Subject: File No. S7-24-15
From: Eraldo De Paola

February 20, 2020

I do understand the fact that many investors fall to the trap of believing that these funds are going to have a 100% correlation x leverage against the index. However, we cannot prohibit something because "some people" don't pay attention, it would be the same as prohibiting cars because "some people" drive dangerously. For us who love the market, the more sophisticated products investors can access, more efficient the market having the possibility of hedge a portfolio for 1 or 2 days using leveraged ETFs, or short a bear ETF to hedge options at cheaper costs, besides other things. Plus, by the end of the day, the institutions will create more structured notes and more mutual funds and charge more over retail clients interested in accessing the same things.