Unit ball in the trace class

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Let $B_1$ be the space of trace class operators in $B(H)$ equipped with the $|| \cdot ||_1$ norm.

Is the unit ball in $B_1$ compact?

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Not in its norm topology. No infinite-dimensional locally convex vector space is locally compact. However, the trace-class operators can naturally be viewed as the Banach dual of the compact operators, and with the relative weak-star topology coming from this pairing, the unit ball is compact.