Subject: File No. S7-24-15
From: Michael Georgescu

February 19, 2020

I fully understand the repercussions of owning a leveraged or inverse fund. I understand these are financial products with very specific performances and my long-term strategy is based on that.
This same strategy has proved to be effective in the past, through good and bad financial times, and also it fits my situation very well.
I sincerely hope we will still be able to buy these products in the future.
Thank you for your understanding.