Subject: File No. S7-24-15
From: Robert Pryor

March 12, 2020

I am an experienced individual investor and manage my own investment decisions. I have a portfolio of global equities .

I am concerned about restrictions being considered for trading leveraged ETF's. I have been using these as part of an overall portfolio strategy for many years. These ETF's allow me to reduce my worst-case risk by reducing the amount of money I have exposed to complete loss.

If I were unable to trade leveraged ETF's, or it became too cumbersome based on new regulations, then I would be forced to trade options on these same underlyings, which are significantly more volatile and at risk of complete loss.