Subject: File No. S7-24-15
From: M. Hardy

March 12, 2020

I'm writing this on Monday Feb.24th, just as the stock market melts down. My hedged portfolio, in stock and bond leveraged ETFs, is performing as I expected. (For my purposes inverse ETFs have proven nearly useless.) The worst annual return I've ever suffered is -15%, but I average about 33%. I don't want anyone making these decisions for me. I've done too well on my own. I can imagine some people who don't hedge their leveraged stock ETFs may suffer bad losses. The only regulation I might see as worthwhile is to require anyone investing $X in a leveraged stock ETF to maintain at least $X/2 in an equally leveraged bond ETF, otherwise please leave us free to invest in these public markets as we see fit. Thank you for what you do, however. I understand that free markets do not remain free, naturally, and may require some regulation to stay relatively free.