Invesco is seeking shareholder approval to transition its $400B QQQ fund from a unit investment trust to an open-end fund. This change would make Invesco the trustee and involve a fee reduction to 18 basis points. Shareholders are being urged to vote in favor of the proposal to support this modernization.

The proxy process allows for additional voting time, and Invesco’s proposal currently has 50% support. A 10% fee reduction is part of the package, with 92% of voters already in favor. Shareholders can expect a decrease in marketing for the ETF if the transition is approved.

Once shareholders have voted, the calls and notices from third-party solicitors will cease. Invesco plans to reduce ad spend on the ETF by at least half if the transition is approved. The firm believes the benefits of a lower expense ratio will outweigh any negative impacts from reduced marketing.

Read more at Yahoo Finance: Invesco Doesn’t QQQuite Have the Votes for ETF’s Transition