Subject: File No. S7-24-15
From: Bruce Wagner

March 16, 2020

Inverse ETF's are a valuable tool in hedging against downturns and offer a valuable means in profiting in times of falling markets. They are easier to comprehend than options and have no expiration date at which all investment is lost. Leveraged ETF's are more sensitive to market moves but when used with appropriate stop loss orders they are no more risky than unleveraged investments. Individual stocks are not without risk and entire investments can be lost with them as well. I don't believe that an investors financial status is any kind of barometer as to one's understanding of the risk/reward. My freedom to invest in the companies and products that fit my objectives should not be regulated by the government, SEC, or my broker.