Subject: File No. S7-24-15
From: Kenneth Wink

February 21, 2020

Whenever the market is overvalued, I feel that inverse funds are an absolutely priceless tool. Hedging is absolutely essential. Please do not remove this very important tool via easy to purchase mutual funds and ETF's.

In regards to using Leveraged funds, the are also extremely efficient from a fee and earnings standpoint. If I buy a regular fund and the fee is 0.5%, I could buy a leveraged fund for 0.9% and use half the money. This reduces my fees for the desired outcome, and then I could then use the money I didn't need on an interest bearing investment. It's just efficient, and it will hurt retirees if this tool is not available.

Retired people need to be as efficient as possible with their money. Both of these investment categories are priceless, and taking away the option is not beneficial to investors.