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

March 20, 2020

I have used leveraged and inverse funds as a very important part of my investment portfolio. I was introduced to these funds by investment professionals to whom I paid significant fees in exchange for their expertise. As a direct result, I have enjoyed a significant increase in value of my investments. I understand the performance characteristics of these instruments, and the significant risks they entail, and do not wish to have a government bureaucrat evaluating my ability to make intelligent investment choices. I believe that increased oversight of these investment vehicles would start us down a slippery slope that would hamper the free market forces that have been the core of the United States ability to grow the most vibrant economy in the history of the world. I believe the free market needs to be preserved, and am opposed to additional government limitations on investor choice.