ETF Evaluator:
ProShares Nasdaq-100 High Income ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
| 127.0% | YieldMax AMD Option Income Strategy ETF (AMDY) |
| 113.8% | YieldMax MSTR Short Opt Inc Stgy ETF (WNTR) |
| 91.4% | YieldMax Semiconductor Port Opt Inc ETF (CHPY) |
| 90.2% | YieldMax Target 12 Smcndctr Opt Inc ETF (SOXY) |
| 61.8% | YieldMax GOOGL Option Income Stgy ETF (GOOY) |
Risk
Index
Risk
Index
ETF Details
ProShares Nasdaq-100 High Income ETF Overview
ProShares Nasdaq-100 High Income ETF (IQQQ) is a passively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). ProShares launched the ETF in 2024.
The investment seeks investment results, before fees and expenses, that track the performance of the Nasdaq-100 Daily Covered Call Index.
The index is designed to replicate the performance of an investment strategy that combines a long position in the Nasdaq-100 Index with a short position in Nasdaq-100 Index call options. Under normal circumstances, the fund will invest at least 80% of its total assets in component securities of the index or in instruments with similar economic characteristics. The fund is non-diversified.
About ProShares Nasdaq-100 High Income ETF (IQQQ)
There are 2 members of the management team with an average tenure of 2.37 years: Michael Neches (2024) and Devin Sullivan (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: Nasdaq-100 Daily Covered Call TR USD index with a weighting of 100%. ProShares Nasdaq-100 High Income ETF has 110 securities in its portfolio. The top 10 holdings constitute 44.3% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
ProShares Nasdaq-100 High Income ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. ProShares Nasdaq-100 High Income ETF has 2.2% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 79.1% There is 2.2% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). ProShares Nasdaq-100 High Income ETF has 11.4% of the portfolio in cash.
Assets Under Management
The fund has $394 million in total assets, which is below the $727 million average for the Derivative Income category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
IQQQ Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The ProShares Nasdaq-100 High Income ETF expense ratio is average compared to funds in the Derivative Income category. ProShares Nasdaq-100 High Income ETF has an expense ratio of 0.55%, which is 34% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. ProShares Nasdaq-100 High Income ETF has a portfolio turnover rate of 70%, which indicates that it holds its assets around / 0.0 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, ProShares Nasdaq-100 High Income ETF returned -6.3%, which earned it a grade of F, as the Derivative Income category had an average return of -1.5%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
ProShares Nasdaq-100 High Income ETF has a trailing yield of 1.30%, which is below the 19.96% category average.
The fund normally distributes its income monthly and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
ProShares Nasdaq-100 High Income ETF Grades
Year to date, the ETF has returned 10.1%, 7.5 percentage points better than the category, which translates into a grade of B. The fund has returned 19.5% over the past year (grade of B).
For more ETF grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about ProShares Nasdaq-100 High Income ETF, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
IQQQ Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| IQQQ Return (NAV) | -6.3% | 2.5% | 19.5% | na | na | na |
| IQQQ Return (Price) | -6.3% | 2.6% | 19.7% | na | na | na |
| NAV +/- Price Return | -0.049% | -0.080% | -0.195% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| IQQQ Grade (NAV) | F | C | B | na | na | na |
| +/- Category (NAV) | -4.8% | 1.9% | 8.3% | na | na | na |
| IQQQ Tax-Cost Ratio | na | na | 0.5% | na | na | na |
IQQQ Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| IQQQ Return (NAV) | 10.1% | 16.9% | na | na | na | na | na | na | na | na | na |
| IQQQ Return (Price) | 10.1% | 17.0% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.002% | 0.005% | na | na | na | na | na | na | na | na | na |
| Derivative Income Avg | 2.6% | 10.6% | 18.5% | 17.5% | -11.3% | 19.4% | 1.4% | 19.2% | -7.1% | 12.1% | 8.7% |
| IQQQ Grade (NAV) | B | B | na | na | na | na | na | na | na | na | na |
| +/- Category | 7.5% | 6.4% | na | na | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | na |
| R-Squared: | na |
| Standard Deviation: | na |
| Category Risk Index: | na |
| Category Risk Rating: | |
| Total Risk Index: | na |
| Total Risk Rating: | |
| Portfolio Characteristics | |
| Yield: | 1.3% |
| Total Assets: | $ 394 Mil |
| Share Class Assets: | $ 394 Mil |
| Turnover: | 70.0% |
| Expense Ratio: | 0.55% |
| Index Fund: | Yes |
| Index Tracked: | Nasdaq-100 Daily Covered Call TR USD |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 2.4 years | |||
| Average Tenure: 2.4 years | |||
| Managers (Year): Neches Michael (2024), Sullivan Devin (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 110 |
| % in Top 10 Holdings: | 44.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.2% |
Portfolio Allocation |
|
| Domestic Stock: | 79.1% |
| Foreign Stock: | 2.2% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 7.4% |
| Cash: | 11.4% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | ProShares |
| Phone Number: | 866-776-5125 |
| Website: | www.proshares.com |
| Inception Date: | March 18, 2024 |
Expenses and Fees
| Expense Ratio (%): | 0.55% (Rating: Avg) |
| Category Average Expense Ratio (%): | 0.83% |
