Subject: File No. S7-24-15
From: Christo Angelo

January 30, 2020

I have been investing in several leveraged funds for the past four or five years. They are an important part of my portfolio management strategy for both my regular and IRA accounts (for which I follow the same investment strategy).

I believe that the warnings in the fund descriptions and the additional warnings that Fidelity pops up (but not ETrade, for example) when trading in my retirement account and makes me double-confirm that I understand that they are riskier than regular stocks and funds and not meant to be held for extended periods of time etc. etc. is sufficient.