| MacroShares Major Metro Housing Down (NYSEArca: DMM) |
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The underlying value (UV) of the DMM accurately tracks three times the inverse percentage change in U.S. single family home prices, as measured by the S&P/Case-Shiller Composite-10 Home Price Index, and enables expression of a bearish view via a long security position. These securities are fully-collateralized: backed by U.S. Treasuries, overnight Treasury repurchase agreements & cash. They also carry no issuer credit risk or hidden counterparty risks.
Unlike levered inverse ETFs, levered “Down” MacroShares replicate benchmark performance beyond a single day, and magnify long-term (inverse) returns to meet the needs of buy-and-hold investors. Additionally, income from Treasury collateral defrays trust expenses, can produce quarterly distributions, and is exempt from state and local taxes.
WR Hambrecht + Co is the auction manager for the IPO of the MacroShares Major Metro Housing Up and Down Trusts, and clients of WR Hambrecht + Co are welcome to participate in the offering.
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| Offering Type: |
OpenCross Auction for
MacroShares |
| Exchange: |
NYSE Arca |
| Symbol: |
DMM |
| Lead Placement Agent: |
MacroFinancial, LLC |
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| Share Type: |
MacroShares |
| Total Shares Offered: |
2,500,000 - 20,000,000 |
| Price Range: |
$30.80 - $38.50 |
| Auction Close Date: |
1pm, May 15th |
| Date Due: |
11/25/14 |
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Auction Timeline
MacroShares™ and OpenCross™ are trademarks of MacroMarkets LLC and WR Hambrecht + Co, respectively.
PLEASE NOTE: WR Hambrecht + Co urges you to read a company’s prospectus thoroughly before participating in any offering. To receive a prospectus for this company, click on the link above, call 1-800-673-6476, fax 1-610-725-1167, or write to: WR Hambrecht + Co, P.O. Box 677, Berwyn, PA 19312-0677.
Going public is a process that is highly regulated by the Securities and Exchange Commission and self-regulatory organizations. There are a number of regulatory steps that affect the length and closing date of an initial pubic offering. These are not controlled by WR Hambrecht + Co or the company going public.
An initial pubic offering auction is typically open for bids from one to two weeks. However, the auction will close in as little as an hour after the Securities and Exchange Commission declares the registration statement effective. We usually know about 48 hours before this is going to happen. Everyone who has bid on the offering will be notified at this time.
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In most cases, you will not need to reconfirm your bid, either before or after the registration statement is declared effective. You will have the ability to withdraw your bid at any time until the notice of acceptance is sent after the auction closes. After the auction closes and the public offering price has been determined, bidders who submitted successful bids will receive a notice of acceptance and will be obligated to purchase the shares allocated to them. However, if any of the following events occur, we will require that bidders reconfirm the bids they have submitted in the offering: (1) more than 15 business days have elapsed since the bidder submitted his bid in the offering, (2) there is a material change in the disclosure that was previously provided to the bidder. |
