At a glance
QHDG charges 0.79% a year, above the 0.5% average of the 8 funds most like it (the most expensive of 9). It has $3.0M in assets, the 9th largest of that group. Over the past year it returned +1.1% with distributions reinvested (S&P 500: +11.5%), 8th of those 9 funds. Its ten largest positions make up 51.0% of the fund, out of 101 in all.
The short version
Innovator Hedged Nasdaq-100 ETF (QHDG) is an actively managed fund that holds Nasdaq-100 stocks and adds quarterly options on the Invesco QQQ Trust. The aim is Nasdaq-100 growth with a cushion against QQQ losses between 5% and 15% each quarter, paid for by capping gains. Its 0.79% annual fee is the highest among nine similar funds, and at about $3.0 million in assets as of April 30, 2026, it is also the smallest.
Price history
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QHDG +1.1% 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 | |
|---|---|---|---|---|---|---|
| QHDG official prospectus, to Dec 31, 2024 | — | +12.03% | — | — | — | +13.59% |
| QHDG price data to Oct 27, 2026 | +1.4% | +1.1% | — | — | — | +9.1% |
- Over the year to Oct 27, 2026, QHDG returned +1.1%, 8th of 9 among similar funds.
- Its worst full calendar year was 2025 (+12.1%); its best was 2025 (+12.1%).
- The deepest fall in its price history was 15.3% (Feb 19, 2025 to Apr 8, 2025), recovered by Jul 21, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +1.4% | — |
| 2025 | +12.1% | +12.03% |
| 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
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Apr 30, 2026, the fund held 101 securities; the ten largest made up 50.95% of assets.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp | 9.33% | |
| Apple Inc | 7.66% | |
| Microsoft Corp | 5.82% | |
| Amazon.com Inc | 5.47% | |
| Alphabet Inc | 4.31% | |
| Alphabet Inc | 3.99% | |
| Broadcom Inc | 3.80% | |
| Tesla Inc | 3.67% | |
| Meta Platforms Inc | 3.47% | |
| Walmart Inc | 3.43% | |
| Micron Technology Inc | 3.08% | |
| Advanced Micro Devices Inc | 3.06% | |
| Intel Corp | 2.51% | |
| Costco Wholesale Corp | 2.38% | |
| Netflix Inc | 2.10% |
By country
United States 105.56%Netherlands 1.33%Canada 1.02%Uruguay 0.48%United Kingdom 0.39%By asset type
Stocks 109.12%By sector
Sectors of the companies held, for the 100.9% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Apr 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Apr 30, 2026, investors added a net $9K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -1.38%, -4.75%, +5.42%.
How it works
Innovator runs QHDG as an actively managed ETF, with Milliman Financial Risk Management as sub-adviser. At least 80% of assets goes into stocks and options tied to the Nasdaq-100. That index includes 100 of the largest non-financial companies listed on Nasdaq, weighted by market value with some adjustments. The fund picks a sample of the index's stocks rather than copying it exactly, so its weights may not match the index. As of April 30, 2026, the fund held 101 stocks, led by NVIDIA (9.3%), Apple (7.7%) and Microsoft (5.8%).
It also holds options on the Invesco QQQ Trust, a unit investment trust that tracks the Nasdaq-100. Each set of contracts covers one calendar quarter. The fund owns a put, which gains value as QQQ falls, and writes, or issues, a lower put. Together they aim to offset QQQ price losses between 5% and 15%. A written call caps gains above a set price. As of April 30, 2026, the puts were set at QQQ prices of $548.32 and $490.60 and the call at $620.12, all expiring June 30, 2026.
The fund takes the first 5% of a quarter's QQQ drop and any loss past 15%. The protection isn't guaranteed. It is measured before the 0.79% fee, and it follows QQQ's price, not the fund's own stocks. Shares held for only part of a quarter may not get the full cushion.
What it really costs
- QHDG charges 0.79% a year, versus an average of 0.5% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $81 in the first year and $978 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QHDG | $81 | $252 | $439 | $978 |
Structure and tax notes
- Organized as a unit investment trust: it cannot lend out its securities or reinvest dividends between payouts, which can create a small drag versus similar open-end ETFs.
In a retirement portfolio
Its hedge softens some Nasdaq-100 losses, but it is still a concentrated, tech-heavy stock fund with a record dating only to August 2024 and a very small asset base.
QHDG launched on August 20, 2024, so it has no record in the 2008, 2020 or 2022 downturns. Its only full calendar year, 2025, returned 12.03%. Its deepest drop, 15.3%, ran from February 19 to April 8, 2025. That slide crossed two option quarters, each with its own cushion, and the fund recovered by July 21, 2025. A retiree raising cash in a steep, drawn-out slump would still absorb the first 5% of each quarter's QQQ decline and anything past 15%.
