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Pastimes : The Justa & Lars Honors Bob Brinker Investment Club -- Ignore unavailable to you. Want to Upgrade?

To: sea_biscuit who wrote (3942)	3/16/1999 8:57:00 PM
From: Ian@SI	Read Replies (1) \| Respond to 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.