From: Paul Charbonnet
Sent: Thursday, December 12, 2002 4:36 PM
Subject: S7-20-01 

ETF sponsors make their money by trading the spread between the value of an 
ETF share and its holdings. Actively managed EFTs make no sense except as a 
way of increasing this spread. NO case can be made that this innovation 
would be in the best interests the investing public. There is no way that 
even a professional investor could fairly value an actively managed ETF. 
Also, the history of index open-end funds vs actively managed funds 
suggests  that an actively managed ETF would NOT perform better for its 
shareholders than an index-based ETF.

Paul Charbonnet
Investors FastTrack
PO Box 77577
Baton Rouge LA 70817