MDA - Market Direction Analysis

[augieboo]

Yes, but see the underlined portion of this quote. I *think* it means that each share is created by a MM swapping the underlying shares for the QQQ shares. The underlying shares would therefore be worth whatever they are worth on the market, and thus the QQQ shares would be worth an aggregate of this. Yes? No?

Where Does NASDAQ-100 Index Tracking Stock Come From?

How is NASDAQ-100 Index Tracking Stock created and redeemed?
Most NASDAQ-100 Index Tracking Stock holders buy and sell in the secondary trading market. But units are initially created when they are issued by the Trust to an investor who, after placing an order, deposits with the trustee a specified number of shares of Index securities and cash corresponding to accumulated dividends, net of expenses, if any. While investors can trade in any amount of NASDAQ-100 Index Tracking Stock, it can only be created and redeemed from the Trust in "creation units" of 50,000 NASDAQ-100 Index Tracking Stock shares (or multiples thereof).

http://www.nasdaq.com/indexshares/n-100_its_faq.stm#Where%20Does%20NASDAQ-100%20Index%20Tracking%20S...?