Subject: File No. S7-24-15
From: Steve Emmer

February 25, 2020

I use leveraged ETFs in all my tax deferred accounts to hedge my positions. On a bad down day the drawdown is mitigated such that a -5% day is only -2%. If the market worsens I can profit by selling more longs and keeping the leveraged shorts. This is critical to my sense of well-being. The risks are understood. Please do not restrict my ability to trade and utilize these VERY IMPORTANT securities. Thank you.