HEQQ vs QYLD: Grades, Fees and Holdings Compared

JPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

HEQQBNasdaq

Global X Nasdaq 100 Covered Call ETF

QYLDANasdaq

Overlap

65.7%by weight

Expense ratio

HEQQ −0.10pt a year

HEQQ0.50%QYLD0.60%

Avg volume · 30D

QYLD 5775.9×the volume

HEQQ746QYLD4.31M

HEQQ vs QYLD Performance

Oct 31, 2025 – Nov 2, 2026

+2.4%HEQQ+14.3%QYLD

Expense ratio: HEQQ 0.50%, better; QYLD 0.60%
Fund size: HEQQ $30M; QYLD $8.2B
1Y total return: HEQQ +2.4%; QYLD +14.3%, better
Yield (12M): HEQQ 0.17%; QYLD 12.11%, better
Holdings: HEQQ 101; QYLD 102
Avg volume (30D): HEQQ 746 sh; QYLD 4.31M sh, better
NAV per share: HEQQ $60.10; QYLD $17.88
52W range

ETF.net Grade

Pillar letters and Scores for HEQQ, QYLD, with each pillar’s weight
Pillar	HEQQ	QYLD
Cost30% weight	A73Higher	B65
Mission25% weight	Not scored	A100
Risk15% weight	B66	A71Higher
Tradability15% weight	F18	A89Higher
Holdings10% weight	C46	B68Higher
Durability5% weight	C44	A90Higher

Rank among Nasdaq-100 Option Income funds

How we build Categories ›

Same Category. HEQQ and QYLD 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 ›

QYLD ranks 3rd and HEQQ 15th of 30 funds in the Nasdaq-100 Option Income Category.

Rank 1AGPIQGoldman Sachs Nasdaq-100 Premium Income ETFScore 84
Rank 2AQQAInvesco QQQ Income Advantage ETFScore 82
Rank 3AJEPQJPMorgan Nasdaq Equity Premium Income ETFScore 79
Rank 3AQYLDGlobal X Nasdaq 100 Covered Call ETFScore 79
Rank 5AQYLGGlobal X Nasdaq 100 Covered Call & Growth ETFScore 77
Rank 14BQQQHNEOS Nasdaq-100 Hedged Equity Income ETFScore 58
Rank 15BHEQQJPMorgan Nasdaq Hedged Equity Laddered Overlay ETFScore 55
Rank 15BSEPQSTF Tactical Growth & Income ETFScore 55

Our read on each fund

ETF.net Research

HEQQBJPMorgan Nasdaq Hedged Equity Laddered Overlay ETF

QYLDAGlobal X Nasdaq 100 Covered Call ETF

In short

HEQQ J.P. Morgan took its hedged equity playbook, the one built on overlapping option ladders, and pointed it at the Nasdaq-100. Active stock picking underneath, a rolling hedge on top, priced below the typical options-overlay fund.

QYLD Running since 2013, QYLD is the no-frills version of the Nasdaq-100 income trade: own the index, sell calls against it, pay out monthly. No stock picking, no manager discretion, just a rules-based buy-write index followed closely.

Stated mandate

HEQQ HEQQ seeks capital appreciation from a portfolio of U.S. large- and mid-cap stocks resembling the Nasdaq-100, while using a laddered options strategy to reduce downside risk and pursue a significant portion of Nasdaq-100 returns with lower volatility.

QYLD QYLD seeks, before fees and expenses, to generally match the price and yield performance of the Cboe NASDAQ-100® BuyWrite V2 Index. It uses a buy-write strategy that holds NASDAQ-100 stocks and sells corresponding call options.

Why people hold it

HEQQ Charges 0.50% a year, well under the median fee in its options-overlay peer group.
The hedge is laddered across multiple option periods rather than pinned to a single expiration, so the overlay rolls instead of resetting all at once.jpmorgan.com
Underneath sits an actively run book of about 100 US large and mid caps resembling the Nasdaq-100, not a mechanical index copy.
Pays quarterly and lands in the upper half of its options-overlay cohort, with the low fee doing much of that work.

