QQQ—Delivering Success through Integration of Quantitative and Qualitative Models or “None of Us is as Smart as All of Us”

Frank G. Zarb, chairman of the National Association of Securities Dealers, Inc.® (NASD®), rang the opening bell on the American Stock Exchange® (AMEX) on March 10, 1999 to celebrate the launch of the NASDAQ-100 Index Tracking Stock® or QQQ®. It was a milestone in a project that had already evolved significantly from the original concept, and would eventually trigger a series of events and outcomes that no one would have been able to anticipate at the time. With seed capital from Susquehanna Investment Group® of $14.49 million, first-day trading volume of 5,232,000 shares, and an opening price of $51.13 (split adjusted),† * Ancient Japanese proverb. † Securities Exchange Commission®, The NASDAQ OMX Group, Inc.