Subject: File No. S7-24-15
From: Tomas Munoz

January 30, 2020

I use leverage funds to limit my downside/max drawdown. I also recommended adding a little to everyone's portfolio I repeat A LITTLE (less than 5%) to boost performance. they are safe I cannot believe this is happening under a republican presidency. They are very important to me most of my portfolio 75+% is in long term treasuries (TLT) , and then I spread everything out with riskier assets. so my max drawdown is extremely low and I Still get 10%+ annualize, now is not the time to be 100% long stocks with an expected return of -2% for the next 10 yrs. 15% in a levered SP fund (UPRO) is the equivalent of 100% long SP. So If the SP falls I only lose 15% on my equity part of my portfolio and my 75+% long term treasury position TLT will probably be up more than that. So in the end the stock market gets better because of the leverage products,and I have less max drawdown and I can keep my treasuries. If this is taken away from me I will be FURIOUS I will have to reduce my treasury exposure, be exposed to more max drawdowns and make less money overall. Here's a better idea go regulate the insane leverage (3%-5% percent down for home loans :O now that's outrageous) banks give on houses that have much much much less liquidity . Oh that's right you don't regulate that. Here's an even better idea LEAVE US INVESTORS ALONE its hard enough getting returns with an overvalued stock market and the lowest treasury yields EVER in history . LET ME PROTECT MY WEALTH.