Subject: File No. S7-24-15
From: Waryas David

March 10, 2020

I know well the leveraged and inverse ETFS, I use them for several years. I monitor their development in my portfolio with a weekly frequency and I arbitrate the sale or purchase of these ETFS based on an indicator that I have back tested for the past 30 years. I arbitrate at the end of the month if necessary. I don't take any risks when I buy a leveraged ETF because I know when I'm going to sell it.
In addition, my brokerage companies (IB and Tradestation) regularly inform me about the potential dangers of these ETFS.
Best regards.