Subject: File No. S7-24-15
From: David Kagels

January 30, 2020

I make appropriate use of leveraged ETFs for a fraction of my portfolio that allows for a more efficient and low cost implementation of a balanced leveraged allocation than would otherwise be possible. I don't think it's too difficult to understand the risks, and I don't need an agency or other party to evaluate my finances and tell me what I can buy. Making it more difficult to trade these funds could result in brokerages dropping them or putting them out of reach of most investors. Restricting the funds many investors can buy only harms free markets and prevents those investors from benefiting from funds that more wealthy individuals and organizations could buy. These regulations would be a big step backwards for ordinary investors. Please preserve investor choice and freedom and don't implement these regulations.