Subject: File No. S7-24-15
From: Kevin Fowler

February 21, 2020

Increasingly burdensome regulations do not make me a safer or better investor. Leveraged funds are crucial tools that I like to use in short-term situations during which I have a high conviction in a fund's direction. The extra risk involved helps me increase my returns when this happens, and making it harder for me to purchase leveraged funds will only hinder my investment results.