Subject: File No. S7-24-15
From: James Brett

January 29, 2020

That is way overkill. ERISA almost mandates more volatility in a long-only strategy than most people should take. You have to let them hedge the market short, and why is it a problem to take leverage through an ETF. Would you restrict trading in volatile shares of single name stocks? How can you decide that that volatility of a leveraged ETF somehow requires legislation, but any idiot can buy, say BTC?