Subject: File No. S7-24-15
From: Kyle Heatherly

March 10, 2020

I am writing to document that I have successfully used leveraged ETFs to hedge my portfolio against market downturns.

I am not an experienced investor, and I do not work in the financial sector. I work in PR/marketing. My knowledge of investing is basic, but I am learning. The first time I bought a stock or security was in 2018 through my employers 401k. Having a 401k option is actually what got me interested in investing in the market.

Ive learned that using diversification and portfolio theory is not enough to protect my retirement savings against losses, such as those experienced in February and March 2020. Had I not purchased leveraged, inverse ETFs prior to this downturn, the hit to my 401k would have been significant.

Buying and selling leveraged and inverse ETFs is not more difficult or risky than buying other ETFs, as your losses can be severe with either type. They should be available to those who wish to take advantage of them, and they are not more difficult to understand than any other ETF.