Invesco QQQ Trust Files 2025 Proxy Statement

TL;DR

QQQ filed its 2025 proxy statement. Standard stuff, no major news.

AI Summary

Invesco QQQ Trust, Series 1 filed a Definitive Proxy Statement (DEF 14A) on August 18, 2025, for the fiscal year ending September 30, 2025. This filing is a standard regulatory document related to the trust's operations and shareholder matters, not indicating specific financial performance or events for the period.

Why It Matters

This filing provides shareholders with essential information regarding the trust's governance and operational details, allowing them to make informed decisions.

Risk Assessment

Risk Level: low — This is a routine DEF 14A filing, which is a standard disclosure document for trusts and companies, not indicative of immediate financial risk or opportunity.

Key Numbers

• 20251024 — Fiscal Year End (The report is for the fiscal year ending on this date.)
• 20250818 — Filing Date (The document was filed on this date.)

Key Players & Entities

• INVESCO QQQ TRUST, SERIES 1 (company) — Registrant
• 800-983-0903 (dollar_amount) — Business Phone

FAQ

Key Financial Figures

• $70 million — Trust and its shareholders of more than $70 million based on QQQ's assets as of July 1, 202

Filing Documents

• definitiveproxy.htm (DEF 14A) — 1068KB
• image00003.jpg (GRAPHIC) — 227KB
• image00004.jpg (GRAPHIC) — 80KB
• image00005.jpg (GRAPHIC) — 72KB
• image00006.jpg (GRAPHIC) — 79KB
• 0001680359-25-000633.txt ( ) — 1700KB

From the Filing

DEF 14A 1 definitiveproxy.htm UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 SCHEDULE 14A Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934 (Amendment No. ) Filed by the Registrant Filed by a Party other than the Registrant Check the appropriate box: Preliminary Proxy Statement Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) Definitive Proxy Statement Definitive Additional Materials Soliciting Material Pursuant to 240.14a-12 Invesco QQQ Trust SM , Series 1 (Names of Registrant as Specified In Its Charter) (Name of Person(s) Filing Proxy Statement, if other than the Registrant) Payment of Filing Fee (Check the appropriate box): No fee required. Fee paid previously with preliminary materials. Fee computed on table in exhibit required by Item 25(b) per Exchange Act Rules 14a-6(i)(1) and 0-11 Invesco QQQ Trust SM , Series 1 3500 Lacey Road, Suite 700 Downers Grove, Illinois 60515 August 18 , 2025 Dear Shareholder: We are writing to you to seek your help in modernizing the structure of Invesco QQQ Trust SM , Series 1 (the "Trust" or "QQQ") in order to help optimize its operations and reduce its overall expense ratio. You are receiving this letter because you were a beneficial owner of shares of the Trust as of August 15, 2025 (the "Record Date"). As more fully discussed below, we at Invesco believe that the time has come to modernize and optimize the way that QQQ operates, by changing it from a structure known as a unit investment trust ("UIT") to the form of investment company employed by the vast majority of exchange traded funds ("ETFs") on the market . Importantly, though, QQQ will continue to be an ETF and the transition will be seamless (and tax-free) for you. There will be one significant change upon completion of this effort : QQQ's expense ratio will decrease. As a part of the modernization of QQQ, and based on information as of the Trust's most recent fiscal year end, the Trust's total expense ratio will decrease from a maximum of 20 basis points per year (i.e., 0.20% of QQQ's average annual net assets) to 18 basis points per year (0.18% of QQQ's average annual net assets ), which represents an estimated cost savings to the Trust and its shareholders of more than $70 million based on QQQ's assets as of July 1, 2025. QQQ is one of the earliest ETFs brought to market. When QQQ was created in 1999, it was structured to be classified as a UIT, which is a type of investment company under investment company laws and regulations. QQQ is operated pursuant to laws and rules pertaining to UITs under the Investment Company Act of 1940, as amended, as well as pursuant to an exemptive order from the Securities and Exchange Commission ("SEC") . At the time of QQQ's creation , UITs were the principal structure used for ETFs. Since that time, however, almost every ETF on the market has been organized to operate as a different type of investment company, generally referred to as an "Open-End Fund" ETF. As we discuss more fully in the enclosed proxy statement, ETFs that operate as Open-End Funds have certain features that differentiate them from UIT ETFs that we at Invesco believe ultimately make the Open-End Fund structure a better ETF vehicle for shareholders. Open-End Fund ETFs are managed by an external investment adviser that can utilize certain tools in managing passive ETFs, such as flexible (or "custom") redemption baskets, while UITs are operated pursuant to complex written rules that are rigid in application (and do not allow for flexible redemption baskets). Second, ETFs operated as Open-End Funds currently enjoy greater regulatory certainty. Most current SEC rules that are designed to protect shareholders and generally improve the investment experience that apply to ETFs are written with Open-End Fund structures in mind and are not applicable or required for UITs (even UIT ETFs). Invesco believes that this regulatory certainty provides inherent value for shareholders. In light of these benefits, we believe that the time has come to seek to convert QQQ from a UIT ETF to an Open-End Fund ETF. In doing so, we believe shareholders will have the opportunity to take advantage of genuine benefits flowing from the conversion. Importantly, these changes will not change the key attributes of investing in QQQ: the Trust will continue to operate as an ETF and will continue to seek to track the investment results, before fees and expenses, of the Nasdaq-100 Index. The Trust's performance history, its process of buying/selling shares (daily trading) and its investment exposures and risks will remain the same. Also, the conversion will not be a taxable event, so the transition for you, as a shareholder, will be seamless. In order to implement the proposed changes, we will need your approval of three separate proposals, which will be considered at a special meeting of the shareholders of the Trust sche