Subject: File No. S7-24-15
From: Owen Treloar

February 21, 2020

Please leave leveraged and inverse funds alone. They allow the small investor to be able to hedge their portfolio in downturns rather than having to cash out and pay tax or see their capital erode. It allows the small investor to have the same tools as the professionals. It will only hurt the small investor. Leveraged funds allow me to invest a smaller portion of my portfolio in select markets rather than doubling my investment and putting more capital at risk. These changes will remove important tools the small investor has to control his portfolio. It will cost me more money and increase my investing risks not decrease them.