Subject: File No. S7-24-15
From: Fernando Sanchez-Avila

January 30, 2020

To Whom It May Concern:

I do not agree with with the SEC proposed rule for several reasons.

1) I believe that the leveraged and inverse funds are made to enhance returns, create protection when problems arise in the markets, politics and economy, and creates an easier way to access and use products that would be much harder to access and create by an investor (combination of options, futures, swaps, equities, etc.) in order to imitate what the leveraged and inverse funds do. Thus the regulation would highly hurt investors, highly increase transaction costs and it would highly limit the liquidity of the markets.

2) I have (as well as many others) invested tens of thousands of dollars in high education in order to have all the knowledge necessary to make decisions when it comes to investing and select desired positions in the market. By creating a limitation and restriction when making decisions creates an unwelcome environment to people that have become highly skilled and educated and makes it look as if the investment in education was an expense that ended up being worthless.

3) Creating government-imposed limitations on investor choice and thus eliminating the long-standing free public markets would severely affect the purpose of the market and its use. Judging whether a person is 'good enough' to make an investment decision by an entity would be a very harsh and would go against someone's freedom of making choices that would be replaced with unnecessary personal information retrieval. In other words, it would limit and control the freedom of thought, somethings that is highly criticized and only creates a cold dispute between people and entities that are supposedly made to benefit everyone.

I believe that creating such an unnecessary limitation and restriction would create an environment of hate, arrogance, and continuous dispute between the SEC and investors.
At the end, using different products to invest and make decisions of where to allocate the capital has the purpose of growth and serves as a hedge when bad times occur. Additionally, its growth creates a higher and healthier economic environment and leads to high benefits for everyone worldwide. Limiting the way to access these products or blocking them will only result in high friction and will be as if someone that does not have to make a decision decided to make the wrong decision for someone else who was prepared to make the correct one.