The Invesco QQQ Trust (QQQ) remains the dominant bellwether for US large-cap growth, with massive assets ($450B), tight spreads, deep options liquidity, and continued investment from Invesco. The conversion to an open-ended ETF lowers fees for shareholders and enables modernization. Despite new competition from other Nasdaq 100 ETFs, QQQ's brand, liquidity, and scale will sustain its leadership. Invesco is committed to growing the QQQ franchise.