Subject: File No. S7-24-15
From: Tim Johnson

January 30, 2020

This is a ridiculous proposal. Where do we draw the line? Should investors be required to answer an application to buy small cap stocks? Where was the protection against Valeant?

Leveraged and Inverse funds provide the ability for investors to hedge and protect one's portfolio in easy ETF package versus purchasing individual names or futures.

The ETF asset managers have provided significant information on their websites illustrating how the products work and enables individual and professional investors to understand them. We do not need some arbitrary third party which eliminates our choice in purchasing products that could protect our portfolios.

Any unnecessary hurdle would significantly impair me and countless others who rely on these products. Imposing government limitations on investor choice would mean there is no longer a public market but a segmentation between the haves and have-nots. We need to preserve the integrity of public markets and freedom of choice that investors have.

Thank you.