Subject: File No. S7-24-15
From: Phillip Azzari

January 30, 2020

Good day,

I am a young investor and for the most part self taught. I have been investing for 7 years now and at the age of 25 Leveraged funds are a crucial part of my investment strategy. Which includes both leveraged funds and standard securities and ETFs through several different types of investment vehicles.

I completely understand the risk involved in investing in and trading leveraged funds and am careful to structure my investments to protect myself against the worst case scenario with a diverse portfolio. I understand the worst case scenario with a leveraged fund is potentially total loss when investing in leveraged funds.

I do not believe more regulation on this matter is the answer and would be extremely disappointed if my ability as a retail investor.