WR Hambrecht + Co is proud to offer an innovative new investment product, the MacroShares Major Metro Housing Up and Down Trusts. These securities are conceived and designed by Professor Robert Shiller, co-creator of the Case/Shiller Housing Indexes, and a founder of MacroMarkets, LLC. These exchange-traded securities are the only listed, fully collateralized securities tracking the housing market and allow investors to express either a bullish or bearish view on home prices in the U.S. They provide investors with diversification, and a tool to hedge their own exposure to the largest asset class in the U.S., the housing market. Professor Shiller and MacroMarkets have pioneered the development of MacroShares, which are unique, exchange-traded securities that facilitate portfolio balancing by enabling investors to express a bullish or bearish view on the value of fundamentally important asset classes and economic interests. Unlike other exchange-traded products, MacroShares are fully-collateralized with short-term U.S. Treasury securities, overnight repurchase agreements and cash.