At a glance
QDTE charges 0.96% a year. It has $937.3M in assets; it paid 43.88% of its price in distributions over the past 12 months, monthly. Over the past year it returned +16.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Roundhill Innovation-100 0DTE Covered Call Strategy ETF (QDTE) is an actively managed fund that aims to pay current income while following the price moves of the Nasdaq-100 Index. It gets that exposure mainly through options, not by owning the stocks. Every business day it sells call options that expire the same day, giving up part of the index's upside in exchange for premium income. Its trailing 12-month yield was 43.88% as of October 27, 2026. Its expense ratio is 0.96%.
Price history
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QDTE +16.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QDTE official prospectus, to Dec 31, 2025 | — | +19.49% | — | — | — | +20.71% |
| Solactive GBS Global Markets All Cap USD Index TR (reflects no deduction for fees, expenses or taxes) index, same period | — | +22.52% | — | — | — | +18.39% |
| QDTE price data to Oct 27, 2026 | +15.4% | +16.4% | — | — | — | +19.5% |
- Over the year to Oct 27, 2026, QDTE returned +16.4%.
- Its worst full calendar year was 2025 (+19.5%); its best was 2025 (+19.5%).
- The deepest fall in its price history was 22.7% (Feb 19, 2025 to Apr 21, 2025), recovered by Jul 17, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +15.4% | — |
| 2025 | +19.5% | +19.49% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $6.8700 | |
| 2025 | $15.2600 |
What's inside
As of Jun 30, 2026, the fund held 1 securities; the ten largest made up 5.12% of assets, and 2.98% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| Roundhill Weekly T-Bill ETF | 5.12% |
By country
United States 5.12%By asset type
Stocks 5.12%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $41.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.98%, +8.61%, +0.39%.
How it works
Roundhill Investments actively manages QDTE for current income. At least 80% of net assets must be tied to the Nasdaq-100 Index, through Nasdaq-100 ETFs or options. The fund mostly holds call options, which are contracts giving the right to buy at a set "strike" price. These are "deep in the money," with strikes far below the index, so they move with it. As of June 30, 2026, four such options made up about 92% of net assets. About 5% sat in the Roundhill Weekly T-Bill ETF and 3% in cash.
Income comes from a "synthetic covered call" strategy. It is called synthetic because the fund doesn't own the index's stocks directly. At or shortly after each business day's open, it sells Nasdaq-100 call options with strikes above the index level ("out of the money") that expire at day's end. These are zero-days-to-expiration (0DTE) options. Buyers pay the fund an upfront premium, which becomes its income.
This caps each day's gain. If the index rises past the strike, losses on the sold calls offset the extra rise. In the prospectus example, with calls sold 1% out of the money, a 2% index gain leaves the fund up only 1%. On down days, premiums offset losses only partly. Holders bear the index's declines but give up part of its rallies.
What it really costs
- QDTE charges 0.96% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $97 in the first year and $1,166 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QDTE | $97 | $303 | $525 | $1,166 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
The fund's stated objective is current income from selling options, and it has paid out a very large trailing yield in exchange for capping much of the Nasdaq-100's upside.
QDTE launched on March 7, 2024, so it has no record through the 2008, 2020 or 2022 sell-offs. Its only full calendar year, 2025, returned 19.49%. Its deepest drop was 22.7%, from February 19 to April 21, 2025. It got back to its old peak by July 17, 2025, about 2.9 months later. Anyone who had to sell shares that spring would have taken a loss. On falling days the premiums cushion only a little, and the daily calls limit how fast the fund can rebound.
Income is the main appeal. The trailing 12-month yield was 43.88% ($12.40 per share) as of October 27, 2026. The prospectus describes income from option premiums on a weekly basis. That income is usually taxed as ordinary income, and payouts aren't guaranteed. In the SEC's standard $10,000 example, the 0.96% expense ratio costs $97 in year one and $1,166 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income-focused investors who want large payouts tied to the Nasdaq-100 and accept giving up much of the index's gains on strong up days.
- Investors who can hold it in an IRA or other tax-advantaged account, since its option income is usually taxed as ordinary income.
- People comfortable with options who accept an actively managed fund launched in March 2024 that has only one full calendar year of results.
Look elsewhere if
- Investors who want the Nasdaq-100's full long-term growth. Selling calls every day caps gains, so a plain Nasdaq-100 ETF such as QQQ is worth comparing.
- Cost-conscious investors. The 0.96% expense ratio adds up to $1,166 over 10 years on $10,000 in the SEC's standard example.
- Those who need protection from losses. The fund fell 22.7% from February to April 2025, and option premiums only partly offset declines.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is QDTE good for retirement income?
It can produce very large payouts, but with real trade-offs. The trailing 12-month yield was 43.88% as of October 27, 2026. That income comes mostly from selling options and is usually taxed as ordinary income. The fund caps gains on strong days but still takes most of the index's losses: it fell 22.7% in early 2025. It has a 0.96% expense ratio and only one full calendar year of history, so it may suit investors who use it as one income piece among many.
How does QDTE pay such a high yield?
The yield comes mainly from option premiums, not stock dividends. At or shortly after each market open, the fund sells Nasdaq-100 call options that expire that same day, and the buyers pay it a premium. Doing this every business day adds up to large payouts: $12.40 per share over the 12 months to October 27, 2026. The cost is that the fund gives up the index's gains above each day's strike price, and payouts can shrink if option prices fall.
What's the difference between QDTE and QQQ?
QQQ simply tracks the Nasdaq-100. QDTE aims for income and trades away upside to get it. QDTE builds its Nasdaq-100 exposure mainly through deep-in-the-money call options, and it can also hold Nasdaq-100 ETFs such as QQQ. It then sells same-day call options every business day. That means QDTE pays far more income but will usually trail the index in strong rallies, while still taking most of the losses in declines. QDTE charges a 0.96% expense ratio.
What is a 0DTE covered call ETF?
It's a fund that sells call options with zero days to expiration, meaning they expire the same day they're sold. A covered call means owning an asset and selling someone the right to buy its gains above a set price, in exchange for an upfront premium. QDTE does this every business day on the Nasdaq-100. Its prospectus warns that 0DTE options react sharply to sudden price swings, so the timing of each trade matters more than with longer-dated options.
How has QDTE performed since it launched?
QDTE returned 19.49% in 2025, its only full calendar year. From its March 7, 2024 launch through December 31, 2025, it averaged 20.71% a year. For the year ending October 27, 2026, it returned 16.4%. The prospectus compares it with the Solactive GBS Global Markets All Cap USD Index, a broad global stock index rather than the Nasdaq-100. That index returned 22.52% in 2025. The fund's strongest quarter gained 11.23% (second quarter of 2025), and its weakest lost 5.87% (first quarter of 2025).