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S&P 500 GEARED Fund
Ticker Symbol: GRE* CUSIP: 78381R105 Exchange: NYSE
* NOTE: This security is no longer trading as of 9/15/2009
Company's Online Profile
FUND DESCRIPTION: S&P 500 GEARED Fund Inc. is an exchange-traded closed-end fund or a closed-end ETF which is officially described in its prospectus as a non-diversified, closed-end management investment company. INVESTMENT OBJECTIVE: The Fund’s investment objective is to provide total returns, exclusive of fees and expenses of the Fund, linked to the annual performance of the S&P 500 Composite Stock Price Index. FUND STRATEGY: The Fund will conduct its investment operations and exist for a fixed term of approximately five years. The Fund has an interval fund structure, pursuant to which the Fund will conduct annual repurchase offers for between 5% and 25% of the Fund’s outstanding shares. Where the Index has negative returns for an annual period, the Fund seeks to provide annual price returns that track the performance of the Index on a one-for-one basis over the annual period. Where the performance of the Index is positive for an annual period, the Fund seeks to deliver a geared return equal to approximately three times the annual price returns of the Index up to a maximum index participation level. Regardless of whether the annual price returns of the Index are positive or negative, the Fund will pay dividends on its long S&P 500 Index portfolio. The Fund will not participate in any Index returns in excess of the Maximum Index Participation, and as a result the Fund’s performance over an annual period will be subject to a maximum annual return cap. The Fund currently anticipates that the Maximum Index Participation for its first annual period will be between 3% and 4%, and accordingly, that its Annual Return Cap will equal three times this amount, or 9% to 12%, respectively. In instances where the return of the Index exceeds the Annual Return Cap, the Fund will under-perform the Index. FUND MANAGEMENT: IQ Investment Advisors LLC, an indirect, wholly owned subsidiary of Merrill Lynch, serves as the investment adviser to the Fund.
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Notes: September 8, 2009 – S&P 500® GEARED Fund Inc. ® (the “Fund”) has announced that, in connection with its planned liquidation on September 15, 2009, all of its portfolio assets have been sold as of the close of business today and from this point forward, the Fund is no longer seeking to achieve its investment objective. The Fund will complete its liquidation and distribute cash in a liquidating distribution to shareholders of record as of the close of business September 14, 2009 to be paid on September 15, 2009.
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IPO - 10/28/2004 - 6.75 Million Shares @ $20.00/share.
Link to IPO Prospectus
Micro Cap Stock -
Market Value $75.1 Million
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Company's Online Information Links
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| Company's Online SEC EDGAR Filings |
| Address and Phone Numbers |
| Address: 800 Scudders Mill Road, Plainsboro, NJ 08536 |
| Main Phone Number |
609-282-2800 |
| Fax Number |
Not Available |
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