Subject: File No. S7-24-15
From: Claudio Fernandino

February 19, 2020

Hi, I operate and invest by myself, I work through Pershing and have a restriction that I cannot sell a security before it is fully paid (72 hours) if the market reverse in that period I do not know if is just a noise or a direction change, that is the moment I use those leveraged/inverse funds to protect myself, if is just a noise I sell in 72 hours, if not I change direction.
For my strategic is very important count with this tools.