Subject: File No. S7-24-15
From: Bryon Phillips

January 29, 2020

I am a routine user of leverage and inverse funds. They provide me the means to hedge investment when necessary, reducing risk when I require it. Removing one of my primary risk reducing tools for my portfolio would in fact handicap me in what is supposed to be a free market.
The use of any market tool involves risk acceptance. I am opposed to being further financially handicapped because someone else makes a poor decision with a product I rely on to invest.