Subject: File No. S7-24-15
From: Jane Moran

January 30, 2020

I understand my inverse funds and do not agree with your assessment that investors are not sophisticated enough to comprehend their value.

If I want to offset potential market losses, are you advocating that the only choice is to sell my holdings? Isn't that going to be considered churning?

It would be wonderful if y'all would worry about important matters and not those that truly are superfluous.