Subject: Comment on File No. S7-24-15
From: Chris Calef

Feb. 05, 2020

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Please do not take away our ability to use leveraged funds.

I have been using leveraged funds to make returns on investments for my familys portfolio using a relatively small portion of my overall portfolio.  I manage the risk.

I’m not an accredited investor but I have done enough research and education to understand how to properly use the funds.  It would be unfair to disallow me to use them based on a income or net worth.  I’d be at a disadvantage to wealthier investors.

In other words, If leveraged funds are restricted to accredited or wealthy investors only, the wealth gap in the country will increase as the rich get richer in sophisticated products while everybody else languishes in plain old index funds. 

Please keep leveraged funds available to all investors.

Christopher Calef