Subject: File No. S7-24-15
From: Jeff Kendell

February 19, 2020

Leveraged and inverse funds are important to me, and allow me to seek enhanced returns. I am quite capable of understanding their performance characteristics, and actively balance their inclusion in my portfolio to complement more conservative investments. I should be, as I always have been in the past, to invest in leveraged and/or inverse funds without additional government imposed limitations or qualification requirements.