Subject: File No. S7-24-15
From: Randy Schauer

February 21, 2020

For the past 3 years, I have diversified my personal portfolio and included some leveraged funds in order to make more calculated bets on the future of a specific industry or class. Prior to my initial purchase of a leveraged fund, I did significant research to understand the pros, cons and effects this would have on my portfolio should my bet not pay off. In reviewing SEC Proposed Rule #S7-24-15, I do not believe there is additional value provided to individual investors in having a third-party evaluate my capability to understand leveraged and inverse funds, and potentially prevent me from taking calculated risks in my portfolio to support diversification and the goal of enhanced returns. I do not believe the SEC should impact the current public market choices by restricting the ability to include leveraged and inverse funds in a personal portfolio, limiting investor choice and returns. Leveraged funds have given me a new option for protecting my portfolio and are important to my long term strategy.