Subject: File No. S7-24-15
From: Michael Cerny

April 7, 2020

Leveraged and inverse funds have been a cornerstone of my investment strategy. This strategy has been extremely effective in limiting my losses during the recent market correction. It has allowed me to stay invested in my income producing stocks while hedging with the inverse funds to limit my capital loses. I feel very capable of understanding the funds even though I am not a professionally trained investor.