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QQQH
NEOS Nasdaq-100 Hedged Equity Income ETF
NEOS Investment Management, LLC
Verdict
WATCH
Weighted score · 3.85 / 5
Fund Identity
What it is, who runs it, where it lives.
The NEOS Nasdaq-100® Hedged Equity Income ETF seeks high monthly income in a tax efficient manner with a measure of downside protection..
The Fund is an actively-managed ETF that invests in stocks included in the Nasdaq-100® Index combined with a put spread options collar (written call options, long put options, and written put options) on the Nasdaq-100®. It seeks to generate tax-efficient monthly income from equity dividends and premiums earned from the options collar. The collar is designed to reduce volatility and provide downside protection, though upside gains are limited. The Fund generally uses a replication strategy for the equity portion and a proprietary systematic rules-based model to manage options positions.
Ticker
QQQH
Issuer
NEOS Investment Management, LLC
Exchange
XNAS
Inception
2025-02-21 · 1.3 yrs
Mgmt style
Active
Replication
Physical (full replication) for equity + Derivatives (options collar: written calls, long puts, written puts) on Nasdaq-100®
Index-based
— · Nasdaq-100® Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Put spread options collar: written (sold) call options + long (bought) put options + written (sold) put options
generates income
Underlying
Nasdaq-100® (NDX)
income exposure
MONTHLY
8.8%
DIST. RATE
97% ROC
Section 1256 (60/40)
Section 1256 (60/40)
Underlying
Nasdaq-100® (NDX)
Strategy
Put spread options collar: written (sold) call options + long (bought) put options + written (sold) put options
Tax
Section 1256 (60/40)
The Fund sells call options on up to 100% of the value of equity holdings to generate premium, buys put options to hedge downside risk, and sells put options at a lower strike to generate additional premium (put spread). Options typically have ~6-week expirations and are rolled monthly. The strategy aims to produce a net credit where premium received from sold options exceeds the cost of bought puts.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
0.0%
Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
97%
ROC
Return of Capital — constructive97%
Net Investment Income3%
Frequency
Monthly
Dist. rate
8.75%
ROC %
97%
30-day SEC
not reported
Consistency
14 w/o cut
YOC · 1yr-ago buyer
9.5%
Tax Treatment — Section 1256 (60/40)
SECTION 1256 (60/40)
Distribution Composition (Recent)
ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.
Composition · Narrative
The May 2026 distribution of $0.4198 per share is composed of 97% return of capital ($0.4076) and 3% estimated net investment income ($0.0122). On a fiscal year-to-date basis, virtually the entire cumulative distribution of $2.0299 per share (100%) is classified as return of capital. No capital gains are included in this distribution.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 17 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-05-27
Ex-dividend
2026-05-27
Pay date
—
Payback Period
11.4 yr
Dist. Since Incep.
$6.5
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
106
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$56.4$53.7$50.9$48.2
DEC '25JUN '26
Price $56.35
50-DMA $54.60
200-DMA $52.47
Bullish — 50-DMA above 200-DMA
Price $56.35 is above the 200-day SMA ($52.47); 50-day SMA $54.60. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
30K
Avg dollar volume
$1,658,470
Bid/ask spread
0.28%
Premium/discount
+0.12%
Turnover
6%
Estimated bid/ask spread ~0.16% (moderate). Average daily dollar volume ~$1.7M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Stable. Source: shares×price (Massive, monthly).
AUM ($)
$377M
$382M$339M$295M
FEB '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
QQQH · 2026-06-22
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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