Subject: File No. S7-24-15
From: Klaus Hermanns

February 21, 2020

As with all investing there is risk and it is up to the buyer / owner to understand this.
1) leveraged and inverse funds provide an important role in my investment strategy that I want to continue to use
2) I see it as my responsibility to understand what I invest in (just like anything else in life) and do not want any constraints in using (buying / selling) leveraged and inverse funds
3) Markets should remain free, as an investor I (or my advisor) should have the freedom to buy (and sell) any publicly traded fund without limitations and/or restrictive oversight.