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A "Total Return Swap" (TRS) is a contractual arrangement where one party agrees to pay the other the "total return" - coupons plus capital gains or losses of a defined underlying asset - usually in return for receiving a stream of LIBOR-tied cashflows. When the underlying is an S&P/Case-Shiller Home Price Index, this structure facilitates procurement of the economic benefits of housing asset ownership without utilizing the balance sheet (because the swap is not classified as an asset).

Housing TRS involve ongoing payments between the contract counterparties:
    Total Rate of Return Payer: pays periodic S&P/Case-Shiller Home Price Index performance on a specified notional amount.

    Fixed Rate Payer: pays a funding rate on the same specified notional amount
A total rate of return for housing is computed as follows:
    (Periodic S&PCSI Value / Prior S&PCSI Value – 1)
Housing TRS are customized products with no-front premiums, with monthly, quarterly, semi-annual, annual, or at-contract-expiration periodicity.

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The information within this website concerning MacroShares is solely for informational purposes and constitutes neither an offer to sell nor the solicitation of an offer to buy securities to any person in any jurisdiction. The information presented herein is not, and is not intended to be, a complete discussion of all material information you should know about MacroShares or any other product.

If you are considering purchasing MacroShares or any security, you should thoroughly read the relevant prospectus prior to making a purchase, and carefully consider the investment objectives and policies, risk considerations, charges and ongoing expenses of any security before investing or sending money. MacroShares are risky investments. In addition to the normal risks associated with securities investing generally, due to their unique structure, underlying benchmarks, terms and attributes, MacroShares investments can trade at premium or discounted prices relative to underlying values (UV), and may exhibit higher volatility and have less liquidity when compared to more traditional equity or debt instruments. Although liquidity providers and market makers commonly narrow or eliminate differences between the prevailing market price and corresponding UV corresponding to traded securities through arbitrage, as unique vehicles, investors should expect premium and discounted market prices to prevail over most of the life of a MacroShares investment. Premiums and discounts will be affected by a MacroShare issue’s expected remaining term, interest rates, supply and demand, structural leverage (if any), termination triggers, and other factors. You may lose all of the money that you invest in MacroShares.

Any underwriter or dealer participating in the offering can arrange to send you the prospectus upon request. You can also obtain a prospectus by accessing the “Literature” section of this website, by calling toll-free 888-Macros1 (888-622-7671), or by visiting EDGAR on the SEC website at www.sec.gov and searching for company filings under the name of the applicable depositor. All securities transactions by MacroMarkets LLC are conducted through its broker-dealer affiliate, MacroFinancial LLC, member FINRA