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Fund Openings, Closings, Manager Moves: Two More Industry HOLDRs Start Trading
Regional Bank HOLDRs and Utilities HOLDRs, the latest industry-specific exchange-traded funds from Merrill Lynch, started trading on the American Stock Exchange this morning under the tickers RKH and UTH, respectively.
HOLDRs, short for Holding Company Depositary Receipts, are 20-stock baskets that you can buy as a single security in round lots or 100-share increments. Unlike mutual funds, HOLDRs trade like stocks on an exchange and price throughout the day. Also, when you buy HOLDRs, you actually own all the underlying stocks within it.
For more on these two new HOLDRs, including a list of the 20 stocks in each, see this Dear Dagen column. Confused by the whole HOLDRs concept? Check out this primer.
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