Kinetics Fund Gets You Into the Exchanges

Broadway's popular 2006 revival of A Chorus Line is a song-and-dance production about a song-and-dance production. In a similar vein, the $17.26 million (KMKNX Quote)Kinetics Market Opportunities fund uses stock markets to buy shares in -- you guessed it -- stock markets.

Like many of its fellow open-end mutual funds, Kinetics Market Opportunities executes trades on the Nasdaq Stock Market(NDAQ Quote), among other places. It also owns shares in the Nasdaq, along with an international array of other bourses, commodities exchanges and related investment organizations. With securities trading volume exploding and stock and commodities exchanges constantly generating headlines about potential alliances, mergers, partnerships and other combinations, this fund was an idea waiting to happen.

Kinetics Market Opportunities was launched at the end of January 2006, just weeks prior to the signal event that sealed the legitimacy of shares in stock markets as investments. On March 7, the NYSE Group(NYX Quote), a for-profit, publicly owned company, was formed out of the merger of the New York Stock Exchange and publicly owned Archipelago Holdings. It was the largest-ever merger among securities exchanges. ...