At 1:00 p.m. on February 6, Phil purchased a security that represented a claim to the Nasdaq 100. At 3:00 p.m. the same day he sold the claim and realized a $2,000 gain. The security Phil purchased was a:
A) Spider.
B) S&P 500 index fund.
C) small-cap, growth index fund.
D) QQQ.

Question

Quizplus · Accepted Answer

The QQQ is an exchange-traded fund (ETF) that tracks the Nasdaq 100 index, which is what Phil purchased and sold for a gain.

At 1:00 PM