The short version
- QQQI's Form N-PORT for the period ending 2026-06-30 (filed 2026-08-25) lists 102 stocks, one money-market line and two option contracts. Net assets $13.1 billion.
- The stocks are the Nasdaq-100. Matched on CUSIP, 96.0% of QQQI's weight is in the same names at the same weights as QQQ (95 shared positions). The fund behaves like 34.3 equal holdings; QQQ, 34.1. On the equity side there is nothing here that QQQ does not have.
- What QQQ does not have is the option book: 1,180 written Nasdaq-100 call contracts at a strike of 31,050 and another 1,180 at 31,700, both expiring 2026-07-17. At 100 index points per contract that is a notional of $7.4 billion, 56% of net assets. The calls were carried at a liability of 0.29% of net assets on the filing date.
- The book has looked the same in all eleven filings since February 2024: two strikes, the next monthly expiry, notional between 51% and 74% of net assets (74% in early 2025, 56% now). What changed is the fund: $1.8 billion in May 2025, $9.3 billion in March 2026, $13.1 billion in June 2026.
- This is a description of a filing on a date. It says nothing about the distribution, the yield or whether an option-income fund is a good idea; the filing does not contain those things and neither does this essay.
Data as of 2026-06-30 (filing period) · received by the SEC 2026-08-25 · written 2026-09-20. The next period (2026-09-30) is due by the end of November and will be re-measured here.
What is in the fund
Source: Form N-PORT, period 2026-06-30, filed 2026-08-25, rows in the position file. Weights are shares of each fund's own investments (money-market line and options excluded); the two option lines carry negative values and are shown separately.
| # | Holding | QQQI | QQQ (same date) |
|---|---|---|---|
| 1 | NVIDIA | 7.63% | 7.60% |
| 2 | Apple | 6.61% | 6.67% |
| 3 | Micron Technology | 5.59% | 5.64% |
| 4 | Microsoft | 4.36% | 4.35% |
| 5 | Advanced Micro Devices | 4.10% | 4.11% |
| 6 | Amazon | 4.03% | 4.03% |
| 7 | Tesla | 3.34% | 3.30% |
| 8 | Alphabet (A) | 3.31% | 3.27% |
| 9 | Alphabet (C) | 3.05% | 3.03% |
| 10 | Intel | 2.98% | 3.04% |
Top ten 45.0% (QQQ 45.0%). 96.7% of the equity weight is US-domiciled, 1.6% Netherlands (ASML), 0.8% Canada.
| Fund | Positions | Behaves like | Top ten | Overlap with QQQI | Net assets |
|---|---|---|---|---|---|
| QQQI | 102 stocks + 2 options | 34.3 | 45.0% | — | $13.1B |
| QQQ | 103 | 34.1 | 45.0% | 96.0% | $490.1B |
| GPIQ (Goldman, same design) | 103 | 35.0 | 44.4% | 92.8% | $5.1B |
| JEPQ (JPMorgan, active stock selection) | 110 | 39.9 | 41.9% | 73.9% | $40.7B |
JEPQ is the one that is genuinely a different stock portfolio — a quarter of its weight is in names or weights QQQI does not hold. QQQI and GPIQ are the index.
The option book, as filed
Written options are filed as positions with negative values under optionSwaptionWarrantDeriv. There are two:
| Contract | Side | Contracts | Strike | Expiry | Notional (contracts × 100 × strike) | Value on filing date |
|---|---|---|---|---|---|---|
| NDX call | Written | 1,180 | 31,050 | 2026-07-17 | $3.66B | −$28.4M |
| NDX call | Written | 1,180 | 31,700 | 2026-07-17 | $3.74B | −$9.8M |
| $7.40B = 56% of net assets | −0.29% |
Two things follow from the numbers alone.
Where the income comes from. The fund's stocks are QQQ's stocks. The difference in cash flow between QQQI and QQQ has to come from the option book, and the book is two lines: calls written against a notional of about 56% of the fund, rolled monthly. Everything the fund distributes beyond what its stocks pay is premium collected for selling those calls, or return of capital; the filing cannot distinguish the two and neither can we.
What the book costs. A written call obliges the fund to give up index gains above the strike on the covered notional until expiry. On this filing about 56 cents of every dollar was covered and 44 cents was not. That ratio is a design choice by the manager. Across the eleven filings on record it has ranged from 51% to 74%, drifting lower as the fund grew; three of them:
| Filing period | Net assets | Contracts (each strike) | Strikes | Notional / net assets | Option value / net assets |
|---|---|---|---|---|---|
| 2025-05-31 | $1.8B | 221 | 20,000 / 20,450 | 51% | −3.19% |
| 2026-03-31 | $9.3B | 1,058 | 25,500 / 25,900 | 58% | −0.01% |
| 2026-06-30 | $13.1B | 1,180 | 31,050 / 31,700 | 56% | −0.29% |
The option value column is the one that moves: −3.19% of net assets in May 2025, near zero in March 2026. That is the mark-to-market of the calls on the filing date — how far the index had run past the strikes — not a cost paid, and it resets every month when the contracts expire and new ones are written.
Why the site's comparability rules pass this fund
This site marks a fund not comparable when swap and futures notional exceeds 50% of net assets, because a swap delivers exposure the holdings table does not show. QQQI's exposure is its holdings table; the options do not add exposure, they subtract some of the upside on part of it. So the fund is comparable on the measures published here, and the 34.3 effective holdings is a fair description of what it owns. What the measures cannot describe is the shape of the return, which the option book changes. Read the effective-holdings figure as "what it owns", not "how it behaves".
What this can and cannot tell you
- As of 2026-06-30. The option contracts on the filing date expired on 2026-07-17; the book on any later date is different contracts at different strikes, sized, on the evidence of three filings, to a similar share of the fund.
- The filing does not state the distribution, its yield, or how much of it is option premium versus return of capital. Anyone quoting a yield is quoting a source other than the filing.
- Overlap is computed on each fund's own investments at the same filing date (2026-06-30 for QQQI, QQQ, GPIQ and JEPQ).
- Nothing here is a view on whether to hold QQQI or any option-income fund.
Data: QQQI on this site · QQQ · JEPQ · QQQI positions, every period · the filing linked above.