TDAQ vs TDAX: Daily Income or 1.3x Daily Exposure?
TDAQ holds QQQ exposure and writes short-dated calls. TDAX seeks 130% of TDAQ's daily performance before fees and expenses, primarily through swaps, with call options also permitted. Its target is daily TDAQ performance, not 130% of Nasdaq-100 returns or a promised multiplier on distributions.
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.
TDAQ has outpaced TDAX over the year to date, posting a 14.20% total return against 10.74%. TDAQ has been the steadier holding, though — annualized volatility of 20.2% against 26.4% for TDAX. 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 October 16, 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 2026” measures every fund from January 7, 2026 — 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 shared window since Jan 2026. 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 shared window since Jan 2026) — 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
TDAQ
TDAX
Forward distribution rate
17.50%
20.11%
Trailing 12-month yield
17.19%
17.29%
30-day SEC yield
-0.24%
1.43%
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 TDAQ vs QQQ.
Side-by-side snapshot
Side-by-side snapshot. Each row is one metric;
each column is one fund.
Seeks current income with prospects for capital appreciation through a daily covered-call
strategy, primarily using zero-day-to-expiration options. Its secondary objective is exposure
to the Nasdaq-100 Index through index ETFs, direct constituent stocks or a combination.
The TDAQ Lift ETF (the “Fund”) seeks daily leveraged investment results and is very different
from most other exchange-traded funds. As a result, the Fund may be riskier than alternatives
that do not use leverage because the Fund’s objective is to magnify (130%) the daily
performance of the ETF shares of the TappAlpha Innovation 100 Growth & Daily Income ETF
(NASDAQ: TDAQ) (“TDAQ”).
Bottom lineChoose TDAQ if you want the underlying daily option-income strategy without TDAX's leverage. Choose TDAX if you seek leveraged daily TDAQ exposure and can monitor compounding and derivatives. Payments can change and may include tax return of capital. Neither a payout rate nor tax character proves total return, distribution coverage, or principal safety.
An option-income fund versus leveraged daily exposure to that fund
TDAQ holds QQQ exposure and writes short-dated calls. TDAX seeks 130% of TDAQ's daily performance before fees and expenses, primarily through swaps, with call options also permitted. Its target is daily TDAQ performance, not 130% of Nasdaq-100 returns or a promised multiplier on distributions.
TDAQ
TDAX
Approach
QQQ exposure and short-dated calls
130% daily TDAQ return objective
Risk review
Equity losses, option obligations, and changing distributions
Amplified daily losses, compounding, financing, and counterparty risks
Expense ratio
0.68%
0.97%
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. TDAQ and TDAX 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.
Daily leverage reset. TDAX targets a multiple of the index's DAILY move, resetting every session. Over weeks and months the compounding of daily resets (volatility decay) can drag returns far below the stated multiple, especially in choppy markets — and losses are magnified the same way gains are.
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 and TDAX.
TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) and TDAX (TDAQ LIFT ETF) are both dividend ETFs, but they take different approaches.
TDAX offers the higher yield at 20.11% vs 17.50% for TDAQ. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.
TDAQ is cheaper with an expense ratio of 0.68% compared to 0.97%.
They have different reference exposures: TDAQ is linked to Nasdaq-100 exposure through index ETFs and/or direct constituent stocks while TDAX is linked to TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF), which means their performance drivers differ.
TDAQ is the larger fund by assets ($450M), but assets alone do not establish trading costs or liquidity.
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On a $10,000 investment, TDAQ would generate roughly $145.83 cash per distribution, while TDAX would produce $38.67 cash per distribution, at current distribution rates.
TDAQ yield17.50%
TDAX yield20.11%
Cash diff on $10K$107.16
Cost & efficiency
Over 10 years on $10,000, TDAQ would cost approximately $680 in fees vs $970 for TDAX (simplified, not compounded). The $290.00 difference may be offset by yield or performance.
TDAQ ER0.68%
TDAX ER0.97%
Strategy & risk
TDAQ holds QQQ exposure and writes short-dated calls. TDAX seeks 130% of TDAQ's daily performance before fees and expenses, primarily through swaps, with call options also permitted. Its target is daily TDAQ performance, not 130% of Nasdaq-100 returns or a promised multiplier on distributions. Beta describes historical benchmark sensitivity, not guaranteed downside protection.
TDAQ beta1.287
TDAX beta1.7958
Fund details
TDAQ is managed by TappAlpha (launched 09/04/2025) with $450M in assets. TDAX is managed by TappAlpha (launched 01/07/2026) with $73.5M in assets.
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Frequently asked questions
Will TDAX return 1.3 times TDAQ over a month or year?
That is not its objective. Each day's result compounds, so longer-period returns depend on the path, volatility, financing, and expenses. For example, if TDAQ rises 10% then falls 9.09%, it is roughly flat; idealized 1.3x daily exposure loses about 0.35% before costs. Other paths can help compounding, so decay is not a fixed fee or an inevitable result in every market.
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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