At a glance
QXQ charges 0.98% a year. It has $81.9M in assets; it paid 15.16% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +16.2% with distributions reinvested.
The short version
SGI Enhanced Nasdaq 100 ETF (QXQ) is an actively managed fund from Summit Global LLC. It aims for Nasdaq-100 stock exposure and also sells very short-term options on major stock indexes to earn income. Its main draw is a large payout: a trailing 12-month yield of 15.16% as of October 27, 2026, paid quarterly. The trade-offs are a 0.98% expense ratio and an options strategy that can add to losses in sharp sell-offs.
Price history
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QXQ +16.2% 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 | |
|---|---|---|---|---|---|---|
| QXQ price data to Oct 27, 2026 | +17.8% | +16.2% | — | — | — | +20.2% |
- Over the year to Oct 27, 2026, QXQ returned +16.2%.
- Its worst full calendar year was 2025 (+19.7%); its best was 2025 (+19.7%).
- The deepest fall in its price history was 22.5% (Feb 19, 2025 to Apr 8, 2025), recovered by Jun 30, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +17.8% |
| 2025 | +19.7% |
| 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) | $0.2200 | |
| 2025 | $5.0000 |
What's inside
As of Aug 31, 2026, the fund held 2 securities; the ten largest made up 62.77% of assets.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 60.15% | |
| Invesco QQQ Trust Series 1 | 2.63% |
By country
United States 62.77%By issuer
US Treasury 60.15%Other registered funds 2.63%The bonds mature in 0.4 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Aug 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Aug 31, 2026, investors withdrew a net $7.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -0.46%, -6.49%, +4.40%.
How it works
QXQ is actively managed, so it does not simply copy an index. Under normal conditions, it must put at least 80% of its net assets into companies in the Nasdaq-100 Index or into options, futures, ETFs or options on ETFs that track that index. The Nasdaq-100 holds the 100 largest non-financial companies listed on Nasdaq, weighted by market value. Derivatives count toward the 80% at their notional value, meaning the full value of the market exposure they represent. That lets the fund get index exposure without owning each stock.
As of August 31, 2026, the fund reported $81.9 million in net assets. About 60% was in a US Treasury bill, 2.6% in Invesco QQQ Trust and 0.6% in cash. It also held eight derivative positions, including S&P 500 put options it had sold. The filing listed no individual Nasdaq-100 stocks.
Income comes from selling put and call options on the Nasdaq-100, S&P 500 and Russell 2000. The options expire within 1 to 7 days and have "deep out-of-the-money" strike prices, meaning prices far from where the index trades. The buyer pays the fund a premium. Such options usually expire worthless, so the fund keeps the premium. If an index moves sharply past a strike price, the fund may have to buy the option back at a loss. Option gains are capped at the premiums collected, and the fund may use derivatives that create leverage.
What it really costs
- QXQ charges 0.98% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,201 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| QXQ | $100 | $312 | $542 | $1,201 |
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.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It combines a high, option-driven payout with above-market sensitivity to stock swings, leverage from derivatives and a track record that starts only in June 2024.
QXQ launched on June 14, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its only full calendar year, 2025, returned 19.68%. Its deepest drop was 22.5%, from February 19 to April 8, 2025. It recovered by June 30, 2025, about 2.7 months later. Its one-year beta was 1.45 as of October 27, 2026. Beta measures sensitivity to market moves, so this fund has swung more than the market. That matters for anyone who might have to sell shares in a slump. The trailing yield was 15.16% as of October 27, 2026, paid quarterly. Option income is usually taxed as ordinary income, and it can change. In the SEC's standard $10,000 example, costs total $100 after one year and $1,201 after 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 exposure plus a large payout: the trailing yield was 15.16% as of October 27, 2026, paid quarterly.
- People comfortable with an actively managed strategy that sells index options far from market prices, expiring within 1 to 7 days, for premium income.
- Investors holding a small satellite position who can live with drops like the 22.5% fall from February to April 2025.
Look elsewhere if
- Cost-focused investors: the 0.98% expense ratio adds up to $1,201 over 10 years on $10,000 in the SEC's standard example.
- Retirees who want tax-efficient income, since option premiums are usually taxed as ordinary income rather than as qualified dividends.
- Investors who want to own Nasdaq-100 stocks directly. The August 31, 2026 filing showed about 60% in Treasury bills and no individual stocks.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Does QXQ pay monthly dividends?
No. QXQ pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $4.87 per share, a trailing yield of 15.16%. Much of that comes from premiums the fund earns by selling options, not from stock dividends. Option income is usually taxed as ordinary income rather than as qualified dividends, and payouts can rise or fall with market conditions and option prices.
What does QXQ actually hold?
As of August 31, 2026, about 60% of QXQ's $81.9 million in net assets was in a US Treasury bill. It also held 2.6% in Invesco QQQ Trust, 0.6% in cash and eight derivative positions, including S&P 500 put options it had sold. The prospectus lets the fund meet its Nasdaq-100 commitment through options or futures counted at their full notional value, so it does not need to own the individual stocks.
What's the difference between QXQ and QQQ?
QQQ is an ETF built to follow the Nasdaq-100 by owning its stocks. QXQ is an actively managed fund that holds a small stake in QQQ, 2.6% as of August 31, 2026. It also holds Treasury bills and sells very short-term index options to earn income. That design aims for a much higher payout, but option gains are capped at the premiums collected. Selling puts can also add to losses in sharp market drops.
Is QXQ good for retirement income?
It depends on how much risk an investor can take. QXQ's trailing yield was 15.16% as of October 27, 2026, paid quarterly. But it has swung more than the market, with a one-year beta of 1.45. It fell 22.5% between February and April 2025 before recovering by June 30, 2025. It launched in June 2024, so it has never been tested in a long bear market. It may suit a small portion of an income portfolio rather than the core.
What is QXQ's expense ratio?
QXQ's expense ratio is 0.98%, according to its prospectus filed December 30, 2025, and all of it is the management fee. The SEC's standard example assumes $10,000 invested with a 5% annual return. In that example, costs total about $100 after one year, $312 after three years, $542 after five years and $1,201 after 10 years. Those costs come out of the fund's returns.