Invesco Falls Just Short of Votes Needed to Flip QQQ Into an ETF

Invesco Ltd. said that it’s adjourning its proxy vote to convert popular tech fund QQQ into an open-ended ETF to allow more time to garner the needed 51% approval from shareholders.

The asset manager announced Friday that the shareholder meeting is being adjourned until Dec. 19th, according to a filing with the Securities and Exchange Commission. Invesco said in the filing that the firm is “very close to that threshold,” with more than 50% of shareholders voting in favor of conversion.

Owners of the $409 billion Invesco QQQ Trust Series 1 were being asked to vote to approve converting it ...