QYLD Simple machine: holds Nasdaq-100 stocks, sells the matching calls, and tracks the Cboe NASDAQ-100 BuyWrite V2 Index closely. Nothing to second-guess.
Income arrives monthly, and the 0.60% fee sits under the median for Nasdaq-100 options-income funds.
A multi-billion-dollar fund that trades very actively, so getting in and out is rarely the hard part.

Worth knowing

HEQQ The hedge costs upside: the fund targets a significant portion of Nasdaq-100 returns with lower volatility, not the full index move.
Thinly traded with a small asset base, so spreads can run wider than at the category's largest funds.
Launched in 2025, so the record is short and the risk picture rests on limited history.

QYLD Writing calls sells the upside. When the Nasdaq-100 runs past the strike, that gain goes to the option buyer, not the fund.
Leaner options on the same index: QQA at 0.33%, GPIQ and JEPQ at 0.35%.
Payouts are funded by option premium and no target rate is declared, so the monthly check varies with volatility.

Full HEQQ profile⁠

Full QYLD profile⁠

HEQQ vs QYLD Holdings

How HEQQ and QYLD differ

Overlap by weight

65.7%

Shared holdings make up 80.6% of HEQQ and 68.4% of QYLD.

Level by level

Holdings36 in both65.7%
Sector11 Sectors98.1%
Countryby domicile99.3%
Asset classEquity100%

Sector

Sector weights in HEQQ and QYLD, widest gap first
Sector	More in HEQQMore in QYLD	HEQQ	QYLD
Consumer Discretionary	QYLD +0.8 points	9.3%	10.1%
Industrials	QYLD +0.6 points	4.5%	5.1%
Health Care	HEQQ +0.5 points	4.3%	3.8%
Financials	HEQQ +0.5 points	0.7%	0.2%
Materials	QYLD +0.3 points	0.6%	0.9%
Utilities	HEQQ +0.3 points	1.3%	1.0%
Consumer Staples	QYLD +0.2 points	5.3%	5.6%
Energy	HEQQ +0.2 points	0.6%	0.4%
Real Estate	HEQQ +0.2 points	0.2%	0.0%
Communication	HEQQ +0.1 points	12.7%	12.6%
Technology	Same weight	60.3%	60.3%

Country, concentration and asset class

Country by domicile

Country weights in HEQQ and QYLD, widest gap first
Country	More in HEQQMore in QYLD	HEQQ	QYLD
United States	HEQQ +0.1 points	97.4%	97.3%
Netherlands	HEQQ +0.5 points	1.4%	0.9%
Canada	Same weight	1.1%	1.1%
Brazil	QYLD +0.4 points	0.0%	0.4%
China	QYLD +0.1 points	0.1%	0.2%
United Kingdom	QYLD +0.2 points	0.0%	0.2%

Concentration

Weight in the 10 largest Holdings

HEQQ53.0%
QYLD47.0%

Securities held

HEQQ100
QYLD101

Asset class

HEQQ: Equity
QYLD: Equity

Holdings

Only in HEQQ64
In both36
Only in QYLD65

Only in HEQQ

64 securities, 20.1% of HEQQ by weight

Qqq Put USD 12/31/20261.21%
Johnson & Johnson Common1.00%
The Coca-Cola Company0.88%
JPMorgan Prime Money0.86%
Norfolk Southern Corp0.78%
AbbVie Inc Common Stock0.78%
Qqq Put USD 11/30/20260.65%
Qqq Put USD 01/29/20270.62%
Hilton Worldwide Holdings0.50%
Mastercard Inc Common0.49%
Motorola Solutions Inc0.46%
The Southern Company0.46%
Exxonmobil Holdings Corp0.44%
Entergy Corp Common Stock0.41%
The Walt Disney Company0.39%
International Business0.37%
Air Products and0.37%
Deere & Co Common Stock0.37%
3M Co Common Stock USD0.34%
Republic Services Inc0.32%
AT&T Inc Common Stock USD0.31%
Nextera Energy Inc0.31%
Bristol-Myers Squibb Co0.29%
Lowe's Cos Inc Common0.28%
Thermo Fisher Scientific0.27%
Tjx Cos Inc/The Common0.26%
Philip Morris0.26%
Eaton Corp PLC Common0.26%
Zoom Communications Inc0.24%
Chipotle Mexican Grill0.23%
Expedia Group Inc Common0.23%
Edwards Lifesciences0.23%
Transdigm Group Inc0.23%
Corpay Inc0.23%
Autozone Inc Common Stock0.22%
Insmed Inc Common Stock0.22%
Hewlett Packard0.21%
Servicenow Inc Common0.21%
Cheniere Energy Inc0.20%
Uber Technologies Inc0.19%
Prologis Inc Reit USD0.19%
UnitedHealth Group Inc0.19%
Mcdonald's Corp Common0.19%
Howmet Aerospace Inc0.18%
Natera Inc Common Stock0.18%
Robinhood Markets Inc0.18%
Trane Technologies PLC0.18%
Vulcan Materials Co0.18%
Veeva Systems Inc Common0.18%
Arista Networks Inc0.17%

