QQQ to Become an Open-End Fund

Who wants to be a unit investment trust, anyway? Invesco finally got the votes it needed for its flagship $399 billion fund, QQQ, to be restructured from a unit investment trust to an open-end fund. The ETF had held several rounds of votes, though it only last week crossed the 51% shareholder approval it needed. For investors, the change will lead to lower fees, which are being reduced from 20 basis points to 18. And crucially for Invesco, it means a significant boost in annual revenue that until now had ...