Nasdaq-100 income ETFs own the big tech stocks in QQQ (or track them) and sell options on them. They pay the option premium out as a large monthly or weekly check.
A common test on income channels this month says a fund that trades above its launch price has “never lost value,” so its big payout must be safe. That test looks only at share price. It never compares the fund with the index it holds.
We ran eleven of these funds through the comparison that test leaves out: how much of QQQ’s total return each fund kept. We use QQQ as the yardstick for all eleven. QDVO and FTQI hold portfolios that differ from the Nasdaq-100, so their capture partly reflects stock selection. Since launch, the funds kept anywhere from 24% to 103% of QQQ’s total return, and where a fund’s price sits versus its launch price does not match that ranking.
Performance and yield figures are historical and may change. Total return includes price movement and distributions where available. Past performance does not guarantee future results. Yield is not the same as total return.
All figures are based on daily closes and adjusted closes through Friday, November 6, 2026. Total return assumes distributions are reinvested.
The Eleven Funds
| Fund | Name | First trading day | Method |
| QYLD | Global X Nasdaq 100 Covered Call | Dec 2013 | Sells calls on the whole index |
| FTQI | First Trust Nasdaq BuyWrite Income | Measured from May 11, 2022* | Nasdaq-listed stocks, with calls written on the Nasdaq-100 |
| QYLG | Global X Nasdaq 100 Covered Call & Growth | Sept 2020 | Sells calls on about half the portfolio |
| GPIQ | Goldman Sachs Nasdaq-100 Premium Income | Oct 2023 | Sells calls on part of the portfolio (25–75%) |
| QQA | Invesco QQQ Income Advantage | July 2024 | Active options overlay with equity-linked notes |
| JEPQ | JPMorgan Nasdaq Equity Premium Income | May 2022 | Equity-linked notes |
| QQQT | Defiance Nasdaq 100 Income Target | June 2024 | Daily call spreads, targets 20% a year |
| TDAQ | TappAlpha Innovation 100 Growth & Daily Income | Sept 2025 | Sells same-day calls |
| QQQI | NEOS Nasdaq-100 High Income | Jan 2024 | Index calls |
| QQQY | Defiance Nasdaq 100 Weekly Distribution** | Sept 2023 | Daily call spreads on the index, with long index exposure (sold short-term puts until Dec. 17, 2025) |
| QDVO | Amplify CWP Growth & Income | Aug 2024 | Growth stocks with calls written tactically |
*FTQI has traded since January 2014, but until May 11, 2022 it was an S&P 500 hedged buy-write under the ticker FTLB. We measure it only from May 11, 2022, when it began writing calls on the Nasdaq-100.
**Until December 17, 2025, QQQY was the Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF, which sold short-term put options on the Nasdaq-100. Its record before that date reflects the old strategy.
These are strategy profiles, not recommendations. Suitability depends on individual objectives, risk tolerance, tax situation, time horizon, and broader portfolio construction.
Step 1: Compare With the Benchmark, Not the Launch Price
Capture is the fund’s total return divided by QQQ’s total return over the same dates. Here it is next to the share-price test, measured since each fund launched (or since May 11, 2022 for FTQI).
| Fund | Share price vs launch (split-adjusted) | Fund total return | QQQ total return, same dates | Capture |
| QYLD | −31.7% | +180.6% | +758.4% | 24% |
| FTQI (from 5/11/22) | +0.5% | +71.4% | +131.0% | 55% |
| QYLG | +2.2% | +106.0% | +149.4% | 71% |
| GPIQ | +32.6% | +81.9% | +94.1% | 87% |
| QQA | +4.5% | +31.9% | +37.7% | 85% |
| JEPQ | +6.4% | +76.2% | +104.6% | 73% |
| QQQT | −21.4% | +26.8% | +38.4% | 70% |
| TDAQ | −4.4% | +15.1% | +14.7% | 103% |
| QQQI | −0.7% | +46.9% | +56.5% | 83% |
| QQQY | −68.1% | +41.6% | +77.1% | 54% |
| QDVO | +11.1% | +38.8% | +39.7% | 98% |
The price test gets it wrong in both directions. Since it began writing calls on the Nasdaq-100, FTQI’s price is up 0.5%, so by the price test it “never lost value.” Over the same span it kept 55% of QQQ’s total return, while QQQ’s price alone rose 124.8%. QYLG’s price is up 2.2% and it kept 71%.
It also fails the other way. TDAQ trades 4.4% below its launch price and has kept 103% of QQQ’s total return over its 14 months. QQQI is 0.7% below its launch price and kept 83%.
