Subject: File No. S7-24-15
From: Ken P Waters

December 17, 2015

I bought into the UVXY ETF, which is a 2x leveraged VIX volatility fund. I only entered into the fund because I knew at some point, there would be a guaranteed exit point when the VIX index would certainly rise above 25, if my short term gambit wasn't successful at that time. It wasn't. But I have the patience to sit out market calm until the next mini black swan event pushes market volatility back above that volatility point to exit. And never enter again. So this S7-24-15 SEC action caught me off guard. I would have never entered the fund if there was known risk of SEC unwinding or future fund constraints. If leveraged fund buyers are limited, than fund sellers are potentially facing tremendous losses. Or fund unwinding at loss levels where a guaranteed solvent exit point was taken away. That's my concern. Fairness. I'm not sure how it's implemented at this point. Like fixing a flat tire on a moving vehicle. I certainly applaud the SEC scrutinizing funds for fairness and dangers. I simply hope that consideration will include fund investors who are waiting for their reasonable exit point.
Thank you.