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Dividend Vision

ETF Comparison

TDAX vs XQQI: Two Different Boosted Income Designs

TDAX seeks 130% of TDAQ's daily return before fees and expenses. XQQI combines Nasdaq-100 stocks, additional synthetic long exposure, and a call overlay, seeking up to approximately 150% notional exposure. Both use derivatives; XQQI is not an unleveraged substitute for TDAX.

Data updated September 11, 2026

Best for

  • TDAXInvestors who seek daily leveraged TDAQ exposure and can monitor its compounding.
  • XQQIInvestors who want boosted Nasdaq-100 option income and accept synthetic-exposure risk.

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

100% reinvested · ex-date convention. Period returns use this fixed assumption, independent of chart settings.

TDAX has outpaced XQQI over the shared window since Feb 2026, posting a 16.59% total return against 13.15%. 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.
SymbolSince Feb 2026Volatility Sharpe Sortino Max drawdown
TDAX16.59%27.7%0.761.09-14.7%
XQQI13.15%26.8%0.600.86-15.5%

Total return with all distributions reinvested on the ex-dividend date (a modeling convention, not the cash-settlement date), split-adjusted, as of September 11, 2026. YTD and 1Y are cumulative; windows of one year or longer are annualized. “Since Feb 2026” measures every fund from February 3, 2026 — 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 shared window since Feb 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 Feb 2026) — 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.
MetricTDAXXQQI
Full nameTDAQ LIFT ETFNEOS Boosted Nasdaq-100 High Income ETF
IssuerTappAlphaNEOS
Underlying indexTDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF)Nasdaq-100 Index
Last Close$23.48 as of September 11, 2026$48.60 as of September 11, 2026
Distribution rate25.03%20.75%
Distribution Safety Score™ 7979
Safety-Adjusted Yield 19.77%16.39%
Expense ratio0.98%0.98%
AUM$64.7M$332M
Distribution frequencyWeeklyMonthly
ObjectiveThe 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”).“The NEOS Boosted Nasdaq‑100 High Income ETF (the ‘Fund’) seeks to boost performance by generating high monthly income in a tax efficient manner with the potential for enhanced equity appreciation in rising markets.”
Asset classEquityEquity
Inception date01/07/202602/03/2026
Beta1.79581.7948
Last dividend$0.113$0.8403
Ex-dividend date09/09/202609/02/2026

Bottom lineChoose TDAX if you seek daily leveraged TDAQ exposure and can monitor its compounding. Choose XQQI if you want boosted Nasdaq-100 option income and accept synthetic-exposure risk. Compare net total returns over matching dates, distribution sources, and current holdings. A distribution rate is not a return forecast, and tax return of capital alone does not establish economic loss. Payments and prices can fall.

A daily fund-return target versus boosted index exposure

TDAX seeks 130% of TDAQ's daily return before fees and expenses. XQQI combines Nasdaq-100 stocks, additional synthetic long exposure, and a call overlay, seeking up to approximately 150% notional exposure. Both use derivatives; XQQI is not an unleveraged substitute for TDAX.

TDAXXQQI
Approach130% daily TDAQ return objectiveNasdaq-100 stocks, boosted synthetic exposure, and calls
Risk reviewDaily compounding, amplified losses, financing, and counterparty riskAmplified equity losses, options, concentration, and variable distributions
Expense ratio0.98%0.98%
Portfolio fitReview combined holdings and weightsReview 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.

  • Daily leverage reset. TDAX and XQQI target 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.
  • Capped upside and premium dependence. TDAX and XQQI 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 · Why daily-reset leverage decays

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Income calculator

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TappAlpha
ETFs5
Total AUM$764M

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 TDAX.

See all TappAlpha ETFs
NEOS
ETFs19
Total AUM$33.2B

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 XQQI.

See all NEOS ETFs

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Quick verdict

TDAX (TDAQ LIFT ETF) and XQQI (NEOS Boosted Nasdaq-100 High Income ETF) are both dividend ETFs, but they take different approaches.

TDAX offers the higher yield at 25.03% vs 20.75% for XQQI. A higher yield means more current income per dollar invested, though it may come with different risk characteristics.

They have different reference exposures: TDAX is linked to TDAQ (TappAlpha Innovation 100 Growth & Daily Income ETF) while XQQI is linked to Nasdaq-100 Index, which means their performance drivers differ.

