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.

Updated October 2, 2026

How these figures are calculated: methodology.

Best for

QQQIInvestors who want index call spreads structured for Section 1256 tax treatment.
TDAQInvestors who want a covered-call overwrite written on the holdings themselves.

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Visual comparison

Key metrics

Projected income on $10K

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.

QQQI has lagged TDAQ over the trailing twelve months, posting a 18.72% total return against 24.76%. Measured from Sep 2025 — the start of shared available history — TDAQ has compounded at 28.70% a year versus 21.22% 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.
Symbol	YTD cumulative	1Y cumulative	Since Sep 2025	Volatility	Sharpe	Sortino	Max drawdown
QQQI	15.96%	18.72%	21.22%	16.7%	0.76	1.08	-9.6%
TDAQ	20.61%	24.76%	28.70%	19.6%	0.90	1.28	-11.7%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of October 2, 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 Sep 2025” measures every fund from September 4, 2025 — 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	QQQI	TDAQ
Forward distribution rate	13.56%	16.58%
Trailing 12-month yield	13.63%	16.30%
30-day SEC yield	-0.05%	-0.24%

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.

Total return against the stated underlying is on QQQI vs QQQ, TDAQ vs QQQ.

Side-by-side snapshot

Side-by-side snapshot. Each row is one metric; each column is one fund.
Metric	QQQI	TDAQ
Full name	NEOS Nasdaq-100 High Income ETF	TappAlpha Innovation 100 Growth & Daily Income ETF
Issuer	NEOS	TappAlpha
Last Close	$56.08 as of October 2, 2026	$27.64 as of October 2, 2026
Distribution rate	13.56%	16.58%
Trailing 12-month yield	13.63%	16.30%
30-day SEC yield	-0.05%	-0.24%
Distribution Safety Score™	84	79
Safety-Adjusted Yield	11.39%	13.10%
Expense ratio	0.68%	0.83%
AUM	$15.0B	$386M
Distribution frequency	Monthly	Monthly
Underlying index	Nasdaq-100	Invesco QQQ Trust (QQQ)
Objective	Seeks 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 class	Equity	Equity
Inception date	01/29/2024	09/04/2025
Beta	1.0553	1.287
Last dividend	$0.6339	$0.382
Ex-dividend date	09/16/2026	09/15/2026

Bottom lineChoose QQQI if you want index call spreads structured for Section 1256 tax treatment. Choose TDAQ if you want a covered-call overwrite written on the holdings themselves. QQQI and TDAQ both use option or derivative overlays. Their tradeoff is the underlying exposure, how each option strategy is implemented, and the yield each targets; either overlay can limit upside participation, so neither offers uncapped price exposure.

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.

	QQQI	TDAQ
Underlying exposure	Nasdaq-100	Invesco QQQ Trust (QQQ)
Manager	NEOS	TappAlpha
Expense ratio	0.68%	0.83%
Distribution rate	13.56%	16.58%
Typical role	NEOS Nasdaq-100 income overlay	TappAlpha 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$34.7B

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$832M

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 16.58% vs 13.56% 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 have different reference exposures: QQQI is linked to Nasdaq-100 while TDAQ is linked to Invesco QQQ Trust (QQQ), 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.

Who should choose each?

Choose QQQI

NEOS Nasdaq-100 High Income ETF

Want index call spreads structured for Section 1256 tax treatment.
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 a covered-call overwrite on the stocks the fund holds.
Want to maximize current income — TDAQ distributes roughly 16.58% from selling options premium, vs 13.56% 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.

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Deep dive

Yield & income

On a $10,000 investment, QQQI would generate roughly $113.00 cash per distribution, while TDAQ would produce $138.17 cash per distribution, at current distribution rates. Both pay monthly distributions.

QQQI yield13.56%

TDAQ yield16.58%

Cash diff on $10K$25.17

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 (active 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 $15.0B in assets. TDAQ is managed by TappAlpha (launched 09/04/2025) with $386M in assets.

