Subject: File No. S7-24-15
From: Michael Feuerbacher

February 20, 2020

As an individual investor, your proposed rule is demeaning and incredibly burdensome. Any investment carries risk/reward and it is ultimately up to the individual to understand the risks ... whether that's a leveraged/inverse fund or a "run of the mill" SP 500 index fund. This proposal is just plain bad for investors and is a classic government overreach. What's next and where do you draw some artificial, arbitrary line?

Further, leveraged funds are an important part of my investment strategy to help protect or enhance my portfolio. I am very capable of determining what characteristics I want in leveraged or inverse fund and don't need or want a third party to assess my ability to evaluate this. Lastly, I feel it is vitally important to preserve the long-standing free market where investors and their advisors have the freedom to buy public securities without government imposed limitations on their choices.

If you have questions, please feel free to reach out to me directly via email.