##  [# Invesco Wins Approval to Convert QQQ Into a Standard ETF](/sections/features/invesco-wins-approval-convert-qqq-standard-etf) 

 

# Invesco Wins Approval to Convert QQQ Into a Standard ETF

 

 

The long-delayed QQQ conversion is finally approved, and it could add roughly $160 million a year to Invesco’s revenue.



 

 

 

 

 [![sumit](/sites/default/files/styles/author_image_icon/public/2023-03/Sumit_0.png?itok=SO-7S5SH "sumit")](/authors/sumit-roy) 

[By Sumit Roy ](/authors/sumit-roy)

 Dec 19, 2025

 Edited by: ETF.com Staff

 

 

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Invesco has secured shareholder approval to convert the [**Invesco QQQ Trust (QQQ)**](/qqq) from a unit investment trust into a standard open-end exchange-traded fund, clearing the way for a structural overhaul of one of the world’s largest and most actively traded ETFs.  
  
The approval follows months of investor outreach after the firm previously adjourned a special shareholder meeting to gather additional votes. In filings earlier this year, Invesco said participation was strong and that votes cast were overwhelmingly in favor, but the fund initially fell short of the required thresholds.  
  
The conversion modernizes QQQ’s structure and brings it in line with most other ETFs. Under its current UIT framework, Invesco acts only as sponsor and is unable to collect advisory fees or engage in certain portfolio management activities such as securities lending or custom redemption baskets.  
  
Once the conversion takes effect on Dec. 22, QQQ will operate as a standard open-end ETF with a stated expense ratio of 0.18%, down from its current 0.20%. On its July earnings call, Invesco said roughly 14 basis points of that fee would cover Nasdaq-100 licensing, administrative, custody, and marketing costs. The remaining 4 basis points would flow through as incremental net revenue and adjusted operating income for the firm.  
  
With just over $400 billion in assets, that 4-basis-point slice translates into roughly $160 million in additional annual revenue for Invesco, a meaningful contribution for a firm expected to generate about $6.2 billion in revenue this year.  
  
QQQ, which tracks the Nasdaq-100 Index, is one of the most liquid ETFs in the world and a core investment and trading vehicle for both institutional and retail investors. The structural change does not alter the fund’s investment objective or index exposure.  
  
Shares of [**Invesco (IVZ)**](/stock/IVZ) have risen sharply since the company first announced plans for the conversion in July.



 

 

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 [ Sumit Roy Senior ETF Analyst ](/authors/sumit-roy) 

 

 

  Sumit Roy is the senior ETF analyst for etf.com and author of (Don't) Invest Like a Pro. He creates a variety of content for the platform, including…   [View Bio](/authors/sumit-roy)

 



 

 


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