Invesco Ltd. (IVZ), an asset management firm, Friday announced that the Series 1 shareholders of its unit Invesco QQQ Trust have approved it restructuring from a unit investment trust ETF to an open-end fund ETF, and changing its governance structure to a board of trustees.
As part of this conversion, the shareholders of QQQ will get a decrease in the fund's total expense ratio from 0.20 percent to 0.18 percent and the restructuring will also provide QQQ to reinvest income and participate in securities lending.
Further, there will be no tax implications from this conversion for QQQ investors.
The company expects QQQ to begin trading as open end fund on December 22.
QQQ will also continue to track the Nasdaq-100 Index, the 100 largest non-financial companies listed on the Nasdaq Stock Exchange.
In pre-market activity, IVZ shares were trading at $26.48, up 0.02% on the New York Stock Exchange.
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