Subject: File No. S7-04-20
From: Wadad Abdullah

March 7, 2020

ESG is very important. Folks should care more about the impact of their investments on society and the planet. Finds calling themselves ESG should be subject to some heightened standards. I have seen oil producers, commercial farms, and paper producers all in environmentally friendly funds. That should not be the case. If you call yourself ESG, it should not be one factor among many, it should be a driving force behind investment decisions.

Separately, funds should not be able to drastically change how they invest. Any ESG fund should not be able to drop its ESG mandate even with 60 days notice.