Invesco converts QQQ to fee-earning ETF, boosting revenue 26% and authorizing $1B buyback

Filed May 5, 2026 · Period ending March 31, 2026 · Compared to 10-Q Apr 28, 2025 · ~2 min read

Key Changes

• high

  QQQ's December 2025 conversion from unit trust to open-end ETF now generates management fees on $398.5B in assets, driving investment management fees up 26% to $1.38B and adding new recurring revenue streams.

  MD&A: QQQ conversion verify on EDGAR →
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  Company redeemed $500M in maturing senior notes and authorized new $1B share repurchase program with no expiration, signaling active capital return despite higher leverage (0.85x vs 0.30x prior year).

  MD&A: Capital management verify on EDGAR →
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  Net long-term inflows improved 24% to $21.8B driven by ETFs, China JV, and fixed income, though QQQ itself saw $10.8B in outflows despite now counting toward management-fee-earning flows.

  MD&A: Net flows verify on EDGAR →