Subject: File No. S7-24-15
From: Michael Carroll

January 29, 2020

I believe the proposed changes - to make extended qualification of buyers of leveraged and inverse funds - are inappropriate and troublesome. The latter because they allow me to protect my portfolio in a convenient way.

I see no compelling reasons to break the long-standing principle of free public markets that investors and their advisors have the freedom to buy public securities that they, or their advisers, are well capable of understanding. Risks in other products can be extremely damaging, yet these products are not discriminated against.