Subject: File No. S7-24-15
From: Phillip Dolcimascolo

March 10, 2020

Leveraged and inverse funds are a small but crucial part of my portfolio construction. They allow me to better manage my risk. For example, I can buy SCO to benefit from a drop in oil prices while simultaneously owning the large oil companies for dividend purchases. This was especially important yesterday during oil's rout. The stock prices were decimated, but SCO cushioned the impact. Please don't limit my ability to hedge my investments. That would be patently unfair to individual investors like me who manage their own portfolios.