FTQI vs QQA: Grades, Fees and Holdings Compared

First Trust Nasdaq BuyWrite Income ETF

FTQIANasdaq

Invesco QQQ Income Advantage ETF

QQAANasdaq

Overlap

43.0%by weight

Expense ratio

QQA −0.46pt a year

FTQI0.75%QQA0.29%

Avg volume · 30D

FTQI 3.3×the volume

FTQI412KQQA124K

FTQI vs QQA Performance

Nov 7, 2025 – Nov 9, 2026

+15.3%FTQI+10.3%QQA

Expense ratio: FTQI 0.75%; QQA 0.29%, better
Fund size: FTQI $954M; QQA $842M
1Y total return: FTQI +15.3%, better; QQA +10.3%
Yield (12M): FTQI 11.83%, better; QQA 10.66%
Holdings: FTQI 175; QQA 123
Avg volume (30D): FTQI 412K sh, better; QQA 124K sh
NAV per share: FTQI $20.58; QQA $51.08
52W range

ETF.net Grade

Pillar letters and Scores for FTQI, QQA, with each pillar’s weight
Pillar	FTQI	QQA
Cost30% weight	C42	A92Higher
Mission25% weight	A100	A100
Risk15% weight	A74Higher	B62
Tradability15% weight	A71Higher	B64
Holdings10% weight	A84Higher	A73
Durability5% weight	A89Higher	A74

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. FTQI and QQA are both graded against the same 30 Nasdaq-100 Option Income funds, so their Grades compare head to head.

Nasdaq-100 Option Income⁠

Category · 30 funds

See all 30 ›

QQA ranks 1st and FTQI 7th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 2AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 80
Rank 7ABALQiShares Nasdaq Premium Income Active ETFScore 72
Rank 7AFTQIFirst Trust Nasdaq BuyWrite Income ETFScore 72
Rank 9AEDGQGlobal X Nasdaq-100 Income Edge ETFScore 71

Our read on each fund

ETF.net Research

FTQIAFirst Trust Nasdaq BuyWrite Income ETF

QQAAInvesco QQQ Income Advantage ETF

In short

FTQI Most Nasdaq-100 income funds sell calls on everything, all the time. FTQI works a dial: a hand-picked stock basket with index calls written on 50% to 100% of assets, so managers choose how much upside gets sold. Running since 2014, pays monthly.

QQA Most Nasdaq-100 income funds write calls on the whole portfolio. QQA overlays options on roughly half, pairs covered calls with cash-secured puts, and ladders them, so a chunk of the index upside stays uncapped.

Stated mandate

FTQI The fund seeks current income by investing primarily in U.S.-listed equities and writing exchange-traded covered calls on the Nasdaq-100 Index to obtain option-premium cash flow.

QQA Actively managed QQA combines Nasdaq-100 equity exposure with an options-income overlay. It seeks consistent monthly income, long-term capital growth, and lower volatility without leverage.

Why people hold it

FTQI The overlay is adjustable by design. The prospectus sets call notional at 50% to 100% of assets, so coverage can flex rather than run wide open every cycle.sec.gov
Managers may also buy a higher-strike Nasdaq-100 call against the ones they sell, a spread built to keep some index upside above the short strike.sec.gov
The equity sleeve is actively chosen (roughly 230 US-listed stocks) instead of a straight index clone, with the option premium paid out monthly.ftportfolios.com
Trading since 2014, it predates most of the Nasdaq-100 premium-income wave and stands in the upper tier of a now-crowded peer group.

QQA The income sleeve covers roughly 50% of the portfolio; the rest stays uncapped Nasdaq-100. Premium comes from both covered calls and cash-secured puts, not calls alone.invesco.com
0.29% net of a waiver through August 31, 2027 (0.33% gross), below the category median. GPIQ matches at 0.29%, also net of a waiver, through April 30, 2027; QYLD charges 0.60%, JEPQ 0.35%.
Options are added and rolled on a schedule rather than set all at once, which spreads entry points instead of pinning the month's income to a single expiry.invesco.com
Actively managed, so strikes and coverage can move with market conditions, and it pays monthly.

Worth knowing

FTQI At 0.75%, it prices above the category median, and Nasdaq-100 income rivals such as QQA, GPIQ and JEPQ sit meaningfully lower.
The Nasdaq mandate dates to a 2022 rename. Before that it ran a hedged S&P 500 buywrite, so the longest stretch of its record reflects a different strategy.cbonds.com
Selling index calls trades away part of a Nasdaq rally for premium, and the monthly payout can include return of capital, which reduces your cost basis.sec.gov

QQA The flip side of premium: upside on the covered portion is capped, so a fast Nasdaq-100 rally is one this fund is built to lag.invesco.com
No declared target yield. Monthly payouts ride on option premiums, which rise and fall with volatility.
Mid-sized and moderately traded next to the category's largest names, so spreads can widen. Limit orders earn their keep.

Full FTQI profile⁠

Full QQA profile⁠

FTQI vs QQA Holdings

How FTQI and QQA differ

Overlap by weight

43.0%

Shared holdings make up 56.2% of FTQI and 48.7% of QQA.

