Subject: N/A
From: Michael Fleming

Mar. 17, 2020

Comment on SEC Proposed Rule #S7-24-15: 

Leveraged and inverse funds are an important part of my portfolio. I feel that I can take advantage of swings in the market without having to trade my core portfolio. In addition, while they are an imperfect hedge, they do offer some protection if the market moves against me. Why would you limit these abilities? 

Michael Fleming