It paid no distributions in the year through October 27, 2026. Under the SEC's standard example, the 0.79% fee costs $81 in year one and $978 over 10 years on $10,000. With about $3.0 million in assets as of April 30, 2026, the fund is small, and small funds are more likely to close. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors wanting Nasdaq-100 stocks like NVIDIA, Apple and Microsoft who would give up upside to cushion losses between 5% and 15% each quarter.
- People who can hold shares through full calendar quarters, since the hedge applies fully only from a quarter's first day to its last.
- Investors who want tech-heavy growth with smaller ups and downs; its one-year volatility, a gauge of price swings, was 7.8% as of October 27, 2026.
Look elsewhere if
- Cost-conscious investors: the 0.79% fee is the highest among nine similar Nasdaq-100 option funds; the others average 0.50%, and Global X's QCLR charges 0.25%.
- Retirees who need income: the fund paid no distributions in the year through October 27, 2026, and its options aim at protection, not yield.
- Investors wanting full Nasdaq-100 upside or an established fund: gains are capped each quarter, and assets were about $3.0 million as of April 30, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QHDG this fund | — | 0.79% | $3.0M | +1.1% | — |
| QYLD Global X NASDAQ 100 Covered Call ETF | 94% | 0.6% | $8.09B | +18.9% | +17.4% |
| QRMI Global X NASDAQ 100 Risk Managed Income ETF | 94% | 0.6% | $14.3M | +5.1% | +9.2% |
| QYLG Global X Nasdaq 100 Covered Call & Growth E… | 94% | 0.35% | $158.3M | +17.3% | +23.1% |
| QCLR Global X NASDAQ 100 Collar 95-110 ETF | 90% | 0.25% | $3.3M | -0.6% | +15.2% |
| QQQI NEOS Nasdaq 100 High Income ETF | 89% | 0.68% | $13.11B | +5.8% | — |
| SEPQ STF Tactical Growth & Income ETF | 89% | 0.65% | $80.1M | +14.2% | +24.1% |
| GPIQ Nasdaq-100 Core Premium Income ETF | 87% | 0.29% | $5.11B | +16.1% | +25.6% |
Questions investors ask
How does QHDG's downside protection work?
It works through quarterly options on the Invesco QQQ Trust, which tracks the Nasdaq-100. The fund owns a put option, which gains value when QQQ falls, and writes a lower put. Together they aim to offset QQQ price losses between 5% and 15% each quarter. It also writes a call option, which caps gains. The fund bears the first 5% and any losses past 15%. The protection isn't guaranteed, is measured before the 0.79% fee, and applies fully only to shares held for the whole quarter.
Can you lose money in QHDG?
Yes. The hedge covers only Invesco QQQ Trust losses between 5% and 15% in each calendar quarter. The fund bears the first 5% of a quarter's decline and any loss beyond 15%. Its deepest drop since its August 2024 launch was 15.3%, from February 19 to April 8, 2025, a slide that crossed two option quarters. It recovered by July 21, 2025. The fund is also concentrated, with 54% in technology as of April 30, 2026.
Does QHDG pay dividends?
Not in the latest year. QHDG made no distributions in the year through October 27, 2026, so its yield was 0%. Its prospectus says any dividends from its Nasdaq-100 stocks are expected to be paid out quarterly. The fund's stated goal is growth plus downside protection, not income. Investors focused on regular payouts may find covered-call funds, such as Global X NASDAQ 100 Covered Call ETF (QYLD), worth comparing.
What's the difference between QHDG and QCLR?
The clearest difference is cost. Global X NASDAQ 100 Collar 95-110 ETF (QCLR) charges 0.25% a year, compared with 0.79% for QHDG. Both hold Nasdaq-100 stocks, and their holdings overlap by about 90%. As its name says, QCLR uses a collar: it owns puts and writes calls to limit both losses and gains. QHDG's cushion is a set band covering QQQ losses between 5% and 15% each quarter. QCLR lost 0.6% over one year through October 26, 2026, while QHDG gained 1.1% through October 27, 2026.
What is QHDG's expense ratio?
QHDG's expense ratio, the annual fee taken from fund assets, is 0.79%, according to its prospectus filed February 27, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $81 in the first year, $439 over five years and $978 over 10 years. That fee is the highest among nine similar Nasdaq-100 option funds. The other eight average 0.50%, and the cheapest charges 0.25%.