Subject: File No. S7-24-15
From: Stephen Lau

March 12, 2020

Dear SEC,

Leveraged ETFs are important part of trading. It is important to use short term to hedge portfolio while using less capital (Money) to hedge. Option trading is complicated to set up and the premium is unpredictable and trading is even more volatile. I frankly don't understand how options of valued and priced at any moment. ETFs is easy as it tracks indexes and is hedging an entire sector. Options hedge a specific stock which is very very risky. ETFs are also very easy to trade vs options you need a new account with different settings, and most of all, pricing and valuation is very complicated. When you are trying to hedge certain stocks, the math for how much options to use is too complicated for me.