These 10 Stocks Surprisingly Lead Gains While Wall Street Naps

3. Invesco Ltd. (NYSE:IVZ)

Invesco extended its winning streak to a third consecutive day on Friday, jumping 15.28 percent to close at $19.92 apiece amid plans to convert one of its profitable offerings—the QQQ ETF, which tracks the Nasdaq 100—to an open-traded fund.

Invesco Ltd. (NYSE:IVZ) filed its preliminary proxy statement with the Securities and Exchange Commission (SEC) seeking the consent of QQQ shareholders to operate the ETF and convert it from a “unit investment trust” to that of a “management company.”

Under current circumstances, QQQ’s $355-billion in assets and 0.2-percent expense ratio currently generates $711 million in annual fee revenues, more than any other ETF, but leaves nothing to Invesco Ltd. (NYSE:IVZ) as the current setup gives the bulk divided between the fund’s trustee, Bank of New York Mellon, and Nasdaq, which provides the index. As mandated by the fund’s prospectus, any remaining revenues must be spent on marketing QQQ.

According to Bloomberg, the dynamics will change upon approval of the shareholders of its intent, and will also see lower expense ratios of 0.18 percent.