Subject: File No. S7-11-15
From: Gerald E Campbell

June 23, 2015

I see 2 major issues with ETFs

1) Levered ETFs are very poorly understood by retail investors. These should require far more disclosure, and perhaps even be subject to account suitability rules.

2) Tax consequences need far more disclosure for some products. Is a commodity ETF taxed as a collectible, or eligible for capital gains treatment? What are the complexities regarding ETFs of MLPs?