Invesco announced today that shareholders in Invesco QQQ Trust, Series 1, voted to approve proposals to modernize Invesco QQQ, restructuring it from a unit investment trust ETF to an open-end fund ETF, and changing its governance structure to a board of trustees. Invesco expects QQQ to begin trading as an open-end fund on Monday, December 22.

As part of this conversion, shareholders of Invesco QQQ will benefit from a decrease in the fund's total expense ratio from 0.20% to 0.18%. The reclassification also provides the opportunity for Invesco QQQ to reinvest income and participate in securities lending. There will be no tax implications from this conversion for QQQ investors.

"I want to thank the shareholders who voted to transform Invesco QQQ into a modern ETF format. We are proud to deliver a ten percent reduction in fees to QQQ investors while creating more flexibility to utilize tools that could deliver better outcomes for investors," said Andrew Schlossberg, President and CEO of Invesco. "This is an important milestone that demonstrates our intention to deliver continuous product excellence and respond to the needs of our clients."

QQQ will continue to track the Nasdaq-100 Index®, the 100 largest non-financial companies listed on the Nasdaq Stock Exchange. QQQ modernization does not alter the terms of Nasdaq's licensing arrangements with Invesco nor the administration of the Nasdaq-100 Index®. 

"Today's landmark reclassification of Invesco QQQ, one of the largest and most recognizable ETFs in the world1, provides investors with a more beneficial way to access the companies of the Nasdaq-100 Index®," said Brian Hartigan, Global Head of ETFs and Index Investments, Invesco. "This aligns with Invesco's goal to offer investors access to ETFs that deliver innovation, not just in performance, but in every aspect of the fund's operations."

The modernized QQQ ETF will remain a key component of Invesco's popular Invesco QQQ Innovation Suite, the most expansive set of ETFs2 to offer unique and varied exposures of the Nasdaq-100 Index®. Launched in October 2020, the Invesco QQQ Innovation Suite is a 'one stop shop' for innovation that allows investors an opportunity to customize their exposure to the index based on their specific needs and preferences through a range of ten differentiated ETFs.

1 By assets under management of top five largest ETFs in the world, Bloomberg as of 11/28/2025.
2The assets under management for the Invesco QQQ Innovation Suite, which includes the funds QQQ, QQQM, QQQJ, QQQS, QQA, QQMG, QQJG, QQHG, QBIG and QQLV is US$ 474,696,043,744, per Bloomberg, as of 11/30/25 – the highest AUM of any provider tracking the Nasdaq-100 Index®.