QQQ ETF fee dropped after shareholders approved a structural change in 2025.

The Invesco QQQ Trust ETF charged a steady 0.20% fee for years due to its unit investment trust structure, even as cheaper rivals emerged. This fee only decreased after shareholders approved a reclassification to an open-end fund structure at the end of 2025. The fund's investment strategy and Nasdaq-100 exposure remained unchanged, but the new structure allowed for lower expenses. With nearly $490 billion in assets, even a small fee change significantly impacts investor costs, highlighting the importance of fund structure on fees.