Subject: File No. S7-08-20
From: Ran Karni

July 30, 2020

In the past decade, mutual funds and ETFs have grown in assets and become the main agent for holding listed securities. They are more dominant than ever before, and as a group are the largest shareholders in most US-listed equity.

The information shared in 13F is essential to evaluate funds' historical investment decisions and performance, and understand the underlying risk taken by clients who hold such funds in their portfolios.