ETF Evaluator:
Defiance Nasdaq 100 Income Target ETF ()
Follow This ETF
(as of Aug 26)
Best Performing in Derivative Income Over the Last Year
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ETF Details
Defiance Nasdaq 100 Income Target ETF Overview
Defiance Nasdaq 100 Income Target ETF (QQQT) is an actively managed Nontraditional Equity Derivative Income exchange-traded fund (ETF). Defiance ETFs LLC launched the ETF in 2024.
The investment seeks current income; the secondary investment objective being exposure to the performance of the Nasdaq 100 Index.
The fund is an actively managed exchange-traded fund (“ETF”) that primarily seeks to generate current income. It’s strategy involves holding shares of unaffiliated passively managed ETFs that seek to track the performance of the index (“Index ETFs”) and selling daily credit call spreads on the index. The fund is non-diversified.
About Defiance Nasdaq 100 Income Target ETF (QQQT)
There are 3 members of the management team with an average tenure of 1.10 years: Jay Pestrichelli (2024), Scott Palvak (2025) and Matt Brandt (2025). Management tenure is more important for actively managed ETFs than passive index ETFs.
Defiance Nasdaq 100 Income Target ETF has 7 securities in its portfolio. The top 10 holdings constitute 102.7% 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.
Defiance Nasdaq 100 Income Target ETF is part of the Equity global asset class and is within the Nontraditional Equity ETF group. Defiance Nasdaq 100 Income Target ETF has 2.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 96.5% There is 2.7% 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). Defiance Nasdaq 100 Income Target ETF has 0.9% of the portfolio in cash.
Assets Under Management
The fund has $46 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.
QQQT 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 Defiance Nasdaq 100 Income Target ETF expense ratio is high compared to funds in the Derivative Income category. Defiance Nasdaq 100 Income Target ETF has an expense ratio of 1.20%, which is 44% higher than its category average, making the fund expense ratio grade a F. 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. Defiance Nasdaq 100 Income Target ETF has a portfolio turnover rate of 12%, which indicates that it holds its assets around / 0.1 years. By way of comparison, the average portfolio turnover is 69% for the Derivative Income category.
Recently, in the month of July 2026, Defiance Nasdaq 100 Income Target ETF returned -6.0%, 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.
Defiance Nasdaq 100 Income Target ETF has a trailing yield of 13.53%, 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.
Defiance Nasdaq 100 Income Target ETF Grades
Year to date, the ETF has returned 11.5%, 8.9 percentage points better than the category, which translates into a grade of B. The fund has returned 18.8% over the past year (grade of B).
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QQQT 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 |
|
| QQQT Return (NAV) | -6.0% | 3.2% | 18.8% | na | na | na |
| QQQT Return (Price) | -6.1% | 3.5% | 19.1% | na | na | na |
| NAV +/- Price Return | 0.134% | -0.283% | -0.268% | na | na | na |
| Derivative Income Avg | -1.5% | 0.6% | 11.2% | 13.7% | 8.8% | 7.5% |
| QQQT Grade (NAV) | F | C | B | na | na | na |
| +/- Category (NAV) | -4.5% | 2.6% | 7.6% | na | na | na |
| QQQT Tax-Cost Ratio | na | na | 5.6% | na | na | na |
QQQT Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| QQQT Return (NAV) | 11.5% | 14.2% | na | na | na | na | na | na | na | na | na |
| QQQT Return (Price) | 11.6% | 14.1% | na | na | na | na | na | na | na | na | na |
| NAV +/- Price Ret | 0.014% | -0.009% | 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% |
| QQQT Grade (NAV) | B | C | na | na | na | na | na | na | na | na | na |
| +/- Category | 8.9% | 3.6% | 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: | 13.5% |
| Total Assets: | $ 46 Mil |
| Share Class Assets: | $ 46 Mil |
| Turnover: | 12.0% |
| Expense Ratio: | 1.20% |
| Index Fund: | No |
| Index Tracked: | N/A |
| Index Weighting: | 100% |
| Leveraged: | No |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Monthly |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 2.1 years | |||
| Average Tenure: 1.1 years | |||
| Managers (Year): Pestrichelli Jay (2024), Palvak Scott (2025), Brandt Matt (2025) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 7 |
| % in Top 10 Holdings: | 102.7% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 2.7% |
Portfolio Allocation |
|
| Domestic Stock: | 96.5% |
| Foreign Stock: | 2.7% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | -0.2% |
| Cash: | 0.9% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Defiance ETFs LLC |
| Phone Number: | 833-333-9383 |
| Website: | |
| Inception Date: | June 20, 2024 |
Expenses and Fees
| Expense Ratio (%): | 1.20% (Rating: High) |
| Category Average Expense Ratio (%): | 0.83% |
