GPIQ vs QLDY

GPIQAGoldman Sachs Nasdaq-100 Premium Income ETF

QLDYDDefiance Nasdaq 100 LightningSpread Income ETF

In short

GPIQ Goldman's take on the Nasdaq-100 income trade: it owns the index but sells calls on only 25% to 75% of the portfolio, reset monthly, so part of the upside stays uncapped. Fee is 0.29% net of a waiver through April 30, 2027.

QLDY Defiance's spin on Nasdaq-100 exposure: options for the ride, daily put-spread sales for the income, and a paycheck that lands twice a week instead of once a month.

Stated mandate

GPIQ The Fund seeks current income while maintaining prospects for capital appreciation. It provides Nasdaq-100 equity exposure and dynamically sells call options while seeking participation in rising markets.

QLDY The fund seeks frequent income while preserving an opportunity for indirect participation in Nasdaq-100 performance, subject to a limit on potential gains.

Why people hold it

• GPIQ The overwrite is a dial, not a switch: calls cover 25% to 75% of the equity portfolio, reset each month, leaving a slice of Nasdaq-100 upside uncapped by design.gsam.com
• 0.29% net of a waiver through April 30, 2027 undercuts JEPQ at 0.35% and QYLD at 0.60%, and matches QQA, which is 0.29% net of a waiver through August 31, 2027.
• Calls are written on index-level exposure, not individual names, and the stock sleeve tracks Nasdaq-100 weights. Pays monthly.sec.gov
• A multi-billion-dollar, actively traded fund and one of the strongest implementations in a crowded Nasdaq-100 income group.

• QLDY Pays twice a week. Defiance launched the fund billing that cadence as an industry first, and the twice-weekly schedule is baked into its stated income policy.globenewswire.com
• The engine is legible: options for long exposure to the Nasdaq-100's price return, plus put spreads sold daily to generate the cash it distributes.defianceetfs.comsec.gov
• At 1.04% a year it lands right at the median for its leveraged-bull peer group, and it stands in the upper half of that cohort on our review.

Worth knowing

• GPIQ Goldman's filing flags that a significant portion of distributions may be return of capital, which trims your cost basis rather than adding to it.sec.gov
• Full exposure to Nasdaq-100 drawdowns stays; premium cushions the ride but does not offset a selloff, and gains on the overwritten slice are capped.sec.gov
• Gross fee is 0.35%. If the waiver is not extended past April 30, 2027, the cost steps up to that level.

• QLDY The income has a price tag. The fund's own objective says participation in Nasdaq-100 performance is subject to a limit on potential gains.
• It launched in September 2025, so the track record is short, and the same-day put spreads at its core carry exposure to sharp single-day drops.sec.gov
• Small fund, light trading. That can mean wider bid-ask spreads and more price-to-NAV wobble than in the category's household names like QLD and TQQQ.

Full GPIQ profile⁠

Full QLDY profile⁠