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Invesco QQQ Trust | 497: Periodic update to fund prospectus

SEC ·  May 31, 2024 21:03

Summary by Moomoo AI

Invesco QQQ Trust has announced immediate changes to its prospectus dated January 31, 2024, with a supplement dated May 31, 2024. The revisions include updates to the definition of 'Record Dates' for quarterly dividends, now set for the first business day following the third Friday of March, June, September, and December. The prospectus also outlines new time frames for the delivery of securities, cash, or Invesco QQQ Shares related to creation and redemption activities, which are based on the National Securities Clearing Corporation's (NSCC) current settlement period. Adjustments have been made to the procedures for the creation of Creation Units, including the requirement for a Participating Party to post collateral with the Trustee. The Trustee will now issue Invesco QQQ Shares on the...Show More
Invesco QQQ Trust has announced immediate changes to its prospectus dated January 31, 2024, with a supplement dated May 31, 2024. The revisions include updates to the definition of 'Record Dates' for quarterly dividends, now set for the first business day following the third Friday of March, June, September, and December. The prospectus also outlines new time frames for the delivery of securities, cash, or Invesco QQQ Shares related to creation and redemption activities, which are based on the National Securities Clearing Corporation's (NSCC) current settlement period. Adjustments have been made to the procedures for the creation of Creation Units, including the requirement for a Participating Party to post collateral with the Trustee. The Trustee will now issue Invesco QQQ Shares on the first NSCC Business Day, relying on the NSCC's guarantee for the delivery of the Portfolio Deposit. Additionally, the prospectus details the steps the Trustee will take in the event of non-delivery of required securities. Changes have also been made to the placement of creation orders both within and outside the Invesco QQQ Clearing Process, as well as to the procedures for the redemption of Invesco QQQ Shares. The Trustee's responsibilities in transferring securities and cash redemption amounts to Beneficial Owners have been updated, along with the procedures for adjustments to the Portfolio in response to changes in Index Securities or Misweighting. Lastly, the Trustee's reliance on information from Nasdaq for the composition and weighting of Index Securities is clarified, with contingency plans outlined in case of information unavailability. Beneficial Owners on the Record Date are entitled to dividends and other income, net of fees and expenses, accrued daily for the quarterly Accumulation Period.

This announcement is a separate document:

Doc 1

Disclaimer: This content is for informational and educational purposes only and does not constitute a recommendation or endorsement of any specific investment or investment strategy. Read more
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