Victoria Herget
About Victoria J. Herget
Independent Trustee of QQQ (Invesco ETF Trust), born 1951, with longstanding investment management experience at Zurich Scudder Investments (1973–2001). She has served as a trustee within the Invesco ETF “Fund Family” since 2019 and as a Trustee of the QQQ Trust since 2025, following the Trust’s reclassification to an open-end management investment company . Her background includes senior roles at Zurich Scudder and extensive nonprofit and fund governance experience .
Past Roles
| Organization | Role | Tenure | Committees / Impact |
|---|---|---|---|
| Zurich Scudder Investments (and predecessors) | Managing Director; Principal; Vice President; Assistant Vice President | MD 1993–2001; Principal 1985–1993; VP 1978–1985; AVP 1973–1978 | Investment management leadership |
| Wellesley College | Trustee; Chair, Board of Trustees; Investment Committee Chair; Investment Committee Member | Trustee 1992–2007; Chair 1999–2007; IC Chair 1994–1999; IC Member 2007–2010 | Board leadership; investment oversight |
| BoardSource | Trustee | 2006–2009 | Nonprofit governance |
| Chicago City Day School | Trustee | 1994–2005 | Education nonprofit governance |
External Roles
| Organization | Role | Tenure | Notes |
|---|---|---|---|
| Newberry Library | Trustee; Chair; Trustee Emerita | Trustee 2000–2017; Chair 2010–2017; Emerita 2017–Present | Cultural institution governance |
| Rockefeller Trust Committee | Member | 2002–Present | Longstanding trust committee service |
| Chikaming Open Lands | Trustee | 2014–2023 | Conservation nonprofit |
| Mather LifeWays | Trustee | 2001–2021 | Senior living nonprofit |
| United Educators Insurance Company | Board Chair; Director | Board Chair 2008–2015; Director 2004–2018 | Insurance governance leadership |
| First American Funds | Independent Director | 2003–2011 | Mutual fund board service |
| Oppenheimer Funds complex | Trustee of certain funds | 2012–2019 | Mutual fund complex governance |
Board Governance
- Independence: QQQ’s Board comprises eight Independent Trustees and one Interested Trustee. Independent Trustees, including Ms. Herget, have no affiliation or business connection with the Adviser and do not own any securities of the Adviser .
- Committee assignments:
- Investment Oversight Committee: Member (Chair is Yung Bong Lim) .
- Nominating and Governance Committee: Member (Chair is Ronn R. Bagge; he also serves as Vice Chair of the Board) .
- Audit Committee: Not listed as a member (current members are Marc M. Kole (Chair), Joanne Pace, Gary R. Wicker, and Donald H. Wilson) .
- Board leadership: Independent Chair is Donald H. Wilson; Vice Chair is Ronn R. Bagge .
- Tenure: Trustee within the Invesco ETF Trusts since 2019; Trustee of the QQQ Trust since 2025 .
- Scope: Independent Trustee nominee expected to oversee 218 portfolios in the Fund Complex .
Fixed Compensation
Aggregate compensation for Independent Trustees is disclosed across Invesco ETF Trusts grouped by fiscal year ends. Ms. Herget’s amounts and deferrals are below.
| Metric | FY End Aug 31, 2024 | FY End Oct 31, 2024 | FY End Apr 30, 2025 |
|---|---|---|---|
| Aggregate Compensation from specified Trusts ($) | Trust II: $110,158; Self-Index Trust: $51,197 | Trust II: $27,380; Active Trust: $13,829; India Trust: $1,059 | Trust I: $158,845 |
| Commodity Trust Compensation ($) | — | $6,349 | — |
| Total Compensation from Invesco Fund Complex ($) | $363,333 | $366,667 | $376,667 |
| Deferred Compensation (amount or %) | Deferred $246,664 | Deferred $308,330 | Deferred 100% |
| Pension/Retirement Benefits (as part of fund expenses) | None accrued | None accrued | None accrued |
Notes: The DEF 14A states that, because QQQ operated as a UIT prior to reclassification, it did not pay the compensation shown; these amounts are from the broader Invesco ETF Trusts where Ms. Herget serves as trustee .
Performance Compensation
- The filings do not disclose any performance-based incentive components (e.g., PSUs, options, TSR-linked pay) or performance metrics tied to Independent Trustee compensation; disclosures focus on aggregate trustee compensation and deferral elections with no performance targets stated .
Other Directorships & Interlocks
| Company/Institution | Role | Potential Interlock Context |
|---|---|---|
| Oppenheimer Funds complex | Trustee of certain funds (2012–2019) | Prior board role at a fund complex that competes in asset management; no related-party transactions indicated in reviewed filings. |
| United Educators Insurance Company | Board Chair (2008–2015), Director (2004–2018) | Insurance sector governance; no supplier/customer interlocks to QQQ disclosed in reviewed filings. |
| First American Funds | Independent Director (2003–2011) | Prior fund governance; no conflicts noted in filings. |
Expertise & Qualifications
- Investment management expertise developed through nearly three decades at Zurich Scudder Investments, with progressive leadership roles from 1973 to 2001 .
- Significant governance experience across nonprofit and educational boards, including chair and investment committee roles at Wellesley College and chairmanship at United Educators Insurance Company .
- The Board explicitly considered her executive, financial, and investment experience in assessing qualifications for trustee service .
Equity Ownership
- Management Ownership disclosure states Trustees and Officers, as a group, owned less than 1% of the Fund’s outstanding shares as of a date to be specified in the filing; individual beneficial ownership for Ms. Herget is not itemized in the reviewed sections .
Governance Assessment
- Independence and roles: Clear independence from the Adviser, with explicit prohibition on owning Adviser securities; active engagement via Investment Oversight and Nominating & Governance Committees, supporting board effectiveness in investment performance oversight and trustee nominations .
- Compensation alignment: Cash-based trustee compensation with substantial deferral elections (including a full deferral for FY ended April 30, 2025) suggests a conservative pay structure typical of funds and personal deferral choices that may indicate long-term orientation; no equity grants or performance pay are disclosed in the reviewed filings .
- Leadership and oversight quality: Presence of an Independent Chair (Wilson) and committee chairs with finance and audit expertise supports robust independent oversight; Ms. Herget’s service focuses on investment oversight and governance rather than audit leadership .
- Red flags and conflicts: No related-party transactions, hedging/pledging disclosures, or performance pay anomalies identified in the reviewed filings; prior roles at other fund complexes are historical and do not show direct conflicts with the Adviser under current independence definitions .