Subject: File No. S7-24-15
From: Sameer Patel

March 10, 2020

LI Funds are not suitable for all investors and are not intended to be used by, and
is not appropriate for, investors who do not intend to actively monitor and manage their
portfolios. Investors who do not understand the Funds, or do not intend to actively manage
their funds and monitor their investments, should not buy the Funds.
LI Funds seek daily leveraged investment results and may lose more money in
market conditions that are adverse to its investment objective than a fund that does not
utilize leverage. An investment in the Fund is exposed to the risk that a decline in the daily
performance of the Index will be magnified.
LI Funds pursue daily leveraged investment objectives, which means that the
Funds are riskier than alternatives that do not use leverage because the Funds magnify the
performance of their underlying index.
The pursuit of daily investment objectives by LI Funds means that the returns will
be the product of a series of daily leveraged returns for each trading day during the
relevant period. As consequence, the volatility of the underlying index may affect a Funds
return as much as, or more than, the return of the underlying index. Compounding affects
all investments, but has a more significant impact on funds that are leveraged and that
rebalance daily. The effect of compounding becomes more pronounced as Index volatility
and the holding period increase.