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

April 7, 2020

First, let wish that everyone in your office stays healthy during the Coronavirus epidemic. Im recommending that the proposed rules For Leveraged Funds not be adopted by the Securities and Exchange Commission. Within my diversified portfolio I have one leveraged fund and when I invested in that fund I clearly understood the potential risk, rewards, performance characteristics and holdings of that fund. I should point out that this fund is less than 10% of my portfolio. In this country we have a long-standing public equities markets and investors needs to be able to purchase equities with minimal limitations.

With the stock market declining almost every day since the Coronavirus epidemic the SEC does need to execute more controls to slow the panic and automatic program selling of equities. When the DOW, NASDAQ and SP 500 go below 3% all trading should stop for at least a period of one hour. This will serve to let cooler heads prevail and cease the automatic trading.


Michael L. Rapp
LtCol USMC (Ret)
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