Subject: File No. S7-24-15
From: Frank Ellis

February 20, 2020

Leveraged ETF's are an important part of my portfolio, an essential element in my investment strategy. Personal leverage, margin, is very expensive compared to the leverage offered by investment companies, ETF's, ETN's, and RIC's -- Regulated Investment Companies. The personal management of a margin account in addition to investment positions places a great burden on small, individual investors. That burden is removed by the ability to invest in leveraged ETF's. These ETF's free me of concern about margin calls and high interest rates, and free me from sitting in front of a computer all day watching for situations that might affect an individual margin account. Leveraged index ETF's allow me to focus my attention on investments, stocks, and the market, without consuming my time and energy worrying about margin accounts and calls. Kindly leave leveraged investments as they are, available to investors who want ownership in their personal investment accounts. Please do not deny me the choice, the opportunity, or the free will election of the investment positions that I want, own, and manage in my own personal accounts.

As my dad told me, there is no cure for stupidity. No one can cure it through regulation, legislation, SEC rules, or assigning a judge and jury to have an opinion on personal information that must be submitted to a body of government "experts" who make believe that they know more about me than I know about myself. Additionally, I want to buy what I want to buy when I want to buy it, before the market situation and conditions change. To require an extensive background check by unknown human beings and be subject to their limiting opinions would cause a delay in a purchase, potentially making research and timely purchase a useless concept destroyed by people who imagine that they know what is best for me. Whereas they may have good intentions, they cannot either know me or react in a timely manner to allow me a timely asset purchase. Those who, through ignorance and lack of understanding of the stock market, would make mistakes in buying and owning leveraged investments, will simply find alternative ways to mismanage their savings and investments. The SEC cannot protect all people from themselves by regulating or legislating and making rules, but they can truly damage, block, and destroy an investor's ability to make choices, decisions, and elections. The SEC can deny the right of free will of investors to choose, but no amount of regulation will save the ignorant from themselves. More regulation simply rejects the freedoms and rights of investors who want to take advantage of freedom to own stocks that are wanted.

Kindly consider the investors who would be hurt by regulations that limit, block, confine, and deny an investor the right and freedom to own the investments he feels are in his own best interest. To imprison an investor in limitations is not in the best interest of the stock market and the American economy. Please do not add more restriction to box in those who seek to own leveraged assets.