Subject: File No. S7-16-15
From: Patrick J O'Leary

February 10, 2016

Dear Sir/Madam,

I am a small investor who holds ETFs such as EEM, LQD and HYG in my IRA. I am writing to express my concern, as explained in the attached story from Bloomberg, with your proposal to regulate the liquidity of many of the most popular ETFs. ETFs have been a boon to small investors, with their lower costs and diverse product offerings. I urge you to reconsider any proposals that would harm the utility of these products.

Hedge funds, pension plans and other institutional investors will always have access to high-yield bonds, emerging markets, etc. Please don't take away the cheapest way for the "little guy" to obtain the same access.

Best regards,

Patrick J O'Leary

Copyrighted material redacted. Author cites:
Balchunas, Eric. "New SEC Rule Proposals Aimed at ETFs May Chase Investors Into ETNs." Bloomberg.com. Bloomberg, 9 Feb. 2016. Web. 11 Feb. 2016. Available at http://www.bloomberg.com/news/articles/2016-02-09/new-sec-rule-proposals-aimed-at-etfs-may-chase-investors-into-etns.