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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Merritt who wrote (51223)	3/10/1999 3:43:00 PM
From: upanddown	Read Replies (1) \| Respond to of 132070

Merritt I am not really sure how an index stock works but the QQQ is just like SPDRs or DIAMONDs or the SPDR sub-sectors. You are really buying into a unit investment trust that holds the stocks in the index. Disparities between the index and the tracking stock are minor and usually quickly filled. The effect is really like an index fund but with the advantage of trading during market hours, shorting and options. This may help.... amex.com The part I don't understand is how it gets started without an IPO. Does everyone buy and sell thru the trust and is there a MM who sets the bid and ask ? John