ETFs & Mutual Funds
Invesco Just Short on Votes to Make QQQ an ETF as Deadline Nears
The Invesco QQQ booth during the Hong Kong Fintech Week in Hong Kong, China.
Photographer: Paul Yeung/BloombergInvesco Ltd. has secured votes from about 50% of QQQ shareholders in support of converting the Nasdaq-tracking fund into a standard ETF, leaving the proposal just short of the 51% needed for approval ahead of a Friday morning deadline.
Owners of the $407 billion Invesco QQQ Trust Series 1 were being asked to vote to approve converting it into an open-ended exchange-traded fund from a unit investment trust. Votes are being counted until 9 a.m. Central time on Friday, according to a filing with the Securities and Exchange Commission.