Subject: File No. S7-24-15
From: Edward Lambert

February 20, 2020

I am an individual investor. I use inverse leveraged bond funds, specifically TBT, PST TBF, to hedge my stock positions and bond positions. There is no need for financial documentation to qualify to buy these funds. What's next a bunch of additional financial reporting to qualify for a margin account? How about future contracts? Commodity positions? Options in general? Short/long funds?
What you are proposing is uncalled for and probably only a small percent of retail investors even use them.