Subject: File No. S7-24-15
From: Ross Macrae

March 10, 2020

I have been using leveraged funds as a way to hedge my positions in the market. This is easy for me to do but if these funds are regulated out of the market place then the only option is the futures market. That is much more difficult for your average investor to navigate and will put me at undue risk due to my lack of knowledge. That will mean either no hedging or entering into a trading environment that requires a margin account. Neither of which is a good option in my opinion.