Subject: File No. S7-24-15
From: Brian Fatka

March 11, 2020

I fully understand the risks of LI Funds - increased volatility over the general market (beta), time decay (by nature they lose value over time even if the underlying is 100% flat), and drag (due to the leverage and how the funds work, the underlying could fall 1%, rise back to break-even, and the LI Fund could still be net negative). I get it.

I monitor my investments at minimum once a day. Even when I am gone on vacation I log in via Mobile or remotely into my VPS to check my positions. I have stops and alerts set to take action or notify me of particular changes. I also monitor the overall market via regular news reports. I am NOT unware of what's happening overall and within my account.

I do NOT believe my brokerage firm should have the right to determine whether or not I can trade these vehicles. I believe they do have the right to determine if I can trade them with added leverage / margin, as that risk is on them as a company, but if I am in a cash account, all the risk is on me, and I believe I have the right to take any risks I want. I am informed. If others are not informed, that is on them. We cannot legislate people into not being stupid.

My brokerage firm already supplies me with a prospectus of every equity / fund in which I invest. They also provide me with additional materials upon opening my account on the risks and concerns of investing. I can't name them because I'm too lazy to go and look up with they are called, but I feel like I can't even open an account without signing 300 documents saying I understand there are risks, and yes, I could lose ALL my money. That's how the market works. While I can pretty much guarantee not everyone reads all the documents or fully understands them, that should not a discernment for my brokerage to make (unless, as stated above, it's with margin). As a sovereign individual, it should be my decision.

If the regulations do pass, however, I do believe my prior use of LI Funds should automatically qualify me to continue trading them. NOTE: I do NOT support restrictions in cash accounts, but I do have margin accounts, and I have already demonstrated over multiple years, trades, and market environments, that I have the capability to manage my funds. Furthermore, as is pasted all over the brokerage(s) sites, trading is risky and should not be undertaken with funds I cannot afford to lose, and I don't trade with funds that are necessary for my continue living and lifestyle. Please let me continue. Why should these vehicles - which, while they have larger potential for loss also have larger potential for gain - be restricted only to those who have less need to gain from them? That hardly seems fair or right, does it?