Core Viewpoint - Invesco Capital Management LLC has filed a preliminary proxy statement with the SEC to seek consent from beneficial owners of Invesco QQQ TrustSM, Series 1 for a reclassification of QQQ from a "unit investment trust" to a "management company" with a subclassification as an "open-end company" under the Investment Company Act of 1940 [1] Group 1 - If the proposals are approved, the Bank of New York Mellon will be replaced as QQQ's Trustee by a board of individual trustees, while BNY will continue to serve as custodian, administrator, accounting agent, and transfer agent [2] - ICM will be appointed as the investment adviser to QQQ under a new investment advisory agreement, which includes a unitary fee of 18 basis points, leading to a pro-forma reduction of 2 basis points from QQQ's current expense ratio of 20 basis points [2] Group 2 - As of March 31, 2025, Invesco Ltd. managed US$1.8 trillion in assets on behalf of clients worldwide, highlighting its significant presence in the investment management industry [3]