IQQQ and QQA are both covered call ETFs tracking the same benchmark, but with different approaches. IQQQ offers a 5.80% yield, while QQA provides a 9.80% yield. Compare their scores, yields, and performance metrics to find the best fit for your portfolio.
Compare covered call ETFs with the same benchmark side by side
ProShares Nasdaq-100 High Income ETF
5.70
Overall Score
Invesco Nasdaq-100 Income Advantage ETF
8.04
Overall Score
| Criteria | IQQQ | QQA |
|---|---|---|
| Overall Score | 5.70 8.04 | |
| Total Return (25%) | 7.62 8.34 | |
| Downside Protection (25%) | 0.77 7.49 | |
| Upside Participation (25%) | 8.65 7.63 | |
| Consistency (15%) | 5.93 10.00 | |
| Expense Ratio (5%) | 5.62 7.62 | |
| Liquidity (5%) | 5.39 5.83 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | IQQQ | QQA |
|---|---|---|
| Expense Ratio | 0.550% | 0.390% |
| Inception Date | Mar 1, 2024 | Jul 1, 2024 |
| Issuer | ProShares | Invesco |
| Distribution Frequency | Monthly | Monthly |
| Maturity Rating | 3/5 stars | 4/5 stars |
Keeps 86% of Nasdaq-100 upside but also 96% of the downside, for a 5.8% yield, the lowest among Nasdaq income funds.
Investor Profile:
IQQQ tracks the Nasdaq-100 Daily Covered Call Index, which sells one-day call options every day on 100% of net assets. The fund does not trade options itself: it gains the exposure through swaps with Goldman Sachs International (72%) and BNP Paribas (28%). It holds Nasdaq-100 stocks, futures and a money market ETF, 108 positions in total. ProShares distributes monthly with a stated 6% annualized minimum yield.
Down capture of 63% against 76% up capture is the best ratio of the Nasdaq income funds, over a record of only 26 months.
Investor Profile:
QQA is an actively managed Invesco fund of funds that holds stocks and ETFs to mirror the Nasdaq-100, 121 positions. It earns option income through equity-linked notes (ELNs), which Invesco describes as giving upside participation and downside protection. About 20% of assets sit in an Invesco government money market fund. It pays monthly and charges 0.29%.
Both funds are scored on total return, downside protection, upside participation, distribution consistency, cost and liquidity, against the same benchmark and the same window.
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