Subject: File No. S7-24-15
From: Peng Yang

February 20, 2020


I've been using leveraged and inverse funds to hedge my positions ($20M) for the past decade. They are vital for me to build a portfolio to suit my needs and consistently outperform the market. I fully understand the performance characteristics of such funds. I absolutely don't need a 3rd party to babysitter me and tell me how to invest.

Any regulations preventing investors from buying and selling such securities will be detrimental to the function of free market. I strongly urge you not to limit investor's freedom to choose and impose unnecessary burdens to make the market less efficient.


Peng Yang