At a glance
QQQY charges 1.01% a year. It has $189.2M in assets; it paid 34.96% of its price in distributions over the past 12 months, monthly. Over the past year it returned +17.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned +17.5% a year.
The short version
Defiance Nasdaq 100 Enhanced Options & 0DTE Income ETF (QQQY), issued by Tidal Financial Group, is an actively managed fund. It gets its Nasdaq-100 exposure through options and writes daily call spreads on the index to earn income. It targets yearly payouts of about 30% of net asset value. However, those payouts may include return of capital, they can wear down the share value, and the fund charges 1.01% a year.
Price history
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QQQY +17.9% 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 | |
|---|---|---|---|---|---|---|
| QQQY official prospectus, to Dec 31, 2024 | — | +8.12% | — | — | — | +12.44% |
| QQQY price data to Oct 27, 2026 | +17.7% | +17.9% | +17.5% | — | — | +15.0% |
- Over the year to Oct 27, 2026, QQQY returned +17.9%.
- Its worst full calendar year was 2024 (+6.5%); its best was 2025 (+15.2%).
- The deepest fall in its price history was 19.3% (Jul 10, 2024 to Apr 10, 2025), recovered by Jul 15, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +17.7% | — |
| 2025 | +15.2% | — |
| 2024 | +6.5% | +8.12% |
| 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) | $5.7700 | |
| 2025 | $10.7000 | -58.7% |
| 2024 | $25.8894 |
What's inside
As of Aug 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Aug 31, 2026, investors added a net $17.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.28%, -6.10%, +4.59%.
How it works
QQQY is actively managed and mostly does not own Nasdaq-100 stocks directly. The Nasdaq-100 Index holds 100 of the largest non-financial companies listed on the Nasdaq Stock Market and leans heavily toward technology. The fund can hold ETFs that track the index. Mainly, though, it builds "synthetic" exposure with options: either deep-in-the-money calls, which move almost in step with the index, or purchased calls paired with written puts. As of August 31, 2026, one Nasdaq-100 call expiring December 18, 2026 made up about 97.6% of net assets, and 1.7% was in cash.
Each day, the fund also writes a call spread. It writes a call option at or near the index level, which earns it a fee called a premium, and it purchases a second call with a higher strike price. If the index rises between the two strikes, the fund gives up those gains. Above the upper strike, it shares in further gains again. "0DTE" means zero days to expiration: options that expire very soon, which the prospectus says usually pay higher premiums than longer-term options. The options settle in cash, and cash or short-term Treasuries back them as collateral.
The fund aims to earn net premiums of about 2.5% a month, which works out to a yearly payout target of about 30% of net asset value. It seeks to pay weekly. Any payout above what the fund earns reduces net asset value and may count as return of capital. Index losses are offset only by the premiums the fund collects.
What it really costs
- QQQY charges 1.01% 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 $103 in the first year and $1,236 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QQQY | $103 | $322 | $558 | $1,236 |
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
Its very high payouts come with capped upside, possible erosion of share value, a 1.01% fee and only about three years of history, so it fits better as a small, higher-risk slice than as a core income source.
QQQY could add a large cash stream from Nasdaq-100 exposure. Its trailing 12-month yield was 34.96% ($7.52 a share) as of October 27, 2026, and the prospectus says it seeks to pay weekly. However, part of each payout may be return of capital, and option income is usually taxed as ordinary income. Payouts also shrink if the share value falls. In the SEC's standard $10,000 example, costs come to $103 in the first year.
The fund launched on September 14, 2023, so it has no record in the 2008, 2020 or 2022 downturns. Its deepest drop was 19.3%, from July 10, 2024 to April 10, 2025, and it had recovered by July 15, 2025. Its weakest full calendar year, 2024, still returned 8.12%. Anyone drawing cash in a slump would be cashing out shares near the low point. 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 large, frequent cash payouts from Nasdaq-100 exposure and accept that much of the payout may be return of capital rather than earnings.
- Holders comfortable with a tech-heavy index, 18.1% one-year volatility and a past 19.3% drop, who keep it as a small slice of a broader portfolio.
- Investors holding it in an IRA or other tax-advantaged account, where option income being taxed as ordinary income matters less.
Look elsewhere if
- Investors seeking long-term growth of principal, since payouts above earnings reduce net asset value and future distribution amounts.
- Cost-conscious investors: its 1.01% expense ratio adds up to $1,236 over 10 years on $10,000 in the SEC's standard example.
- Those who want a long track record: it launched in September 2023 and has never been through a deep, long bear market like 2008 or 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is QQQY good for retirement income?
It can produce a large stream of cash, but it is a higher-risk income source than most income funds. Its trailing 12-month yield was 34.96% as of October 27, 2026. Payouts may include return of capital and can shrink if the share value falls. Option income is usually taxed as ordinary income. The fund charges 1.01% a year and launched only in September 2023, so it has never been through a long bear market.
Does QQQY pay weekly dividends?
Its prospectus says the fund seeks to pay cash distributions every week. There is no assurance of a payment in any given week, though, and amounts will likely vary greatly from one payment to the next. Over the 12 months to October 27, 2026, it paid $7.52 a share. The payouts come mainly from option premiums, not company dividends, and part may be classified as return of capital.
Why is QQQY's yield so high?
The yield is high because the fund writes very short-dated Nasdaq-100 options every day and pays out the premiums. It seeks net premiums of about 2.5% a month, and it has a yearly payout target of about 30% of net asset value. The prospectus stresses that this target is not a guarantee, a 30% yield or a 30% total return. When payouts exceed what the fund earns, the gap comes out of net asset value, which can lower future payouts.
What's the difference between QQQY and a Nasdaq-100 index fund?
A Nasdaq-100 index fund owns the index's 100 stocks and keeps all their gains and losses. QQQY gets its exposure mainly through options. As of August 31, 2026, one deep-in-the-money Nasdaq-100 call option made up about 97.6% of its net assets. QQQY also writes daily call spreads for income. That means it gives up some gains when the index rises but still takes the full loss when it falls. It charges 1.01% a year.
How has QQQY performed?
Based on market prices, QQQY returned 17.9% in the year to October 27, 2026, and averaged 17.5% a year over three years. The prospectus reports an 8.12% return for calendar 2024 and an average of 12.44% a year from launch through December 31, 2024. Its deepest drop was 19.3%, from July 2024 to April 2025, and it had recovered by July 2025. About three years of history says little about how it would hold up in a long bear market.