Need advice on investing cash reserves of around $40,000. HYSA or ETFs?

After getting some company bonus and other payouts I have a decent lump sum of cash sitting around in a 0.05% interest checking account. I want to put it to work.

Do I open a HYSA? Do I just dump it all into QQQ/VTI and be done with it? Or sell CSP's and try to get a lower price?

Now regarding timing, if I buy direct shares should I buy in daily, weekly, biweekly, or monthly? And what percentage of my total sum should I drop in each time? Or what fixed amount?

I won't need this money for 5+ years for context. I feel like the market is at a pretty decent entry area overall since we've dropped quite a bit since last year.

Thanks for any advice!