Essentially a batch of NDX stocks are purchased by a financial entity, then turned over to the folks who will issue the QQQ. the ratio between the 2 is already set. Those shares of NDX stocks are kept "off market". They are not available to trade until the QQQ stock is returned. Since the ratio of NDX stocks to QQQ is always the same, the value of the QQQ is derived from the NDX.
For my calculations, QQQ x 40.22 = NDX Seems to work out pretty close.
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