Reported about 11 hours ago
Invesco Ltd. is taking steps to reshape the profitability of its successful QQQ ETF, which has generated significant fee revenue but has kept most earnings due to its current structure as a unit investment trust. The firm has filed a proxy statement to convert the fund into an open-ended structure, potentially allowing them to retain a larger portion of the revenue for investment in new products. A shareholder vote is scheduled for October 24, and if approved, the change could significantly benefit both Invesco and QQQ holders.
Source: YAHOO