At a glance
QDTY charges 1.17% a year. It has $24.3M in assets; it paid 37.16% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.1% with distributions reinvested (S&P 500: +11.5%).
The short version
YieldMax Nasdaq 100 0DTE Covered Call Strategy ETF (QDTY) is an actively managed fund that uses call options, not stocks, to follow the Nasdaq 100. Each business day it sells call options that expire the same day, trading part of the index's upside for cash it aims to pay out weekly. Its 12-month yield was about 37% as of October 27, 2026, but its gains are capped and it costs 1.17% a year.
Price history
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QDTY +13.1% 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 | |
|---|---|---|---|---|---|---|
| QDTY price data to Oct 27, 2026 | +12.7% | +13.1% | — | — | — | +14.3% |
- Over the year to Oct 27, 2026, QDTY returned +13.1%.
- The deepest fall in its price history was 23.4% (Feb 19, 2025 to Apr 21, 2025), recovered by Jul 24, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +12.7% |
| 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) | $10.7600 |
What's inside
As of Jul 31, 2026, the fund held 1 securities; the ten largest made up 0.08% of assets, and 3.82% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 0.08% |
By country
United States 0.08%By asset type
Bonds and notes 0.08%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $862K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +9.23%, +0.17%, -4.89%.
How it works
QDTY is actively managed and runs a “synthetic covered call.” In a traditional covered call, an investor owns shares and sells call options on them. QDTY owns no Nasdaq 100 stocks. Instead, it purchases deep in-the-money calls on the index. These give the right to purchase at a “strike” price far below the index level, so they move almost one-for-one with the index. As of July 31, 2026, a Nasdaq 100 call expiring December 18, 2026 made up about 90% of net assets. A second call (XND) made up about 6%, and cash about 4%.
Each business day, the fund sells out-of-the-money calls (strike above the index level) that expire at that day's close. These are “0DTE,” or zero days to expiration. Buyers pay a premium, which funds the payouts. The trade-off is a daily cap: if the calls are sold 1% above the index and the index rises 3% that day, the fund nets 1% before premium. On down days, premiums only partly offset losses.
The options are cash-settled and European-style (exercisable only at expiration), and they clear through the Options Clearing Corporation. Some are customizable FLEX options. Spare cash goes into Treasury bills and money market funds. Payouts aren't guaranteed and will vary. They may include return of capital (investors' own money handed back), and repeated payouts can wear down the share price.
What it really costs
- QDTY charges 1.17% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $119 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QDTY | $119 | $372 | $— | $— |
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
It is built for income, but its tech-heavy index exposure, daily options strategy, short record and 1.17% cost suit a small slice of a portfolio rather than a core holding.
QDTY launched on February 12, 2025, so it has no record in the 2008, 2020 or 2022 downturns and no full calendar year of results. Its deepest drop was 23.4%, from February 19 to April 21, 2025, and it took about three months to recover. Losses are only partly cushioned and gains are capped daily. So someone drawing income in a bad year could be selling shares at low prices, and the cap limits how fast those shares can bounce back.
Payouts totaled $13.86 a share over the 12 months to October 27, 2026, a yield of about 37%, and the fund aims to pay weekly. Amounts vary and may include return of capital (investors' own money handed back). Options income is usually taxed as ordinary income. Costs are steep at 1.17% a year. 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 seekers drawn to a roughly 37% yield (as of October 27, 2026) who accept that weekly payouts vary and may include return of capital.
- Investors filling a small, higher-risk slice of a portfolio who accept paying 1.17% a year for an actively run daily options strategy.
- Those who expect the Nasdaq 100 to move sideways or rise gently, when daily option premiums matter more than the gains the cap gives up.
Look elsewhere if
- Long-term growth investors: gains above each day's strike price are given up, while tech-heavy Nasdaq 100 declines are only partly cushioned.
- Cost-conscious investors: QDTY charges 1.17% a year, about $119 in the first year on $10,000 under the SEC's standard example.
- Investors wanting a long track record or a large fund: QDTY launched in February 2025 and held about $24 million as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Does QDTY pay weekly dividends?
QDTY aims to pay weekly. Its prospectus says the fund seeks to make cash distributions every week. The money comes mainly from premiums on same-day call options it sells and from interest on short-term Treasury bills. No payout is guaranteed in any given week, and amounts will likely vary widely. Distributions totaled $13.86 a share over the 12 months to October 27, 2026. Options income is usually taxed as ordinary income rather than as qualified dividends.
Why is QDTY's yield so high?
Its payouts come from option premiums, not company dividends. QDTY sells call options on the Nasdaq 100 every business day and passes much of that cash to shareholders. That gave a yield of about 37% based on payouts over the 12 months to October 27, 2026. A high yield isn't the same as a high total return. Payouts may include return of capital, meaning some of investors' own money handed back. The prospectus warns that repeated distributions can erode the fund's net asset value and share price.
Is QDTY good for retirement income?
It can deliver large payouts, but it is a higher-risk income source. Its value moves with the tech-heavy Nasdaq 100 and gains are capped each day. Payouts vary and may include return of capital, and it charges 1.17% a year. The fund launched in February 2025, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 23.4%, from February to April 2025, and recovery took about three months. It may suit a small slice of an income portfolio rather than the core.
What's the difference between QDTY and a Nasdaq 100 index fund?
A Nasdaq 100 index fund owns the stocks, so it keeps the index's full gains and losses plus dividends. QDTY owns no stocks and receives no dividends from index companies. It copies the index with deep in-the-money calls, then sells same-day calls each business day. That gives up gains above each day's strike price in exchange for premiums that only partly cushion declines. QDTY also charges 1.17% a year, well above typical index fund fees.
What is QDTY's expense ratio?
QDTY, issued by Tidal Financial Group, has an expense ratio of 1.17% a year, including a 0.99% management fee. That comes from its prospectus filed November 21, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs would total about $119 after one year and $372 after three years. The fee comes out of fund assets whether returns are up or down.