Subject: File No. S7-24-15
From: Normand Gregoire

February 21, 2020

SPXU and SDS are very useful tool to control the risk of my portfolio. First, I do not buy these instruments naked. I buy them to protect my exposure to equities. Indeed, it is difficult to sell some of that exposure having large gain on them without triggering fiscal liability. On the other hand, I can benefit of the dividend of these stocks without incurring lost from a bear market.