Delay in QQQ proxy vote would be setback for Invesco, says BMO Capital

BMO Capital reports that “supposedly” the QQQ proxy vote did not reach a quorum today, which would mean another vote in a month. While not confirmed, this would be a “setback” for Invesco (IVZ) and increases the chance that the proposed change from its current trust structure to an open-ended ETF may not go through. Given that the proposed change will save investors 2 basis points, or 10% of the expense, the firm sees it going through, but adds it “clearly will take time.” BMO maintains an Outperform rating on Invesco shares.