Subject: File No. S7-24-15
From: Robert Sinche

February 19, 2020

As a sophisticated investor I can use inverse and leveraged funds as an efficient way to hedge long exposure in both equities and bonds. I find these funds more efficient and simple to use than futures. I actually moved funds out of Vanguard when they restricted my use of these funds as I don't believe they have the right to restrict my investment activities.