QQQ to List on NASDAQ
New York, N.Y. The Nasdaq Stock Market, Inc. (NASDAQ®; OTCBB: NDAQ) and the American Stock Exchange® (Amex®) today announced that the NASDAQ-100 Index Tracking Stock® (Amex: QQQ) will transfer its listing to NASDAQ from Amex, effective December 1, 2004. It will trade on NASDAQ under the symbol "QQQQ."
The transfer of the listing of the QQQSM to NASDAQ in December was made possible after NASDAQ and Amex mutually agreed to amend the terms of the original agreement, which provided for the listing of QQQ on the Amex through June of 2005. The Amex will continue to trade the QQQ on an unlisted trading privileges basis.
John Jacobs, CEO of NASDAQ Financial Products Services, Inc., the sponsor of QQQ, stated: "This is a homecoming of sorts for QQQ and we are delighted it will trade alongside the component stocks of the NASDAQ-100 Index®. NASDAQ's trading platform - the NASDAQ Market CenterSM - is a robust trading platform for ETFs and this is a natural development for one of the world's most liquid securities."
As of September 30, 2004, QQQ was the most actively traded ETF in the world and the most heavily traded listed equity security in the U.S1. QQQ's volume has increased from an average of 6.9 million shares traded daily in 1999 to 100.3 million shares traded on average in 20042. QQQ has grown significantly since its inception: from $14.5 million in assets at its launch on March 4, 1999 to $22.1 billion in assets as of October 31, 2004; and from 300 thousand total shares outstanding to 598.3 million during the same time frame3.
In addition, QQQ has accumulated a base of over one million investors4, becoming a popular financial instrument among institutional and individual investors.
"The QQQ grew and matured into the well-recognized product it is today while at the Amex and, as innovators and leaders in the development of new financial products and businesses, we are very proud of that success," Amex Chairman and Chief Executive Officer Salvatore F. Sodano said. "We wish the QQQ well at its new home."
QQQ is an exchange traded fund (ETF) designed to correspond to the price and yield performance of the NASDAQ-100 Index, which consists of NASDAQ's largest 100 non-financial companies. QQQ currently trades at a value set by NASDAQ at approximately 1/40 th of the value of the NASDAQ-100 Index. For more information about QQQ, visit http://www.nasdaq-100.com .
ETFs are financial products that trade like shares of stock. ETFs can be bought and sold throughout the trading day and through any broker. ETFs are subject to risks similar to those of stocks, including short-selling and margin account maintenance.
The NASDAQ-100 European TrackerSM is the European version of QQQ. This European-registered ETF is also designed to generally correspond to the price and yield performance of the NASDAQ-100 Index, and is designed for investors in certain European countries.
The American Stock Exchange (Amex®) is the only primary exchange that offers trading across a full range of equities, options and exchange traded funds (ETFs), including structured products and HOLDRSSM. In addition to its role as a national equities market, the Amex is the pioneer of the ETF, responsible for bringing the first domestic product to market in 1993. Leading the industry in ETF listings, the Amex lists 143 ETFs. The Amex is also one of the largest options exchanges in the U.S., trading options on broad-based and sector indexes as well as domestic and foreign stocks. For more information, please visit www.amex.com/ .
NASDAQ is the largest U.S. electronic stock market. With approximately 3,300 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at http://www.nasdaq.com or the NASDAQ Newsroom at http://www.nasdaq.com/newsroom/ .
An investor should consider investment objectives, risks, charges and expenses carefully before investing. To obtain a prospectus containing this and other information about QQQ, a unit investment trust, please call 888-627-3837 or visit www.nasdaq.com/qqq. Read the prospectus carefully before investing.
NASDAQ,® NASDAQ-100 Index,® NASDAQ-100 Index Tracking Stock® and QQQSM are trade/service marks of The NASDAQ Stock Market, Inc. and have been licensed for use by NASDAQ Financial Products Services, Inc., QQQ's sponsor. NASDAQ makes no representation regarding the advisability of investing in QQQ and makes no warranty and bears no liability with respect to QQQ, the NASDAQ-100 Index, its use or any data included therein.
ALPS Distributors, Inc. is the distributor for QQQ.
1Source: Morgan Stanley Exchange Traded Funds Strategies: ETFs End of Third Quarter 2004 Review, October 12, 2004, p. 15.
2Source: FactSet Research Systems Inc. Data as of October 31, 2004.
4Source: ADP Brokerage Services Group
Media Contacts:
Peter Yandle, NASDAQ
212.401.8714
Wayne Lee, NASDAQ
301.978.4875
Dan Charnas, Amex
212.306.1654