XQQI is the larger fund by assets ($332M), but assets alone do not establish trading costs or liquidity.

Deep dive

Yield & income

On a $10,000 investment, TDAX would generate roughly $208.58/month, while XQQI would produce $172.92/month, at current distribution rates.

TDAX yield25.03%
XQQI yield20.75%
Monthly diff on $10K$35.67

Cost & efficiency

Over 10 years on $10,000, TDAX would cost approximately $980 in fees vs $980 for XQQI (simplified, not compounded). Both charge the same expense ratio.

TDAX ER0.98%
XQQI ER0.98%

Strategy & risk

TDAX seeks 130% of TDAQ's daily return before fees and expenses. XQQI combines Nasdaq-100 stocks, additional synthetic long exposure, and a call overlay, seeking up to approximately 150% notional exposure. Both use derivatives; XQQI is not an unleveraged substitute for TDAX. Beta describes historical benchmark sensitivity, not guaranteed downside protection.

TDAX beta1.7958
XQQI beta1.7948

Fund details

TDAX is managed by TappAlpha (launched 01/07/2026) with $64.7M in assets. XQQI is managed by NEOS (launched 02/03/2026) with $332M in assets.

TDAX AUM$64.7M
XQQI AUM$332M
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Frequently asked questions

Does a 10% Nasdaq-100 loss mean TDAX loses exactly 13%?

No. TDAX targets daily TDAQ returns, not the Nasdaq-100 directly. TDAQ's option strategy changes its returns. Longer holding periods also compound daily results. XQQI's notional exposure is a portfolio-design measure, not a promise of 1.5 times an index return or distribution.

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.

More comparisons to explore

TDAX vs XQQI — at a glance

Generated September 13, 2026.

The key distinction is structural: TDAX stacks one derivative overlay on top of another, whereas XQQI uses a single layer of covered calls to boost income.

How they differ

The biggest difference is leverage architecture. TDAX applies 130% daily leverage to TDAQ, which already runs its own options overlay—creating a compounded derivative exposure. XQQI uses covered calls on the raw Nasdaq-100 Index without additional leverage, targeting a simpler income boost. That structural difference cascades into their risk profiles and cost of leverage. XQQI has meaningfully larger assets at $332M compared to TDAX's $64.7M, suggesting deeper liquidity and lower trading friction.

Who each is best for

TDAX: Fits traders and tactical investors with high risk tolerance who want maximum income extraction and are comfortable rebalancing frequently or holding for short time horizons. The weekly payout and 130% leverage appeal to those seeking aggressive amplification of Nasdaq-100 moves.

XQQI: Fits investors seeking Nasdaq-100 exposure with enhanced income through a single, transparent options strategy. Designed for portfolios where monthly payouts align with rebalancing or distribution needs, and where simplicity of structure matters more than maximum yield.

Key risks to know

  • NAV erosion at extreme distribution yields. A 25.03% annual yield on a price requires constant capital return or synthesis; sustained distributions at this level often erode principal over multi-year holding periods unless underlying securities appreciate sharply.
  • Compounded leverage decay and rebalancing slippage. TDAX's 130% daily leverage applied to an already-leveraged fund (TDAQ) compounds volatility drag. In sideways or choppy markets, the daily rebalancing of leverage can lock in losses faster than a single-layer covered call strategy like XQQI's, especially over periods longer than weeks.
  • Covered-call opportunity cost. XQQI caps upside through its covered-call overlay. If Nasdaq-100 rallies sharply, XQQI's shares will be called away at strike, forfeiting gains beyond that level while collecting the premium as income—a trade-off TDAX's leverage structure avoids but amplifies downside exposure to offset.
  • Shallow liquidity and tracking divergence. TDAX's $64.7M is modest. Wide bid-ask spreads or large redemptions can force the fund to unwind leverage positions at unfavorable prices, widening tracking error versus its target.
  • Options volatility and implied-rate sensitivity. Both funds depend on sustained option premiums (covered calls for XQQI; leverage financing and call spreads for TDAX). A collapse in implied volatility or rise in funding costs can slash income without a market decline. Both hinge on sustained option premiums and carry meaningful principal risk at these yield levels. Past performance does not predict future results.

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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