Subject: File No. S7-24-15
From: Thomas Moffett

January 30, 2020

I am a small investor and 74 yrs old. Fidelity will not let me trade options. Inverse funds allow me to easily hedge my accounts when I am concerned about markets. Leveraged funds allow me to keep larger cash balances and still follow my momentum and swing trade news letter recommendations with enough invested to make reasonable gains. This works well. I am not stupid and fully understand the risks and rewards. I understand that some inverse funds can rapidly degrade over time and are normally are for short term use. One exception I have now is a X2 short junk bond etf. Ive held it over a year and am down 10%. I will continue to hold it for the foreseeable future anticipating an upheaval in this market. Without inverse funds I will be naked in the next down turn. No way to protect myself or profit.