IVZ · 10-Q · 2026Q2 · Full report
Product Launch and Transition
Invesco Ltd. · 2026-08-04 · Importance 91 · Surprise 92 · From source text
QQQ converted to an open-end fund ETF on December 20, 2025, causing its flows to be classified as long-term flows rather than non-management-fee-earning AUM. QQQ generated $13.8 billion of quarterly net long-term inflows and $3.0 billion of six-month net long-term inflows, compared with no comparable long-term flows in the prior-year periods. Ending QQQ AUM increased to $490.1 billion from $352.7 billion year over year, while average QQQ AUM increased to $452.3 billion from $319.2 billion. The transition also shifted economics toward investment management fees and increased related third-party distribution costs and advertising expenses.
Key facts
- For the three months ended June 30, 2026, Service and distribution fees were $309.9 million compared to $363.8 million for three months ended June 30, 2025; decrease primarily due to elimination of QQQ's pass-through service revenues after its conversion. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | negative | realized | -3.0% | For the three months ended June 30, 2026, Service and distribution fees were $309.9 million compared to $363.8 million for three months… |