Subject: File No. S7-24-15
From: Jun Hu

March 10, 2020

SVXY enables me to seek return on VIX futures curve without having to directly investing in VIX futures. As SVXY has reformed to invest only 50% of its fund in VIX futures, and keep the other half in cash, the risk is lower than investing in VIX futures directly. I would like to keep this investment option without being restricted.