Subject: File No. S7-24-15
From: Todd Adams

February 20, 2020

I am strongly opposed to any restriction, limitation, or hurdles imposed on retail investors like me to invest in leveraged funds. Investors like me, who have spent the time educating ourselves on the risks and rewards of leveraged funds do not need to be hindered in investing in these vehicles. I have invested in leveraged ETFs for years. I understand and accept the risk, and enjoy the rewards as well, in my personal experience. The wealth gains I've been able to realize from investing in these funds is unmatched by anything else. My net worth, my financial security, is much greater today because I've been able to invest in leveraged funds.

In my opinion, there are other investment vehicles that are much more ripe for scrutiny and regulation, such as short selling and penny stocks, to protect retail investors. Any proposal to further regulate or limit access by retail investors to leveraged ETFs is, in my opinion, a solution in search of a problem.

Leveraged ETFs are a powerful wealth building tool that should not be denied to anyone wanting to make use of them as part of their financial goals.