Subject: File No. S7-24-15
From: Joseph Preston

January 30, 2020

Leverage and inverse funds are an extremely important investment tool. While it is important that investors fully understand the fundamental underlying measures and risks of these funds most active investors today are knowledgeable enough to navigate these issues.
Leverage and inverse funds are an essential part of any active investment strategy providing greatly enhance returns and, when needed, risk protection.
A large portfolio can be protected at a reduced cost through the use of leveraged inverse funds.
That asset class is highly valued and needed.