Subject: File No. S7-24-15
From: Simon Jacques

January 29, 2020

Use of the leveraged NASDAQ fund TQQQ allows me to effectively derisk my portfolio because I only use a small portion of it in place of QQQ. Say 30% TQQQ and then the rest can be invested in low risk bonds, thus lowering my effective equity exposure. It is important to me to be able to continue using leveraged ETFs.