I am writing to express my strong concern about the Commission allowing highly leveraged ETFs and prediction market ETFs to come to market. The ETF structure was never meant to be a catchall for every type of financial product. When ETFs were first developed, they were designed to hold securities that generally rise in value over time and give investors a simple, diversified way to participate in the market. Highly leveraged ETFs and prediction market ETFs do not follow that model. Their value tends to decay over time, and many long‑term investors experience significant losses even when they believe they are buying a straightforward product. Allowing these products under the ETF label creates confusion for everyday investors who trust the ETF wrapper because of its long history of stability and transparency. When the Commission permits products that behave in ways most investors do not expect, it increases the risk of harm and undermines confidence in the regulatory framework. I urge the Commission to reconsider its approach and ensure that the ETF structure is used only for products that align with its original purpose and protect investors from unnecessary and predictable losses. Separately, I think rule 485 should be extended to initial N-1A registration statements and those should go effective automatically in 75 days. The staff needs better discipline when it comes to timeliness of reviews of initial registration statements and this would help. Finally, can you please revise your comment intake system to not butcher formatting when submitting comments using this webform? It is 2026; it's not that hard.