The U.S. Securities and Exchange Commission is investigating a Nasdaq ETF that may have lost more than $3.6 billion, but a slew of unanswered questions remain.
In September, the New York-based Nasdaq Fund, which has traded in the U.K. since 1995, had just $1.8 billion in assets under management.
That number grew to $4.1 billion by December.
The Nasdaq fund had been trading on Nasdaq Global Markets at a discount of more than 50% to the S&P 500 index, according to an SEC filing.
At least two Nasdaq funds were also listed on the U