Subject: File No. S7-24-15
From: Shreeniwas V Iyer

February 22, 2016

I am an individual investor based in Singapore and I invest in various markets including India, Australia, Hong Kong, Singapore and US.

As an individual investor, I find the idea of using derivatives for leverage too cumbersome. Leveraged ETFs, such as QLD, FAS and ERX provide a great option for investors like me and provides much needed leveraging in our portfolios. In fact, the existence of leveraged ETFs is one of the strongest pulls for me to invest in US markets.

I am fully aware of the leveraged nature of the risks

1. Volatility is amplified.
2. Beta slippage
3. Counter-party risks of the derivatives held.

I am perfectly comfortable in taking all the above risks.

If investors are allowed to take leveraged positions in the market through derivatives, what's wrong in letting the same category of investors access to leveraged ETFs which are nothing more than a convenient manner to take the same positions?

I request SEC to kindly take a more favourable position on this matter and let the ETFs continue as they are.