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Dividend Vision

ETF Comparison

TDAQ vs QQQI: Same Index, Different Income Overlay

A head-to-head comparison of TappAlpha's Innovation 100 Growth & Daily Income ETF and NEOS's Nasdaq-100 High Income ETF covering option design, cost, and the trade-off between cash now and upside kept.

Data updated August 19, 2026

Best for

  • QQQIInvestors who are comfortable trading away most upside for a large, steady payout.
  • TDAQInvestors who want to maximize current income — roughly 17.58%, generated by selling options premium.

Jump to the side-by-side numbers

Visual comparison

Key metrics

Projected income on $10K

Projections assume the current yield and share price remain constant. Actual results will vary.

Total returns

QQQI has lagged TDAQ over the trailing twelve months, posting a 16.45% total return against 23.56%. Measured from Sep 2025 — when the younger fund began trading — TDAQ has compounded at 24.78% a year versus 17.22% 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.
SymbolYTD1YSince Sep 2025Volatility Sharpe Sortino Max drawdown
QQQI9.73%16.45%17.22%16.5%0.650.91-9.6%
TDAQ13.60%23.56%24.78%19.7%0.901.26-11.7%

Total return with all distributions reinvested on the ex-dividend date, split-adjusted, as of August 19, 2026. YTD and 1Y are cumulative; longer windows are annualized. “Since Sep 2025” measures every fund from September 4, 2025 — the youngest fund's first trading day — 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.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
MetricQQQITDAQ
Full nameNEOS Nasdaq-100 High Income ETFTappAlpha Innovation 100 Growth & Daily Income ETF
IssuerNEOSTappAlpha
Last Close$55.07 as of August 19, 2026$26.83 as of August 19, 2026
Distribution yield14.20%17.58%
Distribution Safety Score™ 8479
Expense ratio0.68%0.83%
AUM$14.2B$314M
Distribution frequencyMonthlyMonthly
Underlying indexNASDAQ 100Invesco QQQ Trust (QQQ)
ObjectiveSeeks to generate high monthly income in a tax efficient manner while targeting equity appreciation.The TappAlpha Innovation 100 Growth & Daily Income ETF (the "Fund") seeks current income while maintaining prospects for capital appreciation. The Fund’s secondary investment objective is to seek exposure to the performance of the Invesco QQQ Trust, Series 1 ("QQQ"), subject to a limit on potential investment gains.
Asset classEquityEquity
Inception date01/29/202409/04/2025
Beta1.05531.287
Last dividend$0.6518$0.3930
Ex-dividend date08/19/202608/18/2026

Bottom lineChoose QQQI if you are comfortable trading away most upside for a large, steady payout. Choose TDAQ if you want to maximize current income — roughly 17.58%, generated by selling options premium.

TDAQ vs QQQI: which Nasdaq-100 overlay?

Both sell options on Nasdaq-100 exposure to pay monthly cash. TDAQ is TappAlpha's overlay. QQQI is NEOS's tax-aware index-options design. The larger yield is usually more upside sold, not a better index.

QQQITDAQ
Underlying exposureNASDAQ 100Invesco QQQ Trust (QQQ)
ManagerNEOSTappAlpha
Expense ratio0.68%0.83%
Distribution yield14.20%17.58%
Typical roleNEOS Nasdaq-100 income overlayTappAlpha Nasdaq-100 income overlay

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. QQQI and TDAQ 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.

Learn the mechanics: Return of capital, explained · NAV erosion, explained

Model this comparison:
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Income calculator

See how much monthly income a hypothetical investment would generate in each ETF at current yields.

NEOS
ETFs19
Total AUM$32.2B

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.

See all NEOS ETFs
TappAlpha
ETFs5
Total AUM$717M

ETFs and AUM reflect what Dividend Vision tracks — the issuer's full lineup may be larger.

TappAlpha operates a focused ETF lineup of four funds organized around two main families: Growth & Daily Income and T² Lift Series. The company's fund offerings span growth-oriented strategies and daily income approaches, with ticker symbols including TDAQ, TDAX, TSPY, and TSYX that target investors seeking regular income generation or equity growth exposure. As a smaller, specialized ETF provider, TappAlpha positions itself in a niche segment of the ETF market focused on daily income strategies and differentiated growth approaches.

See our curated list of related YouTube videos on TDAQ.

