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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club
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To: sea_biscuit who wrote (3942)3/16/1999 8:57:00 PM
From: Ian@SI  Read Replies (1) of 15132
 
Question. Is it possible at all for SPY, XLK or QQQ to trade at a premium/discount? After all, they are like
closed-end funds, aren't they?

No.

and

No.

They're all investment trusts wherein a specialist is charged with tracking the underlying index as closely as possible.

Any difference between the Unit Trust's price and that of the underlying index will be quickly removed by the arbitrageurs. This is exactly the type of no risk loose change they love to pick up.
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