ATLANTA, July 18, 2025 /PRNewswire/ -- Invesco Capital Management LLC (ICM), an indirect wholly owned subsidiary of Invesco LTD (IVZ), has filed a preliminary proxy statement with the Securities and Exchange Commission (SEC) seeking the consent of the beneficial owners of Invesco QQQ TrustSM, Series 1 (QQQ) to take certain actions to operate QQQ in a manner that would result in a reclassification of QQQ under the Investment Company Act of 1940, as amended, from that of a "unit investment trust" to that of a "management company," with a subclassification as an "open-end company," all as defined in the 1940 Act.
If the proposals are approved, it is contemplated that the following will occur shortly thereafter: (i) The Bank of New York Mellon (BNY), QQQ's current Trustee will be replaced with a board of individual trustees (with BNY instead serving as QQQ's custodian, administrator and accounting agent, and transfer agent); (ii) ICM will be appointed as investment adviser to QQQ pursuant to an investment advisory agreement. The proposed investment advisory agreement contemplates a unitary fee of 18 basis points, reflecting an anticipated pro-forma reduction of 2 basis points to QQQ's current expense ratio of 20 basis points.
The preliminary proxy statement and letter to shareholders is available on the SEC's website here: https://www.sec.gov/Archives/edgar/data/1067839/000206159025000113/preliminaryproxy.htm
About Invesco Ltd.
Invesco Ltd. (Ticker NYSE: IVZ) is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in more than 20 countries, Invesco managed US$1.8 trillion in assets on behalf of clients worldwide as of March 31, 2025. For more information, visit www.invesco.com/corporate.
07/25
Contact: Stephanie Diiorio, stephanie.diiorio@invesco.com, 212.278.9037
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SOURCE Invesco Ltd.
