I believed the arbitrage lies in the pre-split.
Domain market cap was projected to be 1.7-2.3B( around 3 to 4 a share) inlcuding the TPG bid.
Without going into the math, you can see the spin-off has the same market cap as FXJ if not bigger.
Theres a margin of safety owning FXJ to get the Dom shares but I wont hold FXJ as far as a long term investment is concerned.
Find the right spot to buy in and sell, you might be able to own domain for 1 dollar a share at cost.
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