Subject: File No. 265-28
From: ROBERT L ELLIS
Affiliation: INVESTOR

May 17, 2016

My investment company has two rates for commission depending on the frequency of trading. The higher commission rate applies to those investors that don't trade often. This harms the person that can't afford to meet the minimum requirements for activity.

Please consider requiring brokerages to use one rate for all.

Thank you,

Robert L. Ellis