these investments and size the positions appropriately. These type of hedges should be available to all investors, large or small. Please protect our individual rights.

Comments: As a retail trader, I find that L&I funds provide adequate exposure to investment instruments of which I am seeking to trade. Traders exposed to these instruments understand and accept the risks L&I funds provide: understanding whether the fund is optioned short or long and as to how much exposure (1x, 2x, 3x). Utilizing these trading instruments are no different than going "short" or "long" on a security and in fact many securities are much more riskier to actively trade on a daily/weekly basis than L&I funds.

This un levels the playing field so large wealth and insiders can get the largest reward on new and yet untested investment opportunities. To have wealth, is to always have an advantage for more wealth. This is unfair and difficult for minimally wealthy investors to have a similar chance at getting the best returns for getting in early. This effort is on the surface to keep small investors without sophistication from losing all their money. That is noble, and makes sense.

I oppose any restrictions to my right to invest as I see fit. Investments must remain available to all. The thought of imposing a screening process on individuals to limit investment access sounds like something you would hear in mainland China. I am well aware of the risks and limitations of leveraged and inverse funds as well as any investment I may choose. I do not want regulators oversight. I fully oppose regulation restrictions.