QQA vs TQQY

QQAAInvesco QQQ Income Advantage ETF

TQQYFGraniteShares YieldBOOST QQQ ETF

In short

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.

TQQY Most Nasdaq-100 income funds own the stocks and sell calls. TQQY owns none. It writes puts on a 3x leveraged QQQ fund, where fatter option premiums are the entire point, and pays monthly.

Stated mandate

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.

TQQY The fund seeks income primarily by selling put options on leveraged ETFs tracking the 3x Long QQQ Daily ETF, while also seeking capped exposure to that leveraged ETF's performance.

Why people hold it

• 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.

• TQQY Income engine: selling near-the-money puts on ProShares UltraPro QQQ, the 3x daily QQQ fund. Leverage makes those options richer, and that premium is the product.graniteshares.comgraniteshares.com 2
• It can pair each written put with a cheaper, lower-strike put bought alongside it, trimming downside on the position in exchange for less premium collected.graniteshares.comgraniteshares.com 2
• No QQQ shares and no dividends from them: at least 80% of net assets go into derivatives on the leveraged ETF. This is an options book, not a stock portfolio.graniteshares.com
• Pays monthly, and the cash backing the options can sit in Treasuries, money market funds and short-term bond ETFs.graniteshares.com

Worth knowing

• 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.

• TQQY Costs 1.15% net of a waiver through December 31, 2026, against a 7.25% gross figure, and that lands above the category median.
• Cheaper routes to Nasdaq-100 income exist: JEPQ at 0.35%, GPIQ at 0.29% net of a waiver through April 30, 2027.
• Gains in the leveraged ETF are capped by design, distributions can include return of capital, and the fund stays small and thinly traded.graniteshares.comgraniteshares.com 2

Full QQA profile⁠

Full TQQY profile⁠