Invesco QQQ Trust Files Additional Proxy Materials

TL;DR

QQQ filed more proxy docs, no fee. Standard stuff.

AI Summary

Invesco QQQ Trust, Series 1 filed a Definitive Additional Materials proxy statement on August 21, 2025. This filing relates to the Invesco QQQ Trust, Series 1, previously known as PowerShares QQQ Trust, Series 1, and earlier iterations like NASDAQ 100 Trust Series 1. The filing indicates no fee was required for this submission.

Why It Matters

This filing provides updated or supplementary information to shareholders of the Invesco QQQ Trust, Series 1, which is a widely held ETF tracking the Nasdaq-100 index.

Risk Assessment

Risk Level: low — This is a routine proxy filing for an established ETF, not indicating any unusual risks or changes.

Key Numbers

• 0930 — Fiscal Year End (Indicates the end of the fiscal year for reporting purposes.)

Key Players & Entities

• INVESCO QQQ TRUST, SERIES 1 (company) — Registrant
• POWERSHARES QQQ TRUST, SERIES 1 (company) — Former Company Name
• NASDAQ 100 TRUST SERIES 1 (company) — Former Company Name
• NASDAQ GOLD SM TRUST SER 1 (company) — Former Company Name
• 811-08947 (other) — SEC File Number
• 251239420 (other) — Film Number

FAQ

Filing Documents

• d44938ddefa14a.htm (DEFA14A) — 46KB
• g44938dsp02a.jpg (GRAPHIC) — 3KB
• 0001193125-25-185087.txt ( ) — 52KB

From the Filing

DEFA14A 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 Filed by the Registrant [X] 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 [X] Definitive Additional Materials [] Soliciting Material Pursuant to 240.14a-11(c) or 240.14a-12 Invesco QQQ Trust SM , Series 1 (Name 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): [X] No fee required. [] Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. 1) Title of each class of securities to which transaction applies: 2) Aggregate number of securities to which transaction applies: 3) Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): 4) Proposed maximum aggregate value of transaction: 5) Total fee paid: [] Fee paid previously with preliminary materials. [] Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule and the date of its filing. 1) Amount Previously Paid: 2) Form, Schedule or Registration Statement No.: 3) Filing Party: 4) Date Filed: __________________________________________________________________________________________ In Focus July 17, 2025 (updated August 20, 2025) Invesco Proposes to Modernize Invesco QQQ and Lower its Total Expense Ratio On August 18, 2025, Invesco Capital Management, LLC (Invesco) filed a definitive proxy statement with the Securities and Exchange Commission (SEC), updating and finalizing preliminary documents that were filed with the SEC on July 17, 2025. The proxy statement seeks the approval of QQQ's shareholders of record as of August 15, 2025 to take certain actions, including amending QQQ's governing instruments, to operate QQQ in a manner that would result in its reclassification under the Investment Company Act of 1940, as amended, from that of a "unit investment trust" to that of a "management company," with a subclassification as an "open-end company," all as defined in the Investment Company Act of 1940 (1940 Act). In addition to other benefits, if shareholders approve the proposals contained in the proxy statement, QQQ's total expense ratio (TER) will be lowered from 0.20% to 0.18%, representing a 10% reduction in expenses borne by QQQ. What's Changing and Why It Matters for Shareholders What will change with QQQ? Since its launch in 1999, QQQ has operated as a Unit Investment Trust (UIT). While this structure was common in the early days of ETFs, the industry has evolved, and today, nearly all ETFs are structured as Open-End Funds. Currently, there are fewer than 10 ETFs (10 of the oldest ETFs in the US) that are structured as UITs. What are the proposals being presented to shareholders? As described in the proxy statement, shareholders are being asked to vote on three separate proposals: Approve amendments to QQQ's governing instruments intended to change QQQ's classification from a UIT to an Open-End Fund Approve the election of trustees to serve on the Board of Trustees of QQQ following the amendment of the governing instruments, thereby replacing the existing trustee (a bank) with a slate of individual trustees. Approve an investment advisory agreement between QQQ and Invesco that will allow Invesco to manage the fund as its investment advisor. (QQQ does not currently have an investment advisor.) Although shareholders will vote separately on each proposal, the proposed conversion of QQQ from a UIT to an Open-End Fund will not occur unless shareholders approve all three proposals . What are the shareholder benefits of this change? If the proposals are approved and the changes are implemented, shareholders can expect the following key benefits: Lower Costs : QQQ's TER is expected to decrease from 0.20% to 0.18% (a 10% decrease in expenses). Enhanced Structural Flexibility : The Open-End Fund structure would allow QQQ to potentially participate in securities lending, as well as allow QQQ to reduce cash drag by reinvesting dividends it receives (rather than distributing all dividends to shareholders). Improved Fund Disclosure and Reporting : In addition to annual shareholder reports, shareholders also will receive semi-annual shareholder reports . Shareholders also will receive summary prospectuses for QQQ, which are more concise than existing investor documentation. What