Subject: File No. S7-24-15
From: Frederic Fung

March 20, 2020

I am a long time investor, trader with over 23 years of experience. I am fully aware of the tracking errors and negative compounding effects due to volatility decay. Nevertheless there are substantial positives with investing in leveraged funds. One example is that during trending nonvolatile markets I am able to make investments of equal amounts in opposite that combined result in gains with little risk of loss. The key to investing in leveraged funds is not the leverage but the identification of the market environment the investor/trader is in. Please do not limit the options for me to invest.