Subject: File No. S7-24-15
From: Yao Wang

February 20, 2020

One more reason not to limit the access of the leveraged and inverse funds: they are actually less risky than options and futures, as options and future have the time component that is most difficult to engage. If the leveraged and inverse funds are limited to access, you will push people to take on even more risky strategy such as option and future.