Subject: File No. S7-24-15
From: Gary pazzaglia

January 30, 2020

I am age 69 and have owned and traded stocks and bonds for over 40 years. I have never used an investment advisor. I have never had a high paying job, but have been comfortably retired since age 43, and still maintain a high and growing net worth. My financial security has largely come from stock investing - nothing exotic - and I have never had a ten-bagger.

I have been using leveraged and inverse funds for about the last 10 years and have found them to be very useful for minimizing volatility in my portfolios. As a matter of fact, I have moved my investment portfolios TWICE because the brokerage firms I had been using decided to protect me from myself by limiting my ability to invest in leveraged etfs.

All brokerage firms, that I am aware of, post ample warnings to investors before filling an order to purchase leveraged funds. I don't mind this, and I think this is enough for individual investors, especially if they are high net worth.

The proposal to limit individuals' access to leverage funds is bad for investors, unnecessary, and sets a horrible precedent. Using leveraged funds properly does exactly what you are trying to mitigates excess risk.

I do not need your help and guidance in making my investment decisions....maybe millennials do, but I do not. BACK OFF