Subject: File No. S7-24-15
From: John Brechin

January 30, 2020

I recently received a notification from a fund company who runs SDS, an ETF which I own. They said that certain owners will be disallowed from holding the ETF position. Another brokerage firm that I do business with had approved me for options and futures trading which implies the ability to short and or use leverage. What is the rationale behind prohibiting or limiting ownership of leverage or short ETFs?