Tidal registers new QUP and QDWN funds, and they are not trading
Tidal Trust IV on Friday, September 25, 2026, published summary prospectuses for the DailyDelta Nasdaq-100 call and put funds, QUP and QDWN, each with annual expenses of 1.35%, a day after the registration went effective.
Key takeaways
On Friday, Tidal Trust IV published summary prospectuses for QUP and QDWN, two new DailyDelta funds that buy options on the Nasdaq-100.
Those tickers belonged to funds that stopped trading on December 1, 2025. As of Monday morning, September 28, before the open, neither symbol had traded since.
In June, the trust filed to add eight DailyDelta series. The registration went effective on Thursday, September 24, in Post-Effective Amendment No. 64. Friday's summary prospectuses rely on the full prospectus dated that day.
Both prospectuses warn of "extremely high daily premium expenditure." Each fund may spend up to 10% of net asset value, what it owns minus what it owes, on options every trading day, and that spend is the cap on a single day's option loss. It pays the premium whether the options make money.
The two funds use one structure. Both buy options struck close to the Nasdaq-100 at the time of purchase, typically expiring within a week and sometimes the same day, and both keep about 90% of assets in short-term U.S. Treasuries. QUP buys calls, for days the index rises. QDWN buys puts, for days the index falls.
The prospectus says that 10% cap is one trading day, not a longer stretch. If the options keep expiring worthless, those daily premiums can compound and cut the fund's value over time.
A reader who wants the Nasdaq-100 itself can hold Invesco's fund that tracks the index, QQQ, which charges 0.18% a year. These two set total annual operating expenses at 1.35%. The daily premium is a separate cost, paid out of the fund.
What is different this time
On November 21, 2025, DailyDelta said it would close the DailyDelta Q100 Upside Option Strategy ETF and the DailyDelta Q100 Downside Option Strategy ETF. Trading was to stop at the close on December 1, 2025, and cash was to go to shareholders on or about December 8.
The new names are the DailyDelta Nasdaq 100 Call Options Strategy ETF and the DailyDelta Nasdaq 100 Put Options Strategy ETF. The fee is the same 1.35% the closed funds charged.
The roles have flipped. At the 2025 launch, Kelly Strategic Management, which does business as Kelly Intelligence, was the adviser, and Tidal Investments was the sub-adviser. The new prospectuses name Tidal as the adviser and Kelly as the sub-adviser.
The old funds traded on NYSE Arca. The new prospectuses name Nasdaq. The trust is different as well. The closed funds sat in Strategic Trust. These are series of Tidal Trust IV.
Both closed funds were small. At October 31, 2025, the call fund held $493,950 and the put fund held $76,310.
Friday's exchange registration covers the same eight series, not only these two. It names Nasdaq for the Nasdaq-100 pair, and Cboe BZX for call-and-put pairs on the S&P 500, the Russell 2000, and bitcoin.
Each prospectus calls the fund new, with no operating history and no performance record for a full calendar year. A holder of the old shares will not find the closed funds' record here.
Frequently asked
Have QUP and QDWN started trading?
As of Monday morning, September 28, before the open, neither symbol had traded since December 1, 2025.
What is the difference between QUP and QDWN?
QUP buys calls for days the Nasdaq-100 rises, and QDWN buys puts for days the index falls.
How much can the funds spend on options in a day?
Each fund may spend up to 10% of net asset value on options every trading day, and that spend is the cap on a single day's option loss.
Are these the same funds that closed in December 2025?
The new funds use new names in Tidal Trust IV, list Nasdaq, and name Tidal as adviser, and a holder of the old shares will not find the closed funds' record here.
