Subject: File No. S7-24-15
From: Timothy Tolman

January 30, 2020

As an experienced investor for over 30 years, limiting access to leveraged and inverse funds could significantly impair portfolio performance by limiting the tools at my disposal to hedge at a reasonable cost.

In my years of investing I have yet to hear of a single investor using leveraged or inverse funds without a clear knowledge of their cost, risks and potential loss.

I strongly suggest that there is not a case here to limit access to these investments. If there have been inappropriate recommendations made by financial professionals to unsophisticated clients, these individuals should be punished and not all investors as a group.