Subject: File No. S7-24-15
From: Stephen Clark

February 19, 2020

I am a small and experienced investor who has invested in Exchange Traded Funds, and leveraged ETFs, for many years. Access to such funds by all investors is critical and essential for maintaining a fair and credible marketplace. Restricting access to such funds to only certain privileged investors - especially now, at this point in the growth of our globalized securities and derivatives markets - sends the message that independent investors are not wanted. I cannot think of any restrictions limiting access by all investors as useful or fair for maintaining sound and responsibly run public securities markets. In my view, at age 60 and with retirement as my goal, my future depends on regulation that enables free and fair access to today's ETF markets.