OVL pairs large-cap equities with a put overlay. QQQI combines Nasdaq-100 equity exposure with a call strategy that may include both sold and purchased index options. Compare the equity mix and the option payoff together.
Projections assume the current yield and share price remain constant. Actual results will vary.
Total returns
100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year.
OVL has outpaced QQQI over the trailing twelve months, posting a 18.66% total return against 18.23%. Measured from Jan 2024 — the start of shared available history — OVL has compounded at 20.77% a year versus 20.10% for QQQI. Figures are total returns: price change plus every distribution reinvested.
Total return and risk statistics by fund. Each row is one fund; each column is one period or statistic.
Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 30, 2026. YTD and 1Y are cumulative period returns; 3Y, 5Y, and 10Y are annualized. The shared Since-start window is annualized only when it covers at least one year. “Since Jan 2024” measures every fund from January 30, 2024 — the start of shared available history — so all funds share one comparison window. Volatility is the annualized standard deviation of daily total returns over the past year. Sharpe and Sortino divide the annualized return in excess of the risk-free rate by, respectively, that volatility and the downside deviation (both over the past year) — higher is better. Max drawdown is the largest peak-to-trough total-return decline over the same window — shallower is better.
Distribution rate and SEC yield
Metric
OVL
QQQI
Forward distribution rate
10.51%
13.69%
Trailing 12-month yield
9.12%
13.76%
30-day SEC yield
—
-0.05%
Total return (price change plus reinvested distributions) is the Total returns section above. A 30-day SEC yield can sit far from the headline distribution rate; both numbers are the fund's own published fields.
Bottom lineChoose OVL if you want large-cap equity with a put overlay and accept option-related losses. Choose QQQI if you want Nasdaq-100 equity with a call strategy and accept concentration and option risk. Distributions can change and may include return of capital. A payout rate is not total return, and tax character alone does not establish economic loss.
Different equity portfolios and different option contracts
OVL pairs large-cap equities with a put overlay. QQQI combines Nasdaq-100 equity exposure with a call strategy that may include both sold and purchased index options. Compare the equity mix and the option payoff together.
OVL
QQQI
Approach
Large-cap equities with active put selling
Nasdaq-100 equities with sold and potentially purchased index calls
Risk review
Equity and put-overlay losses
Nasdaq-100 concentration and call-strategy risk
Expense ratio
0.79%
0.68%
Portfolio fit
Review combined holdings and weights
Review combined holdings and weights
How the risk works
Read this before the income numbers below: the strategy mechanics on this page shape what those payouts can cost you.
Capped upside and premium dependence. OVL and QQQI generate income by selling options, which trades away part of a strong rally in exchange for premium. Distributions can include return of capital, and a payout the underlying assets cannot sustain shows up as NAV erosion over time — the big yield number is not free.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
Overlay Shares operates a focused lineup of four income-focused ETFs designed to generate regular distributions for investors. The company specializes in option overlay strategies that aim to enhance yield through covered call and similar income-generating techniques, with its funds trading under tickers OVF, OVL, OVLH, and OVS. This niche approach to dividend enhancement differentiates Overlay Shares within the broader ETF marketplace, appealing to investors seeking higher current income through systematic option strategies.
See our curated list of related YouTube videos on OVL.
ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.
NEOS is known for developing specialized income-focused ETFs that employ strategies like covered calls, hedging, and enhanced yields across various asset classes. The firm manages 19 funds organized into nine distinct families, including offerings in equity high income, fixed income enhancement, digital assets, and alternative strategies, with popular tickers like SPYI (S&P 500 covered call), QQQI (Nasdaq-100 covered call), and QQQH (Nasdaq-100 hedged equity income). NEOS distinguishes itself in the ETF landscape through its emphasis on income generation and downside protection strategies rather than traditional growth approaches.
See our curated list of related YouTube videos on QQQI.
OVL (Overlay Shares Large Cap Equity ETF) and QQQI (NEOS Nasdaq-100 High Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.
QQQI offers the higher yield at 13.69% vs 10.51% for OVL. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
QQQI is cheaper with an expense ratio of 0.68% compared to 0.79%.
They have different reference exposures: OVL is linked to S&P 500 (VOO) while QQQI is linked to Nasdaq-100, which means their performance drivers differ.
QQQI is the larger fund by assets ($15.0B), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, OVL would generate roughly $87.58 cash per distribution, while QQQI would produce $114.08 cash per distribution, at current distribution rates. Both pay monthly distributions.
OVL yield10.51%
QQQI yield13.69%
Cash diff on $10K$26.50
Cost & efficiency
Over 10 years on $10,000, OVL would cost approximately $790 in fees vs $680 for QQQI (simplified, not compounded). The $110.00 difference may be offset by yield or performance.
OVL ER0.79%
QQQI ER0.68%
Strategy & risk
OVL pairs large-cap equities with a put overlay. QQQI combines Nasdaq-100 equity exposure with a call strategy that may include both sold and purchased index options. Compare the equity mix and the option payoff together. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
OVL beta1.17
QQQI beta1.0553
Fund details
OVL is managed by Overlay Shares (launched 09/30/2019) with $462M in assets. QQQI is managed by NEOS (launched 01/29/2024) with $15.0B in assets.
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Frequently asked questions
Is QQQI simply a fixed covered-call cap, and is either payout guaranteed?
QQQI may use both sold and purchased Nasdaq-100 index calls, so a blanket fixed-cap description misses part of its strategy. Both funds can lose value and change distributions. Review option exposure and distribution sources; a higher payout does not by itself prove NAV erosion or stronger total returns.
How should I compare risk and ownership costs?
Use matching dates and definitions for returns, distributions, and fees. Beta describes historical benchmark sensitivity, not guaranteed downside protection. Check current bid-ask spreads and premiums or discounts; AUM alone does not determine the price available for your order.
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