Subject: File No. S7-24-15
From: John Carter

February 19, 2020

I strongly object to any proposal that would prevent or severely restrict investors from employing leveraged and inverse funds. These innovative instruments are important tools that enable investors to hedge risk.

If the goal is to protect investors from themselves, then the same logic should require investors to be protected from low priced stocks, illiquid stocks, margin trading, options, commodities, foreign stocks, IPOs, etc. Where does it end?

These products are important to a great many self-directed investors who are perfectly capable of understanding the inherent risks. The last thing we need is a nanny state or brokerage to look over our shoulders and judge whether we are managing our assets appropriately.

Investors should have the autonomy to purchase the securities they will, in a free market, undisturbed by excessive government regulations. This proposal is indeed excessive, unnecessary, and ultimately takes away an important tool for investors to hedge and manage risk.