Subject: File No. SR-CboeBZX-2025-072
From: Dan Guttell

Individual investors like myself must have the protections the ability to vote on independent directors provides. That is one of the only protections we have as individual investors in funds. Removing that, including for new funds, would be a step backwards and an obvious step to hurt individual investors and the public interest. The only reason to do that would be to allow fund managers to go unchecked and act solely for their own benefit rather than on behalf of their investors. Please ensure these protections remain in place.