Yung Bong Lim
About Yung Bong Lim
Independent Trustee of the Trust (QQQ) and Chair of the Investment Oversight Committee; nominee and service track record across the Invesco ETF Trusts since 2013 (Trustee) and since 2014 (Investment Oversight Committee Chair). Year of birth: 1964. Current operating role: Managing Partner, RDG Funds LLC (since 2008). Prior roles include Managing Director and Head of the Securitized Products Group at Citadel LLC (1999–2007) and Managing Director at Salomon Brothers Inc. (prior to Citadel). For the reconstituted Trust following conversion from a UIT, his trustee term is since 2025. He is an Independent Trustee (i.e., not an “interested person” under the 1940 Act).
Past Roles
| Organization | Role | Tenure | Committees/Impact |
|---|---|---|---|
| Citadel LLC | Managing Director; Head, Securitized Products Group | 1999–2007 | Senior leadership in securitized products; experience cited by Sponsor as basis for board qualifications |
| Salomon Brothers Inc. | Managing Director | Prior to 1999 (pre-Citadel) | Capital markets leadership; experience cited by Sponsor |
External Roles
| Organization | Role | Tenure | Details |
|---|---|---|---|
| RDG Funds LLC (real estate) | Managing Partner | 2008–Present | Operating executive experience; current occupation disclosed |
| Beacon Power Services, Corp. | Board Director | 2019–Present | External directorship disclosed; no committee details provided |
| Performance Trust Capital Partners, LLC | Advisory Board Member | 2008–2020 | Advisory role; ended 2020 |
Board Governance
- Independence: The Trust’s board consists of nine trustees, eight of whom are Independent Trustees (i.e., not affiliated with the Adviser). Lim is among the independent nominees.
- Tenure and scope: Trustee across Invesco ETF Trusts since 2013; Chair of Investment Oversight Committee since 2014 (for Trust I, Trust II, India Trust, Active Trust, Commodity Trust, and since 2016 for Self-Index Trust). For this Trust (post-conversion), term begins in 2025.
- Committee assignments (ETF Board model carried into the Trust):
- Investment Oversight Committee: Chair (members: Bagge, Barre, Lim (Chair), Herget). Responsibilities include reviewing fund investment performance (e.g., tracking error/correlation), proposed policy/index changes, market trading/portfolio transactions, and overseeing the Adviser’s fair valuation process.
- Nominating and Governance Committee: Member (committee consists entirely of Independent Trustees, with Lim listed among members). Responsibilities include identifying and recommending board candidates.
- Audit Committee: Not listed as a member (members: Kole (Chair), Wicker, Wilson, Pace).
- Meetings/attendance: The Board generally meets five times per year; however, as the Board was newly constituted for the Trust following its reclassification from a UIT to an open-end management investment company, neither the Board nor its standing committees had meetings for the fiscal year ended September 30, 2025.
Fixed Compensation
Compensation disclosures are at the Trust level and provided in aggregate for Trustees; for FY2025, no fees were paid due to the reconstitution timing; FY2026 compensation is estimated but not itemized.
| Metric | FY2025 | FY2026 (estimated) |
|---|---|---|
| Cash compensation paid by the Trust | No trustee fees paid due to reclassification timing | Estimated aggregate compensation disclosed at a high level; specific dollar amounts TBD |
| Aggregate compensation from Fund Complex | Not paid by this Trust for FY2025 | Estimated for FY2026 at Fund Family level; amounts TBD |
| Pension/retirement benefits | N/A as part of fund expenses | N/A as part of fund expenses |
| Deferred compensation election | Filing template notes Lim deferred a portion of compensation in FY2025, but percentage is not filled in the draft | DC Plan availability referenced; specifics not itemized |
The filing provides a deferred compensation plan (DC Plan) for trustees; Lim’s FY2025 deferral percentage is shown as a bracketed placeholder in the current document draft.
Performance Compensation
| Element | Disclosure |
|---|---|
| Performance metrics tied to trustee compensation (e.g., TSR, EBITDA, ESG) | Not disclosed in the proxy/SAI excerpts reviewed; disclosures reference aggregate trustee compensation estimates and the DC Plan but no performance metrics or equity awards for trustees. |
| Equity or option awards to trustees | Not disclosed in the proxy/SAI excerpts reviewed. |
Other Directorships & Interlocks
| Company/Organization | Public/Private | Role | Dates | Potential Interlocks/Conflicts |
|---|---|---|---|---|
| Beacon Power Services, Corp. | Not specified | Director | 2019–Present | No related-party links to Adviser/underwriter identified in filings reviewed |
| Performance Trust Capital Partners, LLC | Private | Advisory Board Member | 2008–2020 | Advisory role concluded in 2020 |
| RDG Funds LLC | Private | Managing Partner | 2008–Present | Operating role; no adviser/underwriter conflict indicated |
As of the disclosure date, for each Independent Trustee and immediate family members, no person owned, beneficially or of record, securities in the investment adviser, principal underwriter, or their control affiliates.
Expertise & Qualifications
- Chair of Investment Oversight Committee across Invesco ETF Trusts since 2014; responsibilities cover performance oversight (tracking error/correlation), policy/index change review, market trading oversight, and fair valuation oversight.
- Career expertise in securitized products and capital markets (Citadel Securitized Products Group head; prior Salomon Brothers MD).
- Sponsor explicitly considered his executive, financial, operations, and investment experience in supporting nomination/continuation.
- Education credentials are not disclosed in the excerpts reviewed.
Equity Ownership
| Item | Status |
|---|---|
| Direct holdings in this Trust (QQQ) | None disclosed for Lim; filing states none of the Trustees held equity securities in the Trust except Mr. Kole (who held over $100,000). |
| Aggregate holdings across Fund Family | Each Trustee held, in aggregate, over $100,000 in equity securities of all registered investment companies overseen by the Trustees in the Fund Family (includes DC Plan deemed investments). |
| Shares pledged/hedged | Not disclosed. |
| Ownership in Adviser/Underwriter securities (trustees and immediate family) | None (as of the stated date). |
| Trustees & Officers as a group ownership of Fund | Less than 1% of outstanding Shares. |
Governance Assessment
- Strengths: Independent status; long-standing leadership as Chair of the Investment Oversight Committee with clear remit over performance, index/policy changes, trading, and valuation oversight; relevant capital markets expertise (securitized products) from Citadel/Salomon; Sponsor explicitly cites his executive, financial, operational, and investment background as rationale for service.
- Alignment and conflicts: No securities ownership in the Adviser/Underwriter by Independent Trustees or their immediate families; Lim had no disclosed holdings in this specific Trust (QQQ), though each trustee holds over $100,000 across the Fund Family (including DC Plan deemed investments). Group ownership of the Fund is under 1%. No related-party transactions identified in filings reviewed.
- Process/attendance context: The Board was newly constituted post-reclassification; no meetings occurred in FY2025 for the Trust, so no attendance record exists yet; the Board generally meets five times annually.
- Compensation disclosure quality: FY2025 fees were not paid by the Trust due to reclassification; FY2026 compensation is estimated but not itemized. The filing references the DC Plan and notes a deferral by Lim in FY2025, but the specific percentage is not populated in the draft reviewed. No performance-based compensation metrics are disclosed for trustees.
No RED FLAGS identified in filings reviewed (no related-party security ownership with adviser/underwriter; no pledging disclosed; independence affirmed). Monitoring focus going forward: actual FY2026 trustee compensation details when finalized; any updates to DC Plan elections; post-conversion committee meeting cadence and attendance; and any changes to external roles that could create interlocks or conflicts.