Subject: File No. S7-24-15
From: William L Payne, Jr
Affiliation: Retired Environmental Professional

January 30, 2020

I do not believe it is necessary to make it more difficult to purchase leveraged funds over any other investment device. Anyone who invests in stocks should understand the risks beforehand. I agree that companys must inform investors about risk before they invest. However, making it more difficult for the individual investor only complicates the issue. It does not simplify it.