Subject: File No. S7-24-15
From: Gary Manley

March 12, 2020

I have purchased and continue to own leveraged and inverse funds. Provided there is sufficient prepurchase notification of increased risk, I see no reason for a more restrictive rule as proposed by the SEC. I am able to get the same exposure with a smaller risk of capital when purchasing a bullish position and can invest to the downside without making short purchases or going through the qualification process of "selling short". I consider this an attempt to solve a problem that does not exist.