Summary by Moomoo AI
Invesco QQQ Trust has announced an update to its prospectus effective May 28, 2024, which includes changes to the settlement cycle for the creation and redemption of the Trust's units to one business day after the trade date. The prospectus amendments detail adjustments to the delivery of securities and cash in connection with creation and redemption activities, collateral posting requirements, and the guarantee of delivery by the National Securities Clearing Corporation (NSCC). The changes also specify procedures for the placement of creation and redemption orders both within and outside the Invesco QQQ Clearing Process. Additionally, the Trustee is required to adjust the composition of the Portfolio in response to changes in Index Securities or Misweighting within one business day. The Trustee's reliance on information from Nasdaq for the composition and weighting of Index Securities is also addressed, with contingency plans outlined in case of information unavailability.
