Subject: File No. S7-24-15
From: Thomas Garman

March 6, 2020

I lost more than 50% of my trading balances in one day with GUSH for no discernible reason. The ETF price just tanked wildly. I agree that leveraged ETFs should be either banned entirely or highly regulated so that retail investors with little knowledge of how much they might lose out of the blue are protected. These products do nothing but plummet in price basically. Sometimes they go up in price wildly too. These are pure speculator plays that bear no relationship to legitimate investing. There is absolutely no upside for ordinary retail investors so far as I can tell. It is absolutely true that investors do not understand the risks associated with leveraged ETFs and my experience has been that they do nothing but lose huge amounts of money on price changes from minute to minute. Why in gods holy name anyone would consider investing in these types of ETFs is a mystery and the mere fact that someone is considering shoveling money into this dumpster fire is proof that they have no idea what they are investing in.