Subject: File No. S7-24-15
From: Stephen Richards

January 30, 2020

This proposal is completely ridiculous. The SEC should not be the one deciding how investors invest in funds by limiting who can invest in leveraged or inverse funds. This is over-regulation of what is supposed to be a free market. I use leveraged and inverse funds to protect current positions and increase other returns. I and many others are capable of researching and understanding how leveraged and inverse funds work and the associated risks. Again, this is over regulation from the government telling me what I can and cant invest in. Institutional investors are the ones that move markets, and it is discrimination that they have access to investment vehicles that retail investors dont have access to.