At a glance
QUP charges 1.35% a year. It has $1.0M in assets. Its ten largest positions make up 64.0% of the fund, out of 22 in all.
The short version
DailyDelta Q100 Upside Option Strategy ETF (QUP) is an actively managed Kelly Intelligence fund that spends up to 10% of its assets each trading day on short-dated call options, contracts that gain when the Nasdaq-100 Index rises, and keeps the rest in short-term U.S. Treasuries. It aims to outpace the index on up days but can lose that day's whole option spend on flat or down days, and it charges 1.35% a year.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| QUP price data to — | — | — | — | — | — | — |
What's inside
As of Aug 31, 2026, the fund held 22 securities; the ten largest made up 64.04% of assets.
| Holding | Weight | |
|---|---|---|
| SPACEX | 15.33% | |
| Palantir Technologies Inc | 8.01% | |
| NVIDIA Corp | 6.20% | |
| Lumentum Holdings Inc | 5.94% | |
| Voyager Technologies Inc | 5.85% | |
| Kratos Defense & Security Solu | 5.26% | |
| Rocket Lab Corp | 4.47% | |
| Viasat Inc | 4.36% | |
| Mercury Systems Inc | 4.33% | |
| Coherent Corp | 4.30% | |
| Planet Labs PBC | 3.80% | |
| Micron Technology Inc | 3.48% | |
| Spire Global Inc | 3.47% | |
| AST SpaceMobile Inc | 3.42% | |
| BlackSky Technology Inc | 3.40% |
By country
United States 95.95%Switzerland 2.32%By asset type
Stocks 98.28%What changed recently
- Over the three months to Aug 31, 2026, investors added a net $1.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -5.24%, -24.68%, +12.70%.
How it works
QUP is actively managed and, under its prospectus, gets its exposure to the Nasdaq-100 Index, the top 100 non-financial Nasdaq-listed companies, through options rather than stocks. Each trading day, the managers spend up to 10% of the fund's net asset value (NAV, its total value) on exchange-traded call options, contracts that gain when the index rises. These usually expire the same day. Their strike price, the level where they start paying off, sits near the index's value when purchased. The other roughly 90% goes into short-term U.S. Treasuries.
On up days, the fund is designed to beat the index's gain, since the options control exposure worth more than the premium, or price, paid for them, much like leverage. On flat or down days, the fund may lose that whole premium: up to 10% of NAV in one day. In unusually volatile markets, the managers may use options lasting up to a week.
The 10% limit resets each day from that day's NAV, so it does not cap losses over a string of bad days; options that keep expiring worthless can erode NAV. Because exposure is rebuilt daily, longer-term returns depend on the order of daily moves and can differ sharply from the index's. It targets no fixed multiple of the index's return, and holders receive no Nasdaq-100 dividends.
What it really costs
- QUP charges 1.35% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $137 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 |
|---|---|---|---|---|
| QUP | $137 | $428 | $— | $— |
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 rebuilds an options bet worth up to 10% of its value every trading day, and its prospectus warns that losses compound and longer-term returns can differ sharply from the Nasdaq-100's.
QUP targets outsized gains on Nasdaq-100 up days, not steady growth. It launched on March 10, 2025, so it did not exist during the 2008, 2020 or 2022 downturns. On every flat or falling day it can lose up to 10% of its value, and those losses compound. Someone who needs to raise cash in a weak market could find the fund already worn down by repeated option losses. Its objective is capital appreciation, not income, and holders receive no dividends from Nasdaq-100 companies.
The fund's 1.35% yearly fee comes to $137 on $10,000 after one year and $428 after three in the SEC's standard example, on top of daily option spending. With about $1.0 million in net assets as of August 31, 2026, the fund is very small. Past results don't predict the future, and a plan should weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Hands-on traders who check positions daily and understand how short-dated call options, premiums and volatility drive results.
- Short-term traders who want leverage-like Nasdaq-100 upside with each day's options loss capped at the premium spent, at most 10% of fund value.
- Investors keeping any position small and speculative who are comfortable with an actively managed, non-diversified fund tied to a single index.
Look elsewhere if
- Long-term and retirement investors: daily resets and repeated worthless options can erode value, so long-run returns may differ sharply from the Nasdaq-100's.
- Cost-conscious investors: the 1.35% expense ratio is far above what plain Nasdaq-100 index funds typically charge, before any daily option losses.
- Income seekers: the fund targets capital appreciation, and holders receive no dividends from the Nasdaq-100 companies its options track.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
How does the QUP ETF work?
QUP, an actively managed fund from Kelly Intelligence, spends up to 10% of its value each trading day on Nasdaq-100 call options, contracts that gain when the index rises, which usually expire the same day. About 90% sits in short-term U.S. Treasuries. When the index rises, the fund is designed to gain more than the index. When it is flat or falls, the fund can lose that day's entire option spend. It then sets up fresh options the next trading day, so the cycle repeats.
Is QUP a leveraged ETF?
Not in the usual sense. QUP does not aim for a fixed multiple of the Nasdaq-100's daily return. Still, its prospectus warns that the options can give exposure larger than the money spent on them, which has the economic effect of leverage and can raise volatility. Like many leveraged funds, it resets daily, so returns over longer periods can differ significantly from the index's. Unlike them, it limits each day's options loss to the premium paid, at most 10% of its value.
Can QUP lose money even if the Nasdaq-100 goes up?
Yes. Because QUP rebuilds its options bet every trading day, its long-run result depends on the sequence of daily moves, not just where the index ends up. Each flat or down day can cost up to 10% of the fund's value, and those losses compound. A choppy market that drifts higher overall could still leave the fund behind the index or below where it started. The prospectus warns that holders could lose all their money.
What is QUP's expense ratio?
QUP's expense ratio is 1.35% a year, all of it a management fee, according to the prospectus filed September 24, 2026. In the SEC's standard example, which assumes a $10,000 investment and a 5% annual return, that comes to about $137 after one year and $428 after three years. That is far more than plain Nasdaq-100 index funds typically charge, and it is separate from the option premiums the fund spends each day.
Does QUP pay dividends?
QUP is not built to pay income. Its stated objective is capital appreciation, and because it holds options rather than the stocks themselves, holders receive no dividends from Nasdaq-100 companies. The roughly 90% held in short-term Treasuries earns interest, but the option premiums the fund may spend each day, up to 10% of its value, can easily outweigh that. The fund's design is poorly matched to a need for regular income.