Poll: Suppose the U.S. government raised funds w/ a special treasury security that pays a coupon guaranteed to be equal to the aggregate dividend of the S&P 500. Right now, that's ~$14 per quarter, $56 for the year. What price would the treasury security trade at?
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No, this is wrong. Your reasoning is valid for a single stock but fails for an index, since index constituents can be replaced.
For your hypothetical security to be the same as SPX, it would also need to suffer a reduction in face value whenever the stock price of SPX constituents falls.
