gtstarling is correct. You wouldn't be as diversified as you think. For example, Microsoft is the largest holding in both the S&P500 and QQQ. Last I heard (some months ago), 40 companies on the NASDAQ are in the S&P500. There is a difference though. QQQ excludes financial stocks and includes only large cap foreign stocks whereas S&P500 includes financial stocks and excludes foreign stocks (with one exception). This accounts to some degree for the superior performance of QQQ relative to SPDR this year as financial stocks did not do well and some foreign large caps did well (e.g. Nokia).Don't overlook DJIA Diamonds Trust (symbol DIA), although Microsoft is a holding in that too, it is not the major holding. Both DIA and QQQ trade as stocks so they don't necessarily equate to the Net Asset Value like mutual funds do. An alternative to DIA is the Strong DOW 30 mutual fund that will equate to the NAV.Good luck,brucedoe
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