Subject: File No. S7-24-15
From: Stephen Elbert

March 10, 2020

Ladies and Gentlemen,

As an independent investor, I feel that the use of leverage and inverse funds is a basic right. I fully understand the risks associated with these investment vehicles, and invest according to the risks inherent with their use and my financial position. To prohibit independent investors from using leveraged and inverse funds is contrary to the freedom of choice afforded to each citizen through the U.S. Constitution.