See all TappAlpha ETFs

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Quick verdict

QQQI (NEOS Nasdaq-100 High Income ETF) and TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) are both monthly-pay dividend ETFs, but they take different approaches.

TDAQ offers the higher yield at 17.58% vs 14.20% for QQQI. 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 0.83%.

They track different benchmarks: QQQI is linked to NASDAQ 100 while TDAQ tracks Invesco QQQ Trust (QQQ), which means their performance drivers differ.

QQQI is the larger fund by assets ($14.2B), which generally means tighter spreads and better liquidity.

Who should choose each?

Choose QQQI

NEOS Nasdaq-100 High Income ETF

  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.
  • Want to keep costs low — a 0.68% expense ratio vs 0.83% for TDAQ.
  • Prefer lower volatility — a beta of 1.1 vs 1.3 for TDAQ.

Choose TDAQ

TappAlpha Innovation 100 Growth & Daily Income ETF

  • Want to maximize current income — TDAQ distributes roughly 17.58% from selling options premium, vs 14.20% for QQQI.
  • Are comfortable with an options-income strategy — a large payout in exchange for capped upside.

Not sure? Use the income calculator and snapshot above to weigh these trade-offs against your own goals.

Deep dive

Yield & income

On a $10,000 investment, QQQI would generate roughly $118.33/month, while TDAQ would produce $146.50/month, at current distribution rates. Both pay monthly distributions.

QQQI yield14.20%
TDAQ yield17.58%
Monthly diff on $10K$28.17

Cost & efficiency

Over 10 years on $10,000, QQQI would cost approximately $680 in fees vs $830 for TDAQ (simplified, not compounded). The $150.00 difference may be offset by yield or performance.

QQQI ER0.68%
TDAQ ER0.83%

Strategy & risk

Both QQQI and TDAQ wrap NASDAQ 100 with options-based income overlays (options and growth). The practical differences are yield target, fee structure, and issuer track record — not the underlying mechanic. Beta is 1.0553 for QQQI and 1.287 for TDAQ, making QQQI the less volatile of the two by this measure.

QQQI beta1.0553
TDAQ beta1.287

Fund details

QQQI is managed by NEOS (launched 01/29/2024) with $14.2B in assets. TDAQ is managed by TappAlpha (launched 09/04/2025) with $314M in assets.

QQQI AUM$14.2B
TDAQ AUM$314M
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Frequently asked questions

What is the difference between TDAQ and QQQI?

Both start with Nasdaq-100 / QQQ exposure and sell options so they can pay monthly cash. TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) is TappAlpha's overlay; QQQI (NEOS Nasdaq-100 High Income ETF) is NEOS's tax-aware index-options approach. Cost is 0.83% for TDAQ versus 0.68% for QQQI; current distributions are 17.58% and 14.20% as of August 2026. The larger payout is usually the fund that sold more upside, not a better Nasdaq. Compare total return, drawdown, and fees with that cash figure.

What is the current distribution yield for QQQI and TDAQ?

QQQI currently distributes 14.20% and TDAQ 17.58%, based on fund data updated August 2026. Distribution yield moves with both the payout and the share price, so check the as-of date before relying on either figure.

Is QQQI or TDAQ better for dividend income?

It depends on your goals. TDAQ currently offers the higher distribution yield, which means more income per dollar invested. However, a lower-yield fund may offer better total return or lower volatility. Consider your time horizon and risk tolerance.

Can I hold both QQQI and TDAQ?

You can, but expect significant overlap. Both funds use options-based income strategies on NASDAQ 100, so holding them together gives you two wrappers around effectively the same exposure — not true diversification. Weigh issuer, fee, and yield differences rather than treating them as complementary.

Is QQQI or TDAQ safer?

By Dividend Vision's Distribution Safety Score — a rules-based 0–100 estimate of how resilient a distribution looks, where higher is safer — QQQI scores 84, TDAQ scores 79, so QQQI's payout currently looks the more resilient of the two. QQQI has also shown lower price volatility (beta 1.06 vs 1.29 for TDAQ). No score makes an investment risk-free — treat this as a screening signal, not a guarantee, and the leverage, options-income, or crypto caveats flagged on this page apply regardless of score.

Which has lower fees, QQQI or TDAQ?

QQQI has an expense ratio of 0.68% while TDAQ charges 0.83%. Lower fees mean more of your investment returns stay in your pocket over time.

