Invesco Doesn’t QQQuite Have the Votes for ETF’s Transition

The phone calls will keep coming for shareholders in one of the world’s largest ETFs, if they haven’t voted already. Invesco is in the process of turning its flagship $400B QQQ fund from a unit investment trust to an open-end fund, and it needs shareholders’ proxy votes to do it. If approved, the change would also make Invesco the trustee, a switch from current trustee BNY Mellon, and approve an investment advisory agreement between the ETF and Invesco. Much of the fund’s fee revenue goes to BNY and Nasda ...