Subject: File No. S7-26-15
From: Ryan Wallace

December 16, 2015

I do not believe that the SEC should restrict the use of derivatives in leveraged Exchange Traded Products. These products disclose the risks of investing in their funds through their SEC mandated prospectuses. It is quite insulting, in my opinion, to assume that retail investors cannot read or understand the risks associated with using these products. I know of several people who use products that track volatility in order to make swing trades they know that volatility ETPs are used for extremely short-term trades these same people use other leveraged ETPs, that track equity indices, as a portion of their long-term portfolios. I am pleading with the SEC to not limit the tools that retail investors use to access leverage without the high trading costs of buying options on the indices that these ETPs track.