Subject: File No. S7-24-15
From: Kenneth Knop

February 21, 2020

Please do not limit the usage of leveraged and inverse ETFs as they are a very useful hedging tool in my investment portfolio. As someone who realizes that markets are prone two large amounts of volatility, inverse funds allow me to inexpensively bet against the market when it appears that the market is set to move lower. Otherwise I would have to use more expensive and risky options trades or risky short selling. These inverse funds allow me too short the market at a far less expensive cost.