Go to Jeff Salisbury LWGate Home Page.From: "Richard Fay" <richardfay@hotmail.com>
Subject: S&P Depository Receipts
Date: Sun, 24 Jan 1999 08:35:27 PST
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I am interested holding some S&P Depository Receipts (SPDRS) to avoid the possible issue of an Index Fund Manager faced with net redemptions and having conduct a "fire sale" of portfolio shares and thus generating huge capital gain distributions. With that said, I am trying to better understand the mechanics of pricing SPDRs. They seem similar to closed-end funds but they don't trade with the expected premium or discount. That suggests they are not priced on supply/demand but rather directly valued to the underlying asset. They are exchange traded which suggests supply/demand pricing. What am I missing? The prospectus has left me in the dark and maybe someone here can spell this out for me. Thanks in advance. Best Regards, Richardfay@hotmail.com ______________________________________________________ Get Your Private, Free Email at http://www.hotmail.com - -
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