Subject: File No. S7-24-15
From: Hershy Donath

January 29, 2020

Dear Sir/madam.

I believe that the proposed rule, to require fund shareholders to be sophisticated investors removes the opportunity for smaller investors the ability to leverage.

I appreciate the need to protect the consumer when the investments are speculative in nature. In those circumstances the Commission should bar them from fund status.

However, when the funds just utilize leverage, the average investor has the ability to appreciate the added level of risk.

Thank you for the opportunity to express my views.