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Not only is the SPY Depository expense ratio in line with the Vanguard expense
ratio, but SPY carries some of the volitility characteristics of futures and
options i.e. the premium over cash expands in rising market and falls in
declining markets. This is a hidden cost which investors do not incur with
Vanguard. Finally, I seem to remember that the dividend yield on SPY is approx
.30% under that of the S&P.
Earl
-----Original Message-----
From: James F. Mazzulla <tagteam@xxxxxxx>
To: omega-list@xxxxxxxxxx <omega-list@xxxxxxxxxx>
Date: Thursday, April 23, 1998 7:38 AM
Subject: Re: Question for SPY traders
>No doubt SPDRs are a very useful investment vehicle but they
>are still, after all, a "fund" with the related expenses
>thereof.
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