Subject: File No. S7-24-15
From: Michael Vladimirsky

February 19, 2020

The purposed regulation is highly unfavorable and comes at an awfully peculiar time in the market cycle. I strongly believe that not only are the proposed regulations bad for investors, but there has been no reason to believe that these types of funds should be treated any differently than any other free market trade. Taking these rights away at time when they may be seemingly most important to investors who are looking to hedge or protect against eminent market conditions seems rather curious to me. I would appreciate my right to continue having access to such products as an investor who is looking for such options for my portfolio risk management. I believe that taking such rights at this time in the market cycle sets a dangerous precedent for future unjustified actions that negatively impact investors. Leveraged and inverse funds are important to me because they provide me such rights and give me the ability and flexibility to protect my portfolio. I fully understand the risks that these funds have and I don't want a third party evaluating my capability to do so, keeping my from using such rights. First, if there is true danger for having such rights, I want to be fully educated. Why now, when the market has provided such options for over 90 years without issues? Until I fully comprehend the dangers and have a backup plan in place for protecting my portfolio I want to preserve the long-standing free public markets where investors and their advisers have the freedom to buy public securities without additional government-imposed limitations on investor choice. Please do not make it harder for me to do so.