Subject: File No. S7-24-15
From: Grant Morris

March 11, 2020

I manage trend following and other tactical models for my clients. The use of leveraged funds is critical and really a much better and safer approach to adding leverage in this type of strategy than using other leverage available, such as margin or options.

My clients understand how the levered funds work and I don't see how this legislation will protect them in any way, only hurt them.