AI SUMMARY
A shareholder vote is underway for the Invesco QQQ Trust to reclassify it from a unit investment trust (UIT) to an open-ended fund. The goal is to modernize the fund, which includes lowering the expense ratio from 0.20% to 0.18%. The vote has been extended, and the final deadline to vote is December 4, 2025.
Reclassification: The primary proposal is to change QQQ from a unit investment trust to an open-ended fund, a modern structure used by most ETFs today.
Other benefits: A successful vote could also lead to the election of a board of trustees to replace the current trustee (a bank).
Why shareholders are being contacted: The vote deadline was initially missed due to a lack of quorum, so Invesco is actively contacting shareholders to encourage them to vote.
What you get: Voting is voluntary, but it's the only way for individual shareholders to influence the outcome