MacroShares Major Metro Housing (S&P/Case-Shiller) exchanged traded products begin trading today.

so doesn't this give the Case Shiller peopel an incentive to skew their index downward?

No. You can buy either the "up" or the "down" investments.

Based upon current pricing the "down" investment already assumes further price declines - so the only way you make money on this is if prices move even further down than the current price would indicate.

The reverse holds for the "up" investment.

Fairly complicated investment - but a fascinating innovation. Shiller is a big champion of the product and has led a road show to educate financial planners.

what are the symbols, why doesnt article say?

oh, oops sorry my bad...composite index. nevermind. been a crazy week

Great, now we can all put our money where our mouths are.

Alpine really needs to take a basic finance class.

Do they give those in Jersey?

UMM - for "up."

DMM - for "down."

Prices reflect demand/supply of investors' opinions - but ultimate settlement will be based upon S&P/Case-Shiller.

Complex. Need to read the prospectus.