June 18, 1990
TO: UNIT INVESTMENT TRUST COMMITTEE NO. 27-90
RE: AMEX PROPOSES RULE CHANGE TO ACCOMMODATE CERTAIN
UNIT INVESTMENT TRUSTS
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The American Stock Exchange, Inc. ("Amex") is proposing a
change to its rules to provide listing guidelines for certain
open-end or closed-end unit investment trusts that issue
securities based on a portfolio of stocks included in a stock
market index and/or a portfolio of money market or other debt
instruments. Holders of shares or units of these trusts may be
permitted to separate their units into distinct components, such
as the right to dividend income, the possibility of capital
appreciation or the ability to hedge against a market decline.
It is anticipated that the new guidelines initially will
be applied to two trusts sponsored by SuperShare Services
Corporation; however, the guidelines are intended to be broad
enough to accommodate trusts of varying sizes and
characteristics. The proposed rule change also would add a new
section to the Amex Company Guide detailing the criteria for
continued listing eligibility of such trusts, as well as
commentary intended to establish an appropriate customer
suitability standard.
A copy of the release describing the proposed rule change
is attached. As noted in the release, the comment period for the
proposed rule change ends on July 5, 1990.
Frances M. Stadler
Assistant General Counsel
Attachment