Subject: Rule S7-24-15
From: Lance Payne

Feb. 06, 2020

I fully believe that buyers of 2x and 3x leveraged ETF's must be warned of the danger and failings of holding short and long-term ETF's. The longer a leveraged ETF is held the less a buyer it will achieve and receive the ETF's indicated leverage, i.e., 2X or 3X.  

Thank for the opportunity to offer my comment. 

Lance Payne 

An independent stock trader since 1984, including ETF's since they were first introduced.