Subject: File No. S7-24-15
From: Lance Lewis

February 21, 2020

I have been managing individual accounts for clients for the past 12 years in precious metals and precious metals mining shares. I have used leveraged and inverse funds extensively over the past 6 years to boost performance in order to achieve a 200% return during that period, well above the 39% return of GDX or the 23% of GLD.

Restricting my clients' access to these funds would be contrary to their interests. More importantly, I do not believe the SEC should be determining who can trade in a particular product, especially if those clients are already considered to be "qualified clients."

Are similar restrictive regulations being considered for equity options trading? Options are far more risky than any leveraged or inverse fund, but I am not aware of any such proposed regulation for options? To regulate leveraged and inverse funds in such a manner but to not do so with options seems somewhat odd to say the least???

Please continue allow investors to make their own investment decisions. If not, then you should consider such regulations for ALL equity and equity options trading, because I assure you that the "risk" of any investment is only fully known after the fact. Just ask shareholders. Did they have to meet stringent regulations in order to qualify for the privilege of losing their entire investment?

Thank you for carefully considering this matter.