QQQI AUM$15.0B

TDAQ AUM$386M

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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 16.58% and 13.56% as of October 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 rate for QQQI and TDAQ?

QQQI currently distributes 13.56% and TDAQ 16.58%, based on fund data updated October 2026. Distribution rate 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 $113.00 cash per distribution ($1,356.00 annually). The same in TDAQ would produce about $138.17 cash per distribution ($1,658.00 annually).

Which has performed better historically, QQQI or TDAQ?

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Dividend dates and history

QQQI vs TDAQ — at a glance

Generated October 3, 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 using options overlays on Nasdaq-100 exposure to generate high monthly income, but they differ fundamentally in their approach and maturity. QQQI holds the NASDAQ-100 directly and sells covered calls against it, while TDAQ tracks QQQ (which itself mirrors the Nasdaq-100) and layers on daily options selling to boost yield. QQQI launched in January 2024 and has accumulated $15.0B, while TDAQ arrived in September 2025 with $386M.

How they differ

The biggest difference is options intensity: TDAQ explicitly uses 0DTE (zero days to expiration) daily options to generate income on top of covered calls, whereas QQQI uses a traditional covered-call structure. This makes TDAQ's income stream more sensitive to daily market moves and volatility spikes, while QQQI's rhythm is more predictable. TDAQ's yield sits at 16.58%, roughly 3 percentage points higher than QQQI's 13.56%, but that extra yield comes with higher beta (1.287 versus 1.0553) and a much larger price per share, which affects position sizing.

Who each is best for

QQQI: Fits investors seeking a covered-call income strategy on the Nasdaq-100 with established liquidity and lower volatility sensitivity; appeals to those comfortable with monthly income that may cap upside but preserve more downside cushion in sharp rallies.

TDAQ: Designed for investors prioritizing maximum monthly income from tech-focused exposure and comfortable with higher daily volatility and beta; suits those seeking aggressive income over capital preservation and willing to accept the execution risk of daily options sales.

Key risks to know

NAV erosion at extreme yields: Both funds distribute at rates well above historical equity returns. At 13.56% and 16.58% respectively, NAV is likely to erode unless underlying capital gains or volatility-driven option premiums exceed those payouts over time—a scenario that depends on sustained market conditions rather than fund design.

Options execution and assignment risk: TDAQ's daily options approach exposes investors to roll risk, gap risk, and the possibility that assigned positions are rolled at unfavorable prices during low-liquidity market windows. QQQI's monthly structure is simpler but still faces call assignment risk if the Nasdaq-100 rallies sharply, capping gains.

Higher beta amplifies drawdowns: TDAQ's beta of 1.287 versus QQQI's 1.0553 means TDAQ declines faster in market corrections. When the Nasdaq-100 falls 20%, TDAQ may fall closer to 26%, while QQQI closer to 21%—a meaningful difference in a bear market, even if option income softens losses.

TDAQ's limited operational history: Launched in September 2025, TDAQ has 1 year of real-world option execution and premium collection data. Effectiveness of daily 0DTE sales and consistency of income claims remain unproven across a full market cycle.

Underlying overlap and performance cap: Both track the same Nasdaq-100 universe. TDAQ explicitly caps capital gains to fund higher income; investors accept a ceiling on upside participation in sustained rallies, which may become painful if tech leadership accelerates.

Bottom line

If you prioritize stability and proven execution within a high-income wrapper, QQQI's established liquidity, lower fees, and moderate beta offer a more conservative entry. If you're chasing maximum monthly cash flow and can tolerate higher daily volatility and beta alongside an options-intensive daily roll structure, TDAQ's higher yield may justify the tradeoff—but its newness means limited evidence that the strategy will deliver its promised income consistently. Past performance doesn't predict future results, and both funds' yields assume volatility regimes and underlying returns that may not persist.

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

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The metrics behind this comparison, explained in the Academy.

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These comparisons follow the Dividend Vision methodology.