Etf quoted for markets that were closed

[orangetea]

i have been wondering for ETFs that represent country indexs....

If the market is closed e.g. Japan (closed on 31 dec, 2-3Jan) i noticed that the ishares Japan ETF /ticker EWJ still continued trading on these days the markets were closed.

I wonder how the fund manager does that since the index was not quoted.

So i looked EWJ's holdings for a clue - perhaps it was ADRs that was trading - but it was a mix of ADR and Nikkei only listed counters

Why i ask was if Thailand were to shut down, can i still look to buy the thai etf or wait till market re-opens.

If going by the above for ishares Japan etf, it should be open.

The essential questions are:
1. How are they quoted
2. Any arbitage opportunities?

[Shrivathsa]

It might be indirectly replicated using a swap, in that case you can still quote. Unlikely to be able to arbitrage as the bid ask spread will take care of that