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Non-Tech : QQQ - Nasdaq 100 Trust

QQQ 621.57

-0.3%

Nov 11 4:00 PM EST

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To: bob wallace who wrote (367)	9/17/2000 11:59:47 PM
From: Todd Reichardt	Read Replies (1) of 840

Hi Bob, I agree with you that creamer got it (the interpretation) wrong, but it does appear as though he got the numbers correct. I went back to my trusty NDX data and built a spreadsheet to determine what UOPIX and USPIX should have returned if they had achieved their objective over the timeframe creamer was quoting (1/1/00 - 8/4/00). The results were very close to what the funds have achieved, UOPIX -25% USPIX -38%. This certainly is a non-intuitive result. Most people would think, as creamer did, if NDX is net down for the year, the short fund should be up, and visa versa. But it doesn't work that way. Hence one has to be careful in using these funds if employing a buy and hold methodology. It seems as though these types of results could mess with an AIM portfolio. Have you done any calculations as to how this would affect an AIM portfolio? Thanks Todd

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