Subject: File No. S7-24-15 individual investor
From: Joel Smith

Jan. 31, 2020


As to whom it may concern, 

I am not sure as to the extent and nature of the new rules governing the leveraged and inverse ETFs, but wanted to deliver my point as an individual investor.  I enjoy the ability to use leveraged and inverse funds and I consider these to be an integral part of my portfolio.   I have safely used these types of ETFs for several years now. 

Although these ETFs are potentially dangerous,  their basic characteristics are relatively easy to understand.  Any person that understands ETFs could easily understand how leveraged ETFs  behave with a simple tutorial / investigation as I performed on the internet many years ago.   Prior to using these types of ETFs, I was asked to sign a waiver before I traded them through Fidelity.  I believe this waiver/warning is sufficient as a protocol for use of these Funds. 

Please do not restrict the use of these types of ETFs from individual investors such as myself.  

Thank You, 
Joel Smith