Subject: File No. S7-24-15
From: Hiroshi Okabe

March 12, 2020

I strongly DISAGREE with this new regulation with 2 reasons below. We should be allowed to invest to leveraged ETFs continuously.

a) Leveraged ETFs are one of important options that individual investors can manage, try to increase their asset themselves independently from the governmental official supports. Without this, social polarization will become larger.

b) Leveraged ETFs are safer and more transparent than other choices to have leverage like CFD, Options and Credit Transaction. These choices, CFD, Options and Credit Transaction, could decrease to minus/below 0, and the cost structure is unclear and varies by brokers. Leveraged ETFs never goes to minus and the cost is clear as the open same fee rate is applied to all of investors.