Only in QYLD

65 securities, 32.3% of QYLD by weight

Alphabet Inc-Cl A2.69%
Costco Wholesale Corp2.03%
Cisco Systems Inc1.86%
Applied Materials Inc1.40%
Texas Instruments Inc1.24%
Crowdstrike Holdings Inc - A1.16%
Amgen Inc1.14%
Linde PLC1.07%
Gilead Sciences Inc0.96%
Kla Corp0.93%
Pepsico Inc0.85%
Qualcomm Inc0.78%
T-Mobile Us Inc0.76%
Intuitive Surgical Inc0.69%
Vertex Pharmaceuticals Inc0.64%
Western Digital Corp0.60%
Starbucks Corp0.53%
Automatic Data Processing0.53%
Booking Holdings Inc0.50%
Marriott International -Cl A0.47%
Adobe Inc0.45%
Fortinet Inc0.44%
Csx Corp0.43%
Constellation Energy0.42%
Cadence Design Sys Inc0.40%
Cintas Corp0.39%
Mercadolibre Inc0.37%
Comcast Corp-Class A0.36%
Datadog Inc - Class A0.35%
Lumentum Holdings Inc0.34%
Ross Stores Inc0.33%
O'reilly Automotive Inc0.32%
American Electric Power0.31%
Honeywell International Inc0.31%
Airbnb Inc-Class A0.31%
Monolithic Power Systems Inc0.27%
Fastenal Co0.26%
Diamondback Energy Inc0.26%
Baker Hughes Co0.25%
Paccar Inc0.24%
Autodesk Inc0.24%
Pdd Holdings Inc0.23%
Xcel Energy Inc0.23%
Coca-Cola Europacific Partners PLC0.22%
Honeywell Aerospace Inc0.22%
Keurig Dr Pepper Inc0.22%
PayPal Holdings Inc0.22%
Exelon Corp0.22%
Strategy Inc- Class A0.21%
Roper Technologies Inc0.21%

Weight gaps

All 36 Holdings in both funds, largest gap first.

