1John Spence, Salomon Releases ETF Premium/Discount Study, at http://www.indexfunds.com/articles/20001023_SSMBstudy_iss_etf_JS.htm.
2Will McClatchy, Hidden Trading Costs ETF Investors Should Know About, at http://www. indexfunds.com.
3Lucy F. Ackert and Bryan K.Church, Bid-Ask Spreads in Multiple Dealer Settings: Some Experimental Evidence, Federal Reserve Bank of Atlanta, Working Paper 98-9, June 1998.
4Fund Democracy, LLC,Memorandum in Support of Hearing Request, SEC File Nos. 812-11600and 812-11598, Page 1 of 13.
5Robert Engle and Debojyoti Sarkar, Pricing Exchange Traded Funds, NYU and UCSD, Analysis Group Economics, 2002.
6Timothy E. Jares and Angeline M. Lavin, Japan and Hong Kong Exchange Traded Funds(ETFs):Discounts, Returns, and Trading Strategies, August 23, 2002.
7Kevin McNally, The Truths About ETF Liquidity and Pricing,Salomon Smith Barney, Fall 2001.
8Will McClatchy, ETF Net Asset Value Not Always Best Indicator of Short-Term Value, February 22, 2001,at http://www.indexfunds.com.
9William J. Bernstein, Tangled WEBS, Efficient Frontier, 2000, at http://www.efficientfrontier.com/ef/400/webs.htm.
