At a glance
QQA charges 0.29% a year, below the 0.51% average of the 8 funds most like it (the 2nd cheapest of 9). It has $786.9M in assets, the 4th largest of that group; it paid 10.11% of its price in distributions over the past 12 months, monthly. Over the past year it returned +13.8% with distributions reinvested (S&P 500: +11.5%), 4th of those 9 funds. Its ten largest positions make up 35.5% of the fund, out of 121 in all.
The short version
Invesco QQQ Income Advantage ETF (QQA) is an actively managed fund that holds the stocks of the Nasdaq-100 Index. It adds monthly income from options packaged inside equity-linked notes and keeps part of its assets in cash. Its trailing 12-month yield was 10.11% as of October 27, 2026. Its 0.29% expense ratio is well below the 0.51% average for similar Nasdaq-100 income funds.
Price history
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QQA +13.8% 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 | |
|---|---|---|---|---|---|---|
| QQA official prospectus, to Dec 31, 2025 | — | +17.45% | — | — | — | +16.91% |
| QQA price data to Oct 27, 2026 | +14.1% | +13.8% | — | — | — | +17.1% |
- Over the year to Oct 27, 2026, QQA returned +13.8%, 4th of 9 among similar funds.
- Its worst full calendar year was 2025 (+17.2%); its best was 2025 (+17.2%).
- The deepest fall in its price history was 19.7% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 26, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +14.1% | — |
| 2025 | +17.2% | +17.45% |
| 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) | $4.7100 | |
| 2025 | $5.1800 |
What's inside
As of Jul 31, 2026, the fund held 121 securities; the ten largest made up 35.45% of assets, and 17.62% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| NVIDIA Corp. | 6.15% | |
| Apple Inc. | 5.75% | |
| Microsoft Corp. | 4.37% | |
| Amazon.com, Inc. | 3.70% | |
| Micron Technology, Inc. | 3.25% | |
| Advanced Micro Devices, Inc. | 2.71% | |
| Alphabet Inc. Class A | 2.63% | |
| Alphabet Inc. Class C | 2.46% | |
| Broadcom Inc. | 2.34% | |
| Meta Platforms, Inc. | 2.09% | |
| Tesla, Inc. | 1.97% | |
| Walmart Inc. | 1.90% | |
| Cisco Systems, Inc. | 1.60% | |
| Intel Corp. | 1.59% | |
| Costco Wholesale Corp. | 1.48% |
By country
United States 73.73%Canada 3.61%Ireland 1.44%Netherlands 1.04%United Kingdom 0.53%By asset type
Stocks 76.36%Bonds and notes 5.15%By sector
Sectors of the companies held, for the 68.5% 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 Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $115.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +6.82%, +0.55%, -4.77%.
How it works
Most of QQA's money goes into stocks that copy the Nasdaq-100 Index. Nasdaq, Inc. builds this index from 100 of the largest non-financial companies listed on the Nasdaq Stock Market, sized by market value. The fund uses "full replication," which means it owns every stock in the index in the same proportions. It may also hold ETFs that track the index. It buys or sells a stock only when the index adds or drops it. As of July 31, 2026, the largest positions were NVIDIA (6.2%), Apple (5.7%), Microsoft (4.4%) and Amazon (3.7%).
Income comes from equity-linked notes (ELNs), which can make up as much as 10% of net assets. An ELN is a note issued by a bank that combines exposure to the index with options. Inside these notes, the fund sells covered calls, cash-secured puts or both. A covered call pays a fee in exchange for giving up gains above a set price. A cash-secured put pays a fee for agreeing to buy at a set price. Those fees pay for the monthly distributions. The notes are unsecured debt, so the fund relies on the issuing bank to pay.
The rest is held in cash, Treasury bills and money market funds. Cash made up 17.62% of assets as of July 31, 2026. The managers change the mix of stocks, notes and cash based on market conditions. They may also use futures and options to manage cash or to hedge.
What it really costs
- QQA charges 0.29% a year, versus an average of 0.51% for the similar funds below (2nd of 9, cheapest first).
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $30 in the first year and $414 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQA | $30 | $102 | $181 | $414 |
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
QQA pays out monthly from option premiums on the Nasdaq-100, with a trailing yield of 10.11% as of October 27, 2026, and gives up some growth to do it.
