IQQQ and QQQX are both covered call ETFs tracking the same benchmark, but with different approaches. IQQQ offers a 5.80% yield, while QQQX provides a 8.71% 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
Nuveen Nasdaq 100 Dynamic Overwrite Fund
5.21
Overall Score
| Criteria | IQQQ | QQQX |
|---|---|---|
| Overall Score | 5.70 5.21 | |
| Total Return (25%) | 7.62 4.05 | |
| Downside Protection (25%) | 0.77 1.28 | |
| Upside Participation (25%) | 8.65 8.28 | |
| Consistency (15%) | 5.93 10.00 | |
| Expense Ratio (5%) | 5.62 1.25 | |
| Liquidity (5%) | 5.39 4.80 |
Since Inception
3 Years
Pro only
1 Year
Pro only
3 Months
Pro only
| Metric | IQQQ | QQQX |
|---|---|---|
| Expense Ratio | 0.550% | 0.900% |
| Inception Date | Mar 1, 2024 | Jan 25, 2007 |
| Issuer | ProShares | Nuveen |
| Distribution Frequency | Monthly | Quarterly |
| Maturity Rating | 3/5 stars | 5/5 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.
Volatility of 19.6% against QQQ's 20.9% and 101% down capture mean the overwrite lowered upside without lowering risk.
Investor Profile:
QQQX is a closed-end fund managed by Nuveen Fund Advisors. It invests at least 90% of managed assets in an equity portfolio built around the Nasdaq-100, 222 positions as of August 2026, and writes call options on it dynamically. Its stated objective is a total return with less volatility than the Nasdaq-100. It uses no leverage and pays quarterly.
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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