Subject: File No. S7-24-15
From: James High

March 13, 2020

As an investor with over forty years experience I am INSULTED at the suggestion by the S.E.C.s notion that I and others lack the intelligence or maturity to make our own decisions regarding the proper management of our money. LIs have long been a useful tool as a portion of my investment portfolio and strategy. The risks inherent to these equities have more than abundantly been explained by prospectus, the issuers and brokerage firms. That they may not be appropriate for the neophyte has been more than warned of. Only a third-rate moron or child could fail to understand or take heed of all these admonitions. Personally, the very volatility of these ETFs is what I find useful but should be monitored closely on a daily basis. The paternalist attitude by the S.E.C. that somehow I must be "protected" from the industry and myself smacks both of condescension and "Big Brotherhood." The Commission's entire posture runs counter to the very foundations of the marketplace and appears un-American. Surely, this governing body can find something actually in need of their stewardship. Or do they simply have too much time on their hands and need to create problems which don't exist in order to appear fruitfully employed?"