Subject: File No. S7-24-15
From: Steven Warren

February 20, 2020

Regarding new rules contemplated for leveraged funds requiring purchaser qualifications: Leveraged funds are important to me as part of my trading and investing strategy. While I agree that these fund characteristics are a bit more complicated to understand than typical equity, I do not support a forced qualification requirement. Such a requirement could create an unreasonable burden for certain brokers to offer leveraged funds, may only serve to further complicate trading, and would create an undesirable precedence. In the effort to support certain concerns that you are clearly having, I would suggest a review of how the performance information is presented to ensure clarity for the typical investor. I would support forcing a possible change to the presentation method in that effort if it is shown that such a change would be beneficial.