Subject: File No. S7-24-15
From: Michael Hoffman

March 13, 2020

I believe that this is a very bad idea for investors. These funds provide a means for normal investors to help hedge investments in the market. There are many funds that are based on securities that mimic the SP 500 or something similar. As a normal investor, "shorting" these funds is not a easy way to offset losses. Options trading is also something that can be utilized, but is usually not a good option for the casual/personal investor. Utilizing managed inverse and leveraged funds provides a much less complex method for the personal investor. Requiring an extensive qualification process in order to benefit from these funds is not good for the personal investor. While there are risk associated with these types of funds, there are just as many risks with the other options available. Unjust requirements are not the way to "protect" investors. I use the word "protect" in quotes as I do not feel these regulations will actually protect a personal investor, but rather will prevent them from a method of protecting themselves from a volatile market.