Subject: File No. S7-24-15
From: Ted Bartlett

February 1, 2020

I am writing in opposition to any further government regulations which would restrict my investing in leveraged/inverse equity funds. I make my own investment decisions without the assistance of a broker/advisor. Leveraged and inverse funds are important to me as a large portion of my IRA and individual trading accounts are presently invested in leveraged types of funds. I studied the concept and reviewed the actual results over time before I began utilizing them several years ago. After my analysis I chose leveraged funds as my primary equity vehicle and they still are today. I believe that once this long-running bull market is nearing its end (a few years away), I will search for other primary vehicles to invest in.
Last year my realized and unrealized returns for the equity portion of the portfolio totaled nearly 50%. In 2018 I experienced a small loss for the year due to the dramatic downturn in the market near the end of the year. Without the use of leveraged ETF's I would be experiencing a much lower return. Additional limitations to the purchase of these public securities wouldn't be welcome in my case. Please don't take away or restrict my use of leveraged/inverse funds.