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

January 29, 2020

I disagree with the requirement for an investment firm to validate my authority to invest in inverse funds. These funds are important to my ability to protect my portfolio, and, as a self-directed investor, I reserve the right to invest in the funds that make sense for me - regardless of what my intestment firm knows of my total portfolio (only a portion of which they may know).