How much income does $10,000 in QQQI vs TDAQ generate?

At current rates, $10,000 in QQQI would generate roughly $118.33 per month ($1,420.00 annually). The same in TDAQ would produce about $146.50 per month ($1,758.00 annually).

Which has performed better historically, QQQI or TDAQ?

QQQI has lagged TDAQ over the trailing twelve months, posting a 16.45% total return against 23.56%. Measured from Sep 2025 — when the younger fund began trading — TDAQ has compounded at 24.78% a year versus 17.22% for QQQI. Figures are total returns: price change plus every distribution reinvested. Past performance does not guarantee future results.

More comparisons to explore

QQQI vs TDAQ — at a glance

Generated August 15, 2026.

Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.

Overview

QQQI and TDAQ are both equity ETFs that overlay options strategies on Nasdaq-100 exposure to generate high monthly income. QQQI holds the Nasdaq-100 directly and uses a tax-efficient options framework, while TDAQ tracks the Invesco QQQ Trust (which itself holds Nasdaq-100 constituents) and uses daily 0DTE (zero days to expiration) options to cap upside in exchange for current income. The key distinction is QQQI's monthly income cycle versus TDAQ's daily options roll and explicit upside cap.

How they differ

QQQI targets a 13.66% distribution rate with a beta of 1.0553, meaning it tracks the Nasdaq-100 closely while generating income through monthly options overlay. TDAQ pursues a higher 16.88% yield but caps capital appreciation and carries a beta of 1.287, suggesting amplified moves during market swings—a trade-off for its daily 0DTE options strategy and higher income target. TDAQ is also substantially smaller (AUM of $289M versus QQQI's $13.9B) and much newer (launched September 2025 versus January 2024), making QQQI's trading liquidity and track record longer established. Expense ratios are nearly identical (0.71% vs. 0.68%), so the structural difference—monthly versus daily options rolls—dominates the cost picture.

Who each is best for

QQQI: Fits investors who want high current income from Nasdaq-100 exposure with minimal upside sacrifice and who value a stable monthly income cadence and a larger, more liquid fund structure.

TDAQ: Designed for investors comfortable with daily options resets and explicit upside caps who prioritize maximum current income extraction and are willing to accept higher volatility (reflected in beta of 1.287) and less established performance history in exchange.

Key risks to know

  • NAV erosion at 13–17% distribution yields. Both funds distribute roughly one-eighth to one-sixth of their NAV each month. If underlying Nasdaq-100 total returns lag distributions, cumulative capital erosion is likely; monitor whether price tracks NAV over rolling quarters.
  • Upside capping in TDAQ. The fund explicitly limits capital gains to generate its 16.88% yield. In a strong Nasdaq rally, TDAQ will lag—by design—while QQQI can participate more fully given its lower yield target and near-1.0 beta.
  • Daily options roll risk in TDAQ. Rolling 0DTE options daily exposes TDAQ to whipsaw scenarios: if the Nasdaq gaps up at the open, the new day's call strike may be struck immediately out-of-the-money, forcing early assignment or forcing the fund to repurchase at worse prices. This adds execution risk absent in QQQI's monthly framework.
  • Higher beta and volatility in TDAQ. With a beta of 1.287, TDAQ amplifies downside moves in tech downturns more sharply than QQQI (beta 1.0553). In a 10% Nasdaq correction, TDAQ may decline ~13%, versus QQQI's ~10.5%.
  • Liquidity and track record. TDAQ's $289M AUM and September 2025 inception date mean limited real-world stress testing and potentially wider bid-ask spreads during market dislocations, whereas QQQI has operated through a full market cycle.

Bottom line

If you prioritize stable, tax-efficient Nasdaq-100 income with minimal upside dampening and an established fund, QQQI's lower distribution rate and near-market-tracking beta offer a clearer path. If you're willing to forgo upside gains and tolerate daily options resets in pursuit of maximum monthly income and can accept higher volatility, TDAQ's 16.88% yield and 0DTE structure appeal to a different risk profile. Past performance does not predict future results, and both funds' ability to sustain their distribution rates depends on sustained Nasdaq performance and options volatility levels.

AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.

Learn the method

The metrics behind this comparison, explained in the Academy.

How covered-call funds work How to read a fund's stats The covered-call opportunity cost

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