Subject: File No. S7-24-15
From: Joel Stevens

March 12, 2020

As in individual investor, I am capable of understanding the risks of leveraged and inverse funds.

I monitor my portfolio daily and I also monitor the stocks held by my leveraged and inverse funds. Knowing the positions of the companies in those portfolios give me the knowledge I need to understand headwinds and opportunities in the funds.

I understand that brokerage funds must put certain rules in place, such as checks for individuals who want to trade on margin or short-sell stocks. However, I do not believe LI funds require this kind of scrutiny. Individual investors can make their own decisions about LI funds from their prospectus and researching the portfolios and industries.

As I already trade LI funds, should new regulation go into affect, I should be allowed to continue trading LI funds as my money is currently invested and I should reserve the right to manage those investments according to my understanding of the risks and the alignments of LI fund portfolios with my investment strategies.