About this figure: FTQI earns income from options, which aren’t counted.

QQA earns income from options, which aren’t counted.

Level by level

Holdings25 in both43.0%
Sector11 Sectors84.2%
Countryby domicile97.6%
Asset classStocks100%

Sector

Sector weights in FTQI and QQA, widest gap first
Sector	Gap	FTQI	QQA
Technology	QQA +7.1 points	47.8%	54.9%
Financials	FTQI +6.1 points	6.3%	0.2%
Health Care	FTQI +5.3 points	10.5%	5.2%
Consumer Staples	QQA +4.4 points	3.1%	7.5%
Communication	QQA +3.7 points	8.4%	12.1%
Energy	FTQI +2.2 points	2.7%	0.5%
Real Estate	FTQI +1.2 points	1.1%	0.0%
Consumer Discretionary	FTQI +0.8 points	12.6%	11.8%
Industrials	QQA +0.6 points	4.8%	5.4%
Utilities	FTQI +0.2 points	1.4%	1.2%
Materials	QQA +0.1 points	1.1%	1.2%

Country, concentration and asset class

Country by domicile

Country weights in FTQI and QQA, widest gap first
Country	Gap	FTQI	QQA
Canada	QQA +1.0 points	0.0%	1.0%
Netherlands	QQA +0.8 points	0.0%	0.8%
United States	FTQI +0.5 points	97.8%	97.3%
Other countries (8)	FTQI +1.3 points	2.2%	0.9%

Concentration

Weight in the 10 largest Holdings

FTQI43.1%
QQA54.0%

Securities held

FTQI174
QQA122

Asset class

FTQI: Stocks
QQA: Stocks

Holdings

Only in FTQI149
In both25
Only in QQA97

Only in FTQI

149 securities, 38.2% of FTQI by weight

AbbVie Inc.1.57%
CME Group Inc.1.16%
eBay Inc.1.01%
Medpace Holdings, Inc.0.88%
Woodward, Inc.0.80%
Expedia Group, Inc.0.80%
Illumina, Inc.0.73%
Equinix, Inc.0.72%
DocuSign, Inc.0.71%
Texas Roadhouse, Inc.0.68%
VeriSign, Inc.0.62%
Incyte Corporation0.62%
F5, Inc.0.62%
Caterpillar Inc.0.61%
Guardant Health, Inc.0.58%
J.B. Hunt Transport Services, Inc.0.57%
Casey's General Stores, Inc.0.56%
Interactive Brokers Group, Inc. (Class A)0.55%
argenx SE (ADR)0.53%
Alliant Energy Corporation0.52%
Royalty Pharma Plc (Class A)0.51%
InterDigital, Inc.0.51%
Robinhood Markets, Inc. (Class A)0.47%
Nasdaq, Inc.0.47%
Qualys, Inc.0.46%
GE Vernova Inc.0.45%
Commvault Systems, Inc.0.44%
GE Aerospace0.43%
Coca-Cola Consolidated, Inc.0.42%
BP p.l.c. (ADR)0.42%
Lincoln Electric Holdings, Inc.0.40%
Genmab A/S (ADR)0.40%
Nordson Corporation0.36%
Littelfuse, Inc.0.36%
Talen Energy Corporation0.34%
U.S. Bancorp0.34%
Evergy, Inc.0.34%
Natera, Inc.0.33%
The PNC Financial Services Group, Inc.0.32%
Dollar Tree, Inc.0.31%
SEI Investments Company0.31%
TotalEnergies SE0.30%
Cavco Industries, Inc.0.30%
Gen Digital Inc.0.29%
Arch Capital Group Ltd.0.29%
East West Bancorp, Inc.0.29%
HealthEquity, Inc.0.28%
Five Below, Inc.0.28%
The Coca-Cola Company0.26%
Northern Trust Corporation0.25%

Only in QQA

97 securities, 51.2% of QQA by weight

Invesco Premier US Government Money Portfolio21.00%
Walmart Inc2.16%
Space Exploration Technologies Corp2.04%
Texas Instruments Inc0.90%
Linde PLC0.84%
Crowdstrike Holdings Inc0.78%
PepsiCo Inc0.68%
Shopify Inc0.64%
Analog Devices Inc0.62%
T-Mobile US Inc0.61%
QUALCOMM Inc0.61%
Intuitive Surgical Inc0.56%
Vertex Pharmaceuticals Inc0.49%
ASML Holding NV0.47%
Marvell Technology Inc0.44%
Sandisk Corp0.43%
Booking Holdings Inc0.43%
Automatic Data Processing Inc0.43%
Starbucks Corp0.42%
AppLovin Corp0.42%
Marriott International Inc/MD0.38%
Moderna Inc0.36%
Toronto-Dominion Bank/The 148.80% 11/30/20260.35%
Western Digital Corp0.34%
Adobe Inc0.34%
Royal Bank of Canada 163.05% 11/27/20260.33%
Intuit Inc0.33%
Regeneron Pharmaceuticals Inc0.32%
CSX Corp0.32%
Monster Beverage Corp0.32%
Cintas Corp0.31%
Constellation Energy Corp0.31%
Cadence Design Systems Inc0.31%
Fortinet Inc0.31%
Comcast Corp0.30%
Synopsys Inc0.30%
Wells Fargo & Co 119.39% 12/10/20260.30%
Mondelez International Inc0.30%
Canadian Imperial Bank of Commerce 143.00% 12/03/20260.29%
Citigroup Inc 154.75% 12/01/20260.28%
Airbnb Inc0.28%
Royal Bank of Canada 171.13% 11/25/20260.28%
MercadoLibre Inc0.27%
ARM Holdings PLC0.27%
JPMorgan Chase & Co 140.94% 12/04/20260.26%
Ross Stores Inc0.26%
DoorDash Inc0.26%
O'Reilly Automotive Inc0.26%
Honeywell International Inc0.25%
American Electric Power Co Inc0.24%

