 Welcome back folks, Dow. Dow Industries right now up 718, Nasdaq up 183, S&Ps up 67. Let's go over to our man, Mr. Dave Mazza. Dave, folks, is the managing director, head of product at Direction Shares. And what I'd love you to do right now, folks, is actually come over, not to TFNN, I'd like you to come over to Direction.com and Direction Spell, D-I-R-E-X-I-O-N. And the reason that I'm bringing you over there, we're going to be talking about a new, well, it's not a new regulation yet, but it's a regulation that the SEC is looking at right now. Dave Mazza, what's going on? Not too much. I'm happy to be back. How are you? I'm doing great. How about this volatility, huh? Well, it's funny. We've been in an environment where we've had low volatility, so the trading community has been difficult to find opportunities. And, man, last week was smack-dap in the face, worst week since 08, volatility is back, and maybe here to stay for a little while as we digest what the impact this coronavirus will ultimately be. Right. And for traders, it's great. I happen to like volatility. I don't like the idea that it went down so fast because, of course, people lose money, but volatility is a trade, it's friends. So what I'd like to talk about today, and folks, okay, if you can go to Direction.com, it's D-I-R-E-X-I-O-N.com, what are you going to see on that front page? First off, you're going to see some products they have. But what I'd like you to get down to is a security exchange commission has proposed new regulations that may limit our ability to trade leveraged and inverse funds. So can you just go over first what the security exchange commission is proposing at this point, Dave? Yeah, let's start there. So as you said, recently the SEC has proposed new regulations that, if put in place as proposed, that would have the potential of potentially severely limiting the ability for many investors to be able to access leveraged and inverse ETFs. Now, they're doing so under the guise of investor protection and at Direction, along with all of our peers in the ETF industry, and especially leveraged and inverse ETFs, we want to ensure people know how to use the products appropriately, as they are intended to be daily trading vehicles. With that being said, it's a bit unprecedented to be put into place where, on effectively a wholesale level, investors can't use products that they had historically used as part of their day-to-day investment strategies. And folks, when you go over here, I'd like to go through a couple things with Dave. One of them in particular is that the proposed regulation is requiring you to provide extensive financial and personal information. The thing that's intriguing about that one, Dave, is that years ago, folks, it used to be a lot harder trading options. Options were supposed to be the worst thing in the world. Bottom line, you could see that you defined risk. You're putting a lot less in options. But even, you know, and I can go back even 20 years, 15 years, even in the option market, what ended up happening is that all was you actually had to do. You didn't have to go send them your financials, okay? What you had to do is basically check off the boxes that you were basically, you've been in the market for a while and you understood the risk that you were taking. I'm really curious. It's amazing that it's like, okay, they want my financials. Am I going to go hire an auto to send them in financials? I mean, I guess it's, we don't know exactly what they're going to ask for, right? Well, that's a good point. But I think what the intention is to try to understand some level of sophistication or some level of wealth where an investor, should they lose part of their money in their trade, might not be completely wiped out. But I think what you're getting at is the right one. Is that really the right measure of sophistication from the ability to use the products appropriately? I recommend, regardless of this proposal was put in place, we have extensive disclosures in our prospectuses on our website. Then investors do need to read and understand because these products do provide amplified exposures. But to date, there hasn't been extensive evidence showed that investors are using them inappropriately. In fact, if you look at the average holding period of our ETFs, it's quite modest. I mean, really in the one or two day period. So that means investors are not holding on to these for the long time. For a buyer, there's a seller and that's what makes the market. Investors are taking different opinions on whether XBXL will go up or down on any particular given day, for example. You know what's going to be intriguing? If this actually went through, this is going to hit a lot of traders. What we've seen here is that you've seen a couple of different things. Number one, the traders have definitely know like 8,000 times more than they did 10 years ago. That's for sure, right? In the aspect, the broker dealer community has brought down the leverages. If you remember when they first started, folks, when these first started, I mean, I love them because what ended up happening is that they would actually give you margin on the full margin on it. But that stopped years ago. As you said, the daily aspect of it has been hammered home on a continual basis. And then the deal, what I've seen is a lot of futures traders, Dave, coming into these, well, just like last week. So the bottom line is that it was so volatile, if you really wanted a little less risk, I saw futures traders going from the futures into these. Because it's a higher risk in futures, leverage. But that's going to stop a lot of folks that have been in the market for a long period of time. It won't stop them, I guess, if we come up with all the regulations. But sometimes I ask, well, why? And how do you prove that you're educated? I guess there's a lot of things in there that I'm trying to figure out. How can you prove this? Well, yeah, you're raising a really good point. I think in any market, historically, today's market, there's ways that people can find leverage, find ways to amplify exposures, maybe even more so than in a transparent daily way that we provide with our leverage in our CTS. And that's why we're really encouraging traders, those who are using products, to submit a comment letter. You can do that right through via our site where you directed folks earlier to go. It's very easy where you provide your comment and you provide a bit of your name and email address and the like, to put it on public record that you use these products appropriately. You want to see them continue to be offered because you understand the disclosures, understand the risks, and you've done the homework yourself. Because it would be unprecedented if these products were not allowed to be accessed by investors and other things, like futures or options where there is actually higher amounts of leverage that can be embedded, could still be bought and sold. Yes. So, folks, okay, you go to Direction.com and Directions, D-I-R-E-X-I-O-N. You're going to see, it's an important notice, Security Exchange Commission has proposed new regulations. Now you can do two different things. You're going to hit here so you can see the proposals. Then you're going to submit your comments here to the SEC. Bottom line is that you'll see that you're going to basically put your full name, your email, and once you read what this is about, folks, you can make your own choice of what words you want out there, but I would encourage you to basically let them know that, you know, number one, we're self-directed traders. Number two, we know what we're doing. And number three, okay, we don't want this rule. That's the real bottom line. Dave, thank you.