TY - JOUR T1 - Are HOLDRs a Piece of the Closed-End Fund Puzzle? JF - The Journal of Investing SP - 65 LP - 71 DO - 10.3905/joi.2001.319463 VL - 10 IS - 2 AU - Oleg Solodar AU - Michael J. Seiler Y1 - 2001/05/31 UR - https://pm-research.com/content/10/2/65.abstract N2 - The purpose of this study is to determine whether holding company depository receipts, or HOLDRs, a recently introduced financial product, carry a premium or discount to their net asset value. An examination of daily price time series reveals that like closed-end mutual funds, the HOLDR trades at an 8% discount to its NAV, and the discount is persistent over time. The discount is explained by market friction, inherent time risk, investor sentiment risk, and high volatility of the portfolio. ER -