Totally Obscene UMM DMM Expense Ratio

In the ETF world, which MacroShares strives to be a part of, low expense ratios are expected.  Those in excess of 1% typically receive harsh criticism.  Most sponsors recognize this fact and work tirelessly to reduce fees and cap expenses for their shareholders.  MacroShares took a different route, selfishly imposing an annualized expense ratio exceeding 12.5% for its own benefit. Last week I wrote an article on the early termination of MacroShares Major Metro Housing Up (UMM) and Down (DMM) .  In it, I mentioned that I did not know the fair prices for the pair, but there was a potential trade since…