On Friday, July 7, 2023, Nasdaq announced that it would conduct a special rebalance of the Nasdaq 100 Index, effective when markets open on Monday, July 24, 2023. The rebalance will reshuffle the weights of the index’s constituents without adding or removing any names, and it is intended to reduce the index’s concentration in its largest constituents. The 10 largest holdings of Invesco QQQ Trust QQQ made up almost 60% of the fund’s assets at the end of June, with Microsoft MSFT and Apple AAPL each representing more than 12% of the portfolio. While this decision should alleviate some of QQQ’s concentration concerns, it does not change its Morningstar Medalist Rating.