Subject: File No. S7-24-15
From: Jeffrey Brown

January 29, 2020

I am 51 years old. I have been managing my investments since I was 16. Over the years, I have invested in equities, futures, options, forex, real estate, precious metals, mutual funds, ETF's, and more. When it comes to inverse and leveraged ETFs, I have used them to enhance my gains and hedge my portfolio. I understand the risks that these instruments pose and use them selectively in my investment plan.

As an individual investor, I take great offense when any organization wants to restrict my ability to trade investment instruments or assess my competency surrounding those instruments. My decisions with what to do with my money are mine. I live with the consequences, positive or negative. It is my choice when I use them. As you may know, Vanguard removed the ability to trade a number of the leveraged or inverse funds. As a result, I have moved away from Vanguard and expressed my deepest concern over such censorship. While they believe they are doing it in the best interests of the investor, I strongly disagree. Please do not try to protect me from myself. I do not need a parent or anyone watching out for me. Yet, by all means, if there is something about the instruments that requires reform, then please impose reformation action against those instruments and allow me to invest unrestricted in the public markets, trading public securities without additional government-imposed limitations on my choice of investment vehicles.