Subject: File No. S7-24-15
From: Philip Hashway

March 17, 2020

1.Before I invest in any leveraged ETF, I thoroughly read the Prospectus to understand the risks and makeup of the ETF. For example, I currently hold a large position in YINN 3x China 50 index of China'a 50 largest and most liquid companies. I invested in this ETF for the long term based on China's rapidly growing GDP and population demographics.I believe based on the size of the Chinese economy as well as the size of the companies associated with YINN, it will prove to be an outstanding long term investment. Also, I think there is very little risk in the top 50 capitalized Chinese companies, some of which are the fastest growing in the world, e.g., Tencent. 2. I understand that leveraged ETFs are extremely volatile relative to non leveraged ETFs. This is particularly true for unforeseen events like the Corona 19 virus. But longer term these events pass and economies positively respond. 3. I am a well educated individual with an undergraduate Engineering degree and MBA in Finance. I am very analytical and have read several books on fundamental and technical analysis. Further, I am now retired and monitor Bloomberg news and CNBC financial news daily. I also subscribe to several Professional news letters like Birinyi Associates and Thomas McLellan. I also subscribe to a stock charting service to technically monitor stocks daily. I trust my analysis over any one else. 4. I do not want my brokerage firm telling me what I can or can't invest in. They are not as well informed as I am and generally the average broker is not technical or educated on what I may choose to invest in. It is a bigger risk for me to rely on them than to trust myself. 5. Fidelity is very conscientious about documenting and informing me about the risks associated with leveraged investments. I have traded with them for 40 plus years and I am completely satisfied. 6. For over 30years I have traded options, stocks, ETFs and feel that with my background I am more than qualified to trade LI investments. Thank you and please leave things as they are..