Subject: File No. S7-24-15
From: Mikhail Kotlikov

February 28, 2020

Leveraged ETFs give investors the option to increase their risk without having to resort to borrowing on margin, or getting involved in complex derivatives, and protects investors from the fees that these operations would incur. They are diversified due to their "fund" nature. The math behind how their pricing works is dead-simple, and identical to any other equity if you think of other equities as 1X leveraged. They deserve no special treatment or road blocks.

If an investor is unable to understand the basic math involved in leveraged ETFs then how could they possibly understand the much more complex pricing of any equity? Investors are told upfront about the risk of a leveraged ETF in plain English(on the prospectus and any trading platform), but not on volatile equities, such as a TSLA.