Subject: File No. S7-24-15
From: Charles Marchand

April 7, 2020

The proposal to limit retail investors' access to inverse and leveraged ETF's is a very bad idea.

The current market condition is a prime example of the value of inverse funds to private investors. Inverse ETF's provide hedges against broad market declines and declines in specific industries.

Not all private investors or small traders have the resources to hedge their portfolios with options or in the futures markets. Inverse ETF's provide that protection.

Leveraged ETF's can offer the small trader opportunity to participate in markets without the risk of options or futures contracts.