Subject: File No. S7-24-15
From: Matthew Yates

March 21, 2020

There are very limited options in my retirement account to hedge against market declines. While my account has lost value in the recent decline, it has not lost as much as it otherwise would have because I was holding a portion of my investments an inverse SP 500 fund.

Inverse funds play a critical role, and I am more than capable of evaluating the risk myself. Our markets should be free and open. Investors should have the freedom to choose investment vehicles based on the investor's own research or with the help of an advisor. Additional regulations that impede the use of inverse investment vehicles will do more harm than good.