PT - JOURNAL ARTICLE AU - Oleg Solodar AU - Michael J. Seiler TI - Are HOLDRs a Piece of the Closed-End Fund Puzzle? AID - 10.3905/joi.2001.319463 DP - 2001 May 31 TA - The Journal of Investing PG - 65--71 VI - 10 IP - 2 4099 - https://pm-research.com/content/10/2/65.short 4100 - https://pm-research.com/content/10/2/65.full AB - 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.