Understanding Real Estate Understanding Real Estate

Opportunities
Investors:
Enhanced returns, incremental liquidity, lower transaction costs
Achieve levered housing market returns (or inverse returns) with ease
Add a low-correlated asset class to diversify portfolio
Generate periodic income to supplement capital return
MacroShares Major Metro Housing
Express either a bullish (UMM) or a bearish (DMM) view via a long security position
No need to short-sell in order to establish a bearish view: one can purchase DMM
Risk managers:
Greater efficiency and transparency
Directly hedge home price, inflation, and business-cycle exposures via a listed equity instrument
Eliminate credit and counterparty risks via a collateralized security
Implement hedges without short-selling
Observe updated prices via NYSE/Arca throughout the trading day
Nothing contained in this presentation should be construed as a recommendation of the MacroShares as a beneficial investment for any particular group of individuals, types of companies or institutions, or as a representation that an investment in the MacroShares may provide a complete and accurate hedge against any particular form of exposure to real
estate. Before making a decision to invest in any MacroShares, investors should carefully review the prospectus for those MacroShares. Copies of the applicable prospectus may be obtained as specified under "Important Information" on page 3 of this presentation.
U.S. Housing: 21 st Century Alternatives for Investment and Risk Management
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