Subject: File No. S7-24-15
From: Marcel Schoppers

March 11, 2020

Viewed as insurance against market declines, inverse funds are much cheaper than put options, and to ME, that's a GOOD thing I'm very much aware that leveraged funds' share-values decline over time, even if the underlying securities end up flat. You cannot herd me into being long-only: If I can't buy such insurance anymore, I will reduce my risk by selling my "long" holdings.