Subject: File No. S7-24-15
From: Brad Pappas

January 30, 2020

I strongly oppose banning inverse exchange traded funds. I have used them for years as an inexpensive and expedient method for hedging client account during market declines.

Today I found out that Interactive Brokers will no longer allow me to trade any form of inverse fund etf for my clients there. Our only recourse is to sell off stocks and raise cash. Needless to say its not tax friendly and will lower client returns and increase their account volatility.

Please keep markets free.
Brad Pappas