QQA launched on July 17, 2024, so it has no record from the 2008, 2020 or 2022 sell-offs. Its deepest drop was 19.7%, from February 19 to April 8, 2025. It recovered by June 26, 2025, about 2.6 months later. Its only full calendar year, 2025, returned 17.45%. The cash and option premiums did not stop a fall of nearly a fifth. Anyone selling shares for income during a drop like that would be selling near the low.
The fund pays monthly. Payouts can change, and option income is usually taxed as ordinary income. In the SEC's standard $10,000 example, the 0.29% expense ratio comes to $30 in the first year and $414 over 10 years. 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 who want Nasdaq-100 stocks plus monthly payouts. The trailing 12-month yield was 10.11% as of October 27, 2026.
- Income seekers watching costs. The 0.29% expense ratio is below the 0.51% average for similar funds and below QYLD's 0.60%.
- Holders willing to give up some upside in strong markets for option income and a partial cushion from a sizable cash position.
Look elsewhere if
- Investors who want a long track record. QQA launched in July 2024 and has not been through a full bear market.
- Taxable investors seeking qualified dividends. Option-premium income is usually taxed as ordinary income, at higher rates.
- Anyone wanting full Nasdaq-100 growth or broad diversification. Sold calls and a 17.62% cash position (July 31, 2026) limit gains, and technology dominates.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| QQA this fund | — | 0.29% | $786.9M | +13.8% | — |
| QCLR Global X NASDAQ 100 Collar 95-110 ETF | 76% | 0.25% | $3.3M | -0.6% | +15.2% |
| QRMI Global X NASDAQ 100 Risk Managed Income ETF | 76% | 0.6% | $14.3M | +5.1% | +9.2% |
| QYLD Global X NASDAQ 100 Covered Call ETF | 76% | 0.6% | $8.09B | +18.9% | +17.4% |
| QYLG Global X Nasdaq 100 Covered Call & Growth E… | 76% | 0.35% | $158.3M | +17.3% | +23.1% |
| IQQQ ProShares Nasdaq-100 High Income ETF | 76% | 0.55% | $406.8M | +9.8% | — |
| QQQI NEOS Nasdaq 100 High Income ETF | 75% | 0.68% | $13.11B | +5.8% | — |
| GPIQ Nasdaq-100 Core Premium Income ETF | 74% | 0.29% | $5.11B | +16.1% | +25.6% |
Questions investors ask
Does QQA pay monthly dividends?
Yes. QQA pays distributions every month. Over the 12 months to October 27, 2026, it paid $5.61 per share, a trailing yield of 10.11%. Much of that money comes from option premiums earned through equity-linked notes, not from stock dividends. The amount can rise or fall from month to month. Option income is usually taxed as ordinary income rather than at the lower rate for qualified dividends.
What's the difference between QQA and GPIQ?
Both funds hold Nasdaq-100 stocks to generate income, and both charge 0.29%. Their holdings overlapped by 74%. QQA earns its option income through bank-issued equity-linked notes, capped at 10% of net assets. It also keeps a large cash position, 17.62% as of July 31, 2026. Over the year to October 27, 2026, GPIQ returned 16.1% and QQA returned 13.8%. GPIQ is much larger, with about $5.1 billion in net assets versus QQA's $787 million.
Does QQA protect against stock market drops?
Only partly. QQA uses cash and option premiums to aim for some downside protection, but it still falls with the Nasdaq-100. Its deepest drop was 19.7%, from February 19 to April 8, 2025, and it recovered by June 26, 2025. Its weakest quarter was the first quarter of 2025, at -6.08%. The fund started in July 2024, so it has not been tested in a long bear market.
What is QQA's expense ratio?
QQA's expense ratio is 0.29%, according to its prospectus filed February 26, 2026. In the SEC's standard example, a $10,000 investment earning 5% a year would pay $30 in costs after one year, $102 after three, $181 after five and $414 after ten. Among nine similar Nasdaq-100 funds, it ranks second-lowest on cost. The average is 0.51%. Global X's QCLR is cheaper at 0.25%.
How has QQA performed since it launched?
QQA returned 17.45% in 2025, its first full calendar year. From its July 2024 launch through December 31, 2025, it returned 16.91% a year on average, according to its prospectus. Based on share prices, it was up 14.1% for 2026 through October 27 and 13.8% over the year to that date. Its strongest quarter was the second quarter of 2025, at 12.58%.