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

March 10, 2020

Leveraged funds are essential to my investment strategy and investment process. I have been using such funds for many years. I use them strategically to insure/hedge my portfolio and to enhance certain exposures from time to time. I use these products widely for a number of factors ranging from shifting my asset allocation to hedging for currency risks.
I am perfectly capable of understanding these products being a fund advisor myself in my daytime job. Preventing many people from making their own choice in choosing leveraged products boils down to drastically interfering how markets are supposed to work. Such a move would force investors to allocate much more capital to exploit certain strategies, hence put much more capital at risk for normal investors.