Subject: File No. S7-24-15
From: Stephen P Gobright
Affiliation: M.B.A.

February 1, 2016

I am an individual investor investing solely for my own personal account in my assets alone. A portion of my overall investment portfolio is invested in a few leveraged energy ETF's so now I have a sizeable exposure to the energy complex. I have worked in the investment industry much of my life and am currently employed a Registered Principal for a major securities firm and am fully aware of the risks. As you know, the energy complex and energy related equities are significantly lower in value in the current environment from levels of just 1 or 2 years ago and negatively affected by historically low oil prices. Any efforts in the near term to curtail or alter the ETF structure to dramatically affect the pricing or liquidity of these ETF's would have a highly detrimental impact on my personal assets and net worth. Please take this into consideration in your decisions as I would hope your decisions will not be solely based on the impact to future investors and them alone. Thank you for your consideration in this matter.