QDTE vs QQA

QDTECRoundhill Nasdaq-100 0DTE Covered Call ETF Strategy ETF

QQAAInvesco QQQ Income Advantage ETF

In short

QDTE The original 0DTE income ETF: QDTE sells same-day Nasdaq-100 calls every morning and hands the premium to shareholders weekly. Cash on a fast clock, with each session's upside capped in exchange.

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

QDTE The Fund primarily seeks current income and secondarily seeks capital appreciation through a synthetic covered-call strategy that combines long exposure to the Innovation-100 Index with recurring 0DTE call sales.

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

• QDTE Launched in March 2024 as the first ETF writing zero-days-to-expiry calls on the Nasdaq-100, it is now a sizable, actively traded fund rather than a thin novelty.roundhillinvestments.com
• Pays weekly, not monthly. Calls are sold at or shortly after the open every business day, so premium is collected on a daily cycle.roundhillinvestments.com
• Synthetic long options positions supply Nasdaq-100 price exposure, and the calls written against them are out-of-the-money, leaving a sliver of intraday upside.roundhillinvestments.comroundhillinvestments.com 2

• 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

• QDTE The 0.96% fee sits above the category median and above peers like JEPQ (0.35%) and GPIQ (0.29% net of a waiver through April 30, 2027).
• Payouts can exceed income and gains, and the prospectus discloses that the excess is return of capital, which reduces your cost basis.roundhillinvestments.com
• Selling calls every morning caps each day's gain while downside exposure to the index stays, so income comes at the cost of upside participation.roundhillinvestments.com

• 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 QDTE profile⁠

Full QQA profile⁠