6 days ago
Invesco Aims to Unlock Hundreds of Millions in Profit From QQQ
It's a quirk in the booming world of passive investing: Famed tech fund QQQ is the most profitable offering in the $11.7 trillion ETF industry, but Invesco Ltd. earns virtually nothing from running it. Now the asset manager is asking shareholders to change that.
Invesco filed a proxy statement with the Securities and Exchange Commission on Thursday asking owners of the Invesco QQQ Trust Series 1 for their blessing to convert it into an open-ended fund from a unit investment trust, a little-used structure dating back to the birth of the first exchange-traded funds in the 1990s.
