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

March 13, 2020

I am totally opposed to new nanny-state regulations that will make it difficult for me to invest in leveraged and inverse funds. Inverse funds help me balance risk with my long investments, partially protecting my portfolio.

I believe investors can easily understand these leveraged and inverse funds and the unique characteristics of their performance. Furthermore, your proposed regulations do not prove that the existence of these investment alternatives presents undue risks to the public.

I certainly do NOT want any third parties accessing or examining my financial and personal information in an attempt to determine whether I am qualified to make these investments -- and potentially barring me from making them.

Your job is to guard the long-standing free public markets where investors and their advisors have the freedom to buy public securities without additional interference from the government. Please do your job.