Invesco Delays Proxy Vote on Future of QQQ Fund to Dec. 5

MT Newswires Live10-25

Invesco (IVZ) postponed the shareholder vote on a proposal to convert its QQQ Trust, Series 1, from a unit investment trust to an open-end exchange-traded fund, according to a Securities and Exchange Commission (SEC) filing.

The company adjourned the special meeting to Dec. 5 to allow additional time to collect votes, noting participation has been strong and results so far are "overwhelmingly in favor" of the proposal.

If approved, the conversion would lower QQQ's expense ratio to 0.18% from 0.20%, enhance reporting transparency, and maintain its Nasdaq-100 tracking index and management team, the asset manager said.

Proxy firm Sodali & Co. is assisting Invesco with shareholder outreach.

Price: 22.87, Change: +0.19, Percent Change: +0.84

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