Weight gaps

All 25 Holdings in both funds, largest gap first.

Holding weights in FTQI and QQA, widest gap first
Holding	Gap	FTQI	QQA
Microsoft CorporationMSFT	QQA +3.40 points	1.64%	5.04%
Apple Inc.AAPL	FTQI +3.25 points	9.65%	6.40%
Advanced Micro Devices, Inc.AMD	FTQI +1.98 points	4.57%	2.59%
Cisco Systems, Inc.CSCO	FTQI +1.63 points	2.94%	1.31%
Palantir Technologies Inc. (Class A)PLTR	FTQI +1.18 points	2.48%	1.30%
Micron Technology, Inc.MU	QQA +1.06 points	1.69%	2.75%
Amazon.com, Inc.AMZN	FTQI +0.98 points	4.56%	3.58%
Seagate Technology Holdings PlcSTX	FTQI +0.89 points	1.26%	0.37%
Gilead Sciences, Inc.GILD	FTQI +0.73 points	1.46%	0.73%
Tesla, Inc.TSLA	FTQI +0.44 points	2.85%	2.41%
Intel CorporationINTC	QQA +0.44 points	0.61%	1.04%
KLA CorporationKLAC	FTQI +0.43 points	1.07%	0.64%
Palo Alto Networks, Inc.PANW	FTQI +0.43 points	1.33%	0.90%
Meta Platforms, Inc. (Class A)META	FTQI +0.41 points	2.73%	2.32%
Alphabet Inc. (Class A)GOOGL	QQA +0.32 points	1.82%	2.14%
Broadcom Inc.AVGO	QQA +0.28 points	1.51%	1.79%
Netflix, Inc.NFLX	FTQI +0.26 points	1.19%	0.93%
Monolithic Power Systems, Inc.MPWR	FTQI +0.25 points	0.46%	0.21%
Amgen Inc.AMGN	FTQI +0.25 points	1.13%	0.88%
Alphabet Inc. (Class C)GOOG	QQA +0.18 points	1.83%	2.01%
NVIDIA CorporationNVDA	FTQI +0.09 points	5.85%	5.76%
Applied Materials, Inc.AMAT	QQA +0.03 points	0.90%	0.93%
Astera Labs, Inc.ALAB	FTQI +0.01 points	0.13%	0.12%
Lam Research CorporationLRCX	Same weight	0.89%	0.89%
Costco Wholesale CorporationCOST	Same weight	1.65%	1.65%

All 181 FTQI holdings⁠All 122 QQA holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

FTQI vs QQA Cost

Overpaying FTQI vs QQA

$8,530

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

FTQI 0.75%
$14,482
QQA 0.29%
$5,952

Amount$10,000

Years30 years

Cost over time

FTQI 0.75%
QQA 0.29%
Overpaying

Year by year

Year	FTQI	QQA	Overpaying
10	$1,336	$527	$809
20	$5,078	$2,044	$3,034
30	$14,482	$5,952	$8,530

Expense ratio

0.75%FTQI
0.29%QQA, cheaper

QQA0.29%FTQI0.75%

0.00%1.20%

Middle half of Nasdaq-100 Option Income funds
Median 0.71%

QQA 2nd cheapest of 30 funds

FTQI 17th cheapest of 30 funds

FTQI vs QQA Dividends

Last 12 months to Nov 9, 2026

Yield (12M): FTQI 11.83%, better; QQA 10.66%
Payout (12M): FTQI $2.52; QQA $5.62
Last payment: FTQI $0.22; QQA $0.47
Ex-dividend: FTQI Oct 21, 2026; QQA Oct 19, 2026
Paid on: FTQI Oct 30, 2026; QQA Oct 23, 2026
Frequency: FTQI Monthly; QQA Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

FTQIMonthly · 46 paymentsAll FTQI payments⁠

QQAMonthly · 27 paymentsAll QQA payments⁠

FTQI vs QQA Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: FTQI 9.2%QQA 13.1%since Aug 2024
Return per unit of riskSharpe ratio, 3 years: FTQI 1.41QQA 0.91since Aug 2024
Worst fallMax drawdown, 5 years: FTQI −19.4%QQA −19.7%since Jul 2024
Market sensitivityBeta, 5 years: FTQI 0.66QQA 0.96; Market = 1

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