Holding weights in HEQQ and QYLD, widest gap first
Holding	More in HEQQMore in QYLD	HEQQ	QYLD
Alphabet Inc-Cl C -GOOG	HEQQ +2.46 points	4.98%	2.52%
Analog Devices IncADI	HEQQ +1.39 points	2.30%	0.91%
Walmart Inc Common StockWMT	HEQQ +1.18 points	3.90%	2.72%
Seagate TechnologySTX	HEQQ +1.16 points	1.82%	0.66%
Lam Research Corp CommonLRCX	HEQQ +1.02 points	2.37%	1.35%
Space ExplorationSPCX	QYLD +0.74 points	1.87%	2.61%
Microsoft Corp CommonMSFT	HEQQ +0.71 points	7.06%	6.35%
Regeneron PharmaceuticalsREGN	HEQQ +0.68 points	1.10%	0.42%
Micron Technology IncMU	HEQQ +0.64 points	5.16%	4.52%
Nxp Semiconductors NVNXPI	HEQQ +0.63 points	0.92%	0.29%
Asml Holding NV Ny RegASML	HEQQ +0.63 points	1.29%	0.66%
NVIDIA Corp Common StockNVDA	HEQQ +0.53 points	8.61%	8.08%
Tesla Inc Common StockTSLA	QYLD +0.52 points	2.92%	3.44%
Advanced Micro DevicesAMD	HEQQ +0.43 points	4.16%	3.73%
Palo Alto Networks IncPANW	HEQQ +0.42 points	1.77%	1.35%
Marvell Technology IncMRVL	QYLD +0.41 points	0.37%	0.78%
Palantir Technologies IncPLTR	QYLD +0.40 points	1.52%	1.92%
Mondelez InternationalMDLZ	HEQQ +0.37 points	0.74%	0.37%
Amazon.com Inc CommonAMZN	HEQQ +0.36 points	4.61%	4.25%
Teradyne Inc Common StockTER	HEQQ +0.37 points	0.56%	0.19%
Monster Beverage CorpMNST	HEQQ +0.26 points	0.67%	0.41%
Synopsys Inc CommonSNPS	HEQQ +0.25 points	0.65%	0.40%
Meta Platforms Inc CommonMETA	HEQQ +0.24 points	3.24%	3.00%
Sandisk Corp CommonSNDK	QYLD +0.22 points	0.54%	0.76%
Shopify Inc Common StockSHOP	HEQQ +0.21 points	1.07%	0.86%
Moderna Inc Common StockMRNA	QYLD +0.20 points	0.19%	0.39%
Intuit Inc Common StockINTU	HEQQ +0.21 points	0.61%	0.41%
Take-Two InteractiveTTWO	HEQQ +0.18 points	0.34%	0.16%
Netflix Inc Common StockNFLX	HEQQ +0.17 points	1.34%	1.17%
Doordash Inc CommonDASH	HEQQ +0.14 points	0.47%	0.33%
Arm Holdings PLC Adr USDARM	QYLD +0.15 points	0.26%	0.41%
Intel Corp Common StockINTC	HEQQ +0.14 points	1.70%	1.56%
Apple Inc Common StockAAPL	HEQQ +0.12 points	8.36%	8.24%
Broadcom Inc CommonAVGO	HEQQ +0.05 points	2.59%	2.54%
Nebius Group NV CommonNBIS	HEQQ +0.04 points	0.21%	0.17%
Applovin Corp CommonAPP	QYLD +0.01 points	0.30%	0.31%

All 97 HEQQ holdings⁠All 102 QYLD 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.

HEQQ vs QYLD Cost

Overpaying QYLD vs HEQQ

$1,838

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

HEQQ 0.50%
$9,979
QYLD 0.60%
$11,817

Amount$10,000

Years30 years

Cost over time

HEQQ 0.50%
QYLD 0.60%
Overpaying

Year by year

Year	HEQQ	QYLD	Overpaying
10	$900	$1,076	$176
20	$3,460	$4,116	$656
30	$9,979	$11,817	$1,838

Expense ratio

0.50%HEQQ, cheaper
0.60%QYLD

HEQQ0.50%QYLD0.60%

0.00%1.20%

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

HEQQ 8th cheapest of 30 funds

QYLD 10th cheapest of 30 funds

HEQQ vs QYLD Dividends

Last 12 months to Nov 2, 2026

Yield (12M): HEQQ 0.17%; QYLD 12.11%, better
Payout (12M): HEQQ $0.10; QYLD $2.14
Last payment: HEQQ $0.02; QYLD $0.18
Ex-dividend: HEQQ Sep 22, 2026; QYLD Oct 19, 2026
Paid on: HEQQ Sep 24, 2026; QYLD Oct 22, 2026
Frequency: HEQQ Quarterly; QYLD Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HEQQQuarterly · 6 paymentsAll HEQQ payments⁠

QYLDMonthly · 46 paymentsAll QYLD payments⁠

HEQQ vs QYLD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HEQQ 9.1%since Apr 2025QYLD 8.1%
Return per unit of riskSharpe ratio, 3 years: HEQQ 1.01since Apr 2025QYLD 1.31
Worst fallMax drawdown, 5 years: HEQQ −7.6%since Mar 2025QYLD −24.6%
Market sensitivityBeta, 5 years: HEQQ 0.62QYLD 0.48; Market = 1

HEQQ and QYLD in the news

All news⁠

Category Review
The four largest Nasdaq-100 income funds trailed the stocks by 0.9 to 5.8 percentage points
Updated Oct 2, 2026QYLD
Income Watch
A 25.22% distribution rate met a -0.32% SEC yield as the 10-year paid 5.01%
Sep 20, 2026QYLD

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