Subject: File No. S7-24-15
From: John Happel

January 29, 2020

I am writing this message to voice my dissension for the proposed SEC rule S7-24-15. It is my fear that this regulation is another discriminatory measure, levied against American taxpayers to further deny them opportunities of wealth creation.

As an individual investor, the ability to both easily Hedge and Leverage my long stock bond index investments by trading leveraged etfs has been of great value to me. These leveraged etfs, in their current structure, have allowed me to stay fully invested in my long positions by virtue of providing me with positive trading returns on upside, downside, or volatility swings.

Individual investors have historically not had access to leverage outside of the far more costly brokerage margin accounts. I've found the etfs (TQQQ) to be more cost effective for leverage than a brokers margin interest account. Nor have I found a more liquid, tradable hedging system offering portfolio insurance for me. In their absence, as an individual investor, I would sell down long positions, and use more cash on the sidelines as a hedge to manage risk.

I'm writing to support "Grandfathering" these 2x 3x leveraged etfs offered by ProShares Direxion companies to be exempt from any new SEC rules on 2x and 3x levered etfs that would or potentially could create investor trading fear to an extent that would cause traders to flee, and Proshares or Direxion to then shut down these large, actively traded etfs noted above.

At the same time, I recognize and fully support the need for SEC review of all derivative leveraged funds to ensure they're not a house of cards. In that regard, I welcome the SEC review for improved market confidence in derivative leveraged funds. It's only thru my, and other traders experience, trust, and confidence in these leveraged funds that they provide any value and support to our stock and bond markets as a whole.

Have a wonderful day.

- John Happel