Subject: File No. S7-24-15
From: Graeme McMillan

March 11, 2020

I think it unecessary, to restrict a purchaser of a specifically clearly labelled leveraged fund.

Investors should just continue to be made aware that leveraged funds will increase the downside as well as the up. In this way, leveraged funds are much safer than many companies dealing in the areas the funds follow. Those companies are often highly leveraged themselves, and investors are all too often unaware of this.

The recent market carnage has been fun. I sold out of absolutely everything, except UCO the leveraged oil fund. Oil itself won't go bust. The price will come back. My purchases at this low price in months/years will look very clever. Double the return of oil itself, as the fund is leveraged.

OXY on the hand is highly leveraged with debt, and could be losing $3bn a quarter at the current oil price. Any investor can buy those shares without any monitoring what so ever. Apparently they are safe as Warren has some.

If the SEC starts down this road of monitoring investors ability to invest in an asset class, it should have to do it for all risky assets classes, i.e. all shares.