Subject: File No. S7-24-15
From: Doug Merritt

March 10, 2020

Leveraged funds are a great way for a small investor to balance risks and make a wide variety of trades. For an investor that is not well situated to use futures markets, puts and calls or other more complicated mechanisms, leveraged ETFs are perfect. For example, I can use an ETF to "short" the market as a hedge. This makes me less likely to feel panic or anxiety during volatile trading periods, including some of the unprecedented moves that have happened recently. It is better for the markets if investors like me are better prepared for a downturn. Without this type of investment vehicle I would be more likely to retreat from the markets completely. If access to leveraged ETFs is taken away I will conclude that regulators are merely corrupt and trying to rig the system against smaller investors. I understand the risks and can't imagine many people would not.