Todd Barre
About Todd J. Barre
Independent Trustee of the Invesco QQQ Trust board (post-2025 conversion), and a long-serving independent trustee across the Invesco ETF Trusts since 2010. Year of birth: 1957. Education: Doctor of Business Administration (DBA), Anderson University (2019), with dissertation focused on ETFs; professional background spans investment strategy, fundamental research, and fixed income at BMO/Harris Private Bank and Commonwealth Edison; previously a staff accountant at Peat Marwick. He is classified as an Independent Trustee under the 1940 Act and is currently appointed to the Investment Oversight Committee and the Nominating & Governance Committee.
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Trinity Christian College | Assistant Professor of Business | 2010–2016 | Taught finance/economics; academic perspective informs fund oversight |
| BMO Financial Group/Harris Private Bank | VP & Senior Investment Strategist; Director, Open Architecture & Trading; Head of Fundamental Research; VP & Senior Fixed Income Strategist | 1994–2008 (various roles 2001–2008; 2007–2008; 2004–2007; 1994–2001) | Asset allocation, research leadership, trading oversight |
| Commonwealth Edison Co. (Office of Manager of Investments) | Investment professional (incl. fixed income research/management) | 1983–1994 | Managed pension fund fixed income; portfolio/risk skills |
| Peat Marwick Mitchell & Co. | Staff Accountant | 1981–1983 | Foundational accounting and audit exposure |
External Roles
| Organization | Role | Tenure | Public Company/Interlock |
|---|---|---|---|
| — | — | — | Other public company directorships during past 5 years: None |
Board Governance
- Independence: One of eight Independent Trustees on a nine-member board; not affiliated with the Adviser and does not own securities of the Adviser.
- Tenure: Invesco ETF Trusts trustee since 2010; service on the Invesco QQQ Trust board since 2025 (post-conversion from UIT).
- Committee assignments: Investment Oversight Committee member; Nominating & Governance Committee member. Chairs: Lim (Investment Oversight), Bagge (Nominating & Governance). Barre is not an Audit Committee member.
- Board leadership: Independent Chair (Wilson); Vice Chair (Bagge). Structure designed to balance management insight with independent oversight.
- Term: Independent Trustees serve indefinite terms until successors are elected.
- Meeting cadence (context): ETF board generally meets ~5x per year. Attendance details for Barre not disclosed in cited materials.
Fixed Compensation
- Structure (effective 2025): Annual Independent Trustee retainer $390,000; Independent Chair additional $130,000; Committee Chair fees—Audit $40,000; Nominating & Governance $35,000; Investment Oversight $30,000. Prior to Jan 1, 2025: Retainer $370,000; Independent Chair +$120,000; Audit Chair +$35,000. Travel and out-of-pocket reimbursed.
- Deferred Compensation Plan (DC Plan): Trustees may defer fees; returns credited to selected Invesco funds; paid lump sum or installments; unsecured and subject to fund creditors; no pension/profit sharing eligibility for service as Trustees.
| Component | Amount (USD) | Notes |
|---|---|---|
| Annual Independent Trustee Retainer (2025) | 390,000 | Half allocated pro rata across funds; half by assets |
| Independent Chair Additional Fee (2025) | 130,000 | Same allocation method |
| Audit Committee Chair Fee (2025) | 40,000 | Same allocation method |
| Nominating & Governance Chair Fee (2025) | 35,000 | Same allocation method |
| Investment Oversight Chair Fee (2025) | 30,000 | Same allocation method |
| Prior Retainer (pre-2025) | 370,000 | Prior to Jan 1, 2025 |
| Prior Independent Chair Fee (pre-2025) | 120,000 | Prior to Jan 1, 2025 |
| Prior Audit Chair Fee (pre-2025) | 35,000 | Prior to Jan 1, 2025 |
Performance Compensation
- No performance-based equity or option awards disclosed for Trustees; compensation is cash retainer/fees with optional deferral; no pension in trustee capacity.
- No fund-specific performance metrics tied to trustee compensation disclosed.
| Item | Disclosure |
|---|---|
| Stock/RSU/PSU awards | None disclosed for Trustees |
| Option awards | None disclosed for Trustees |
| Performance metrics (TSR, revenue, ESG) | Not applicable/disclosed for Trustees |
| Clawback provisions | Not disclosed for Trustees |
Director Compensation (Actuals from Invesco Fund Complex)
Note: QQQ operated as a UIT without a board until 2025; these values reflect compensation across Invesco ETF Trusts for which Barre served as Independent Trustee.
| Metric | FY Aug 31, 2024 | FY Oct 31, 2024 | FY Apr 30, 2025 |
|---|---|---|---|
| Total Compensation from the Invesco Fund Complex (USD) | 363,333 | 366,667 | 376,667 |
Other Directorships & Interlocks
- Other public company boards in past 5 years: None.
- Interlocks with competitors/suppliers/customers: None indicated in cited materials.
Expertise & Qualifications
- Advanced degree: DBA (2019), dissertation on ETFs; academic experience in finance.
- Deep buy-side background: Fixed income strategy, fundamental research, asset allocation leadership at BMO/Harris; pension investment management at Commonwealth Edison.
- Governance skills: Active on Investment Oversight (performance, tracking error, valuation oversight) and Nominating & Governance (board composition) committees.
- Professional credentialing: Profiles show “D.B.A., CFA.” (CFA status per LinkedIn profile).
Equity Ownership
- Independent Trustees do not own stock or other securities of the Adviser, reinforcing independence under the 1940 Act. Individual QQQ share ownership details for Barre are not disclosed in the cited materials.
Governance Assessment
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Strengths
- Independent status with no adviser securities holdings; long-tenured ETF board experience since 2010 supports continuity as QQQ transitions to ETF board oversight.
- Relevant expertise: investment strategy, research, and fixed income, plus academic ETF scholarship, align with Investment Oversight Committee duties (tracking error, index correlation, valuation).
- Compensation framework is transparent and standardized across funds; DC Plan allows optional alignment via fund-linked deferrals without equity grants.
-
Watch items
- Board retainer expanded in 2025 (from $370k to $390k), reflecting workload/complexity; monitor fee trajectory versus governance workload and outcomes.
- Attendance metrics for Barre not disclosed in cited excerpts; as QQQ’s new board cadence is ~5 meetings/year for ETF boards, future proxies/SAIs should be monitored for attendance rates.
- No performance-contingent pay may limit at-risk alignment; however, trustee roles typically avoid performance pay to preserve independence.
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RED FLAGS (none explicitly disclosed)
- No related-party transactions, loans, hedging/pledging, or option repricings involving Barre are indicated in the cited materials; continue to review future filings.
QQQ Context: Board Installation and Structure
- In 2025, QQQ moved from a UIT structure to an open-end management investment company ETF with a formal board; independent trustees (including Barre) oversee adviser activities, fees, and fund operations via standing committees.
- Barre is one of the nominated/appointed independent trustees for QQQ’s new board, consistent with his long-standing trustee role across the Invesco ETF Trusts.
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