Which is cheaper, QLDY or TPAY?

QLDY charges 1.04% a year and TPAY charges 0.49%, so TPAY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

QLDY vs TPAY: Dividend Yield & Total Return

QLDY and TPAY both write options for income.

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Net assets: $53m on Nov 3, 2026 for Defiance Nasdaq 100 LightningSpread Income ETF, and $2.1m on Nov 4, 2026 for Roundhill S&P 500 Target 10 Managed Distribution ETF.

QLDY on its own →TPAY on its own →

At a glance

35.3%

QLDY cash paid, 1 year

6.6%

TPAY cash paid, since launch, Feb 18, 2026

+9.1%

QLDY total return, 1 year

+11.6%

TPAY total return, since launch, Feb 18, 2026

QLDY · 1 year to Nov 4, 2026 3.2 pts behind QQQ

QLDY

+9.1%

QQQ

+12.3%

3.2 pts behind QQQ

QLDY over 1 year: paid 35.3%, price −27.2%, total +9.1%, QQQ +12.3%, −3.2 pts. Data to Nov 4, 2026.

QQQ

+12.3%

QLDY

+9.1%

35.3% of it arrived as cash

3.2 pts behind QQQ

Total return, distributions reinvested

3.2 pts behind QQQ

QLDY over 1 year: paid 35.3%, price −27.2%, total +9.1%, QQQ +12.3%, −3.2 pts. Data to Nov 4, 2026.

QQQ

+12.3%

QLDY

+9.1%

35.3% as cash

3.2 pts behind QQQ

35.3% of it arrived as cash. Total return, distributions reinvested. QLDY over 1 year: paid 35.3%, price −27.2%, total +9.1%, QQQ +12.3%, −3.2 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

TPAY · since launch to Nov 4, 2026 1 pt behind VOO

TPAY

+11.6%

VOO

+12.6%

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% of it arrived as cash

1 pt behind VOO

Total return, distributions reinvested

1 pt behind VOO

TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

VOO

+12.6%

TPAY

+11.6%

6.6% cash

1 pt behind VOO

6.6% of it arrived as cash. Both charts share one scale, with zero at the line. TPAY since launch: paid 6.6%, price +4.6%, total +11.6%, VOO +12.6%, −1.0 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

Pair scorecard

TPAY costs 0.55 points a year less; QLDY is far larger, $53m against $2.1m.

Points (pts) are percentage points.

QLDY vs TPAY: Dividend Yield & Total Return
Measure	QLDY	TPAY
Paid and earned
Measure	QLDY	TPAY
Total return, 1 year	+9.1%	not published
Price change	fell 27.2% (1 year)	rose 4.6% (since Feb 18, 2026)
Return of capital, issuer estimate	0% of the Nov 2, 2026 payment	100% of the Oct 15, 2026 payment
Against its benchmark
Measure	QLDY	TPAY
Benchmark	Nasdaq-100, measured through QQQ	Vanguard S&P 500 ETF, measured through VOO
Against its benchmark, same days	behind by 3.2 pts	behind by 1.0 pts
Cost and size
Measure	QLDY	TPAY
Expense ratio	1.04%	0.49%
Net assets, as of Nov 3, 2026	$53m	$2.1m
Holdings
Measure	QLDY	TPAY
Holdings in common	0%

Method

What they share

By the books each fund has filed, QLDY and TPAY hold 0% of their money in the same securities at the same weight. Holdings dated Nov 4, 2026.

50%

0 half 100%

half

0% in common

Positions both hold · largest shared weight first QLDY TPAY

Only in one fund ↓

Only in QLDY

Ndx 12/18/2026 2001.44 C 92.84%

United States Treasury Note/bond 2.375% 05/15/2027 0.49%

Exchange Put Opt 11/26 28320 0.15%

Xnd 12/18/2026 10.44 C 0.05%

Nasdaq-1 Put Opt 11/26 28470 -0.24%

Only in TPAY

SPY 03/12/2027 33.67 C 44.68%

SPY 04/16/2027 33.18 C 44.62%

SPYM 03/12/2027 3.33 C 6.11%

Check overlap with more funds →

Side by side

QLDY Defiance Nasdaq 100 LightningSpread Income ETF · Option income on QQQ, paying weekly TPAY Roundhill S&P 500 Target 10 Managed Distribution ETF · Option income on VOO, paying monthly

Issuer Defiance Roundhill

Strategy option income option income

Benchmark Nasdaq-100 (QQQ) Vanguard S&P 500 ETF (VOO)

Pays weekly monthly

Payout rate, annualized 19.7% 9.5%

Expense ratio 1.04% 0.49%

Cash paid, 1 year 35.3% 6.6% (since launch, Feb 18, 2026)

Price change, 1 year −27.2% +4.6% (since launch, Feb 18, 2026)

Total return, 1 year +9.1% +11.6% (since launch, Feb 18, 2026)

Benchmark return, 1 year +12.3% +12.6% (since launch, Feb 18, 2026)

Ahead or behind −3.2 pts −1.0 pts (since launch, Feb 18, 2026)

Return of capital, latest estimate 0% 100%

Age 1.1 years 259 days

Net assets, QLDY as of Nov 3, 2026 and TPAY as of Nov 4, 2026 $53m $2.1m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: QLDY vs TPAY: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	QLDY	TPAY	QLDY	TPAY	QLDY	TPAY
3 months	−4.5%	−0.8%	9.5%	2.3%	−1.1 pts	−0.7 pts
6 months	−3.1%	+4.2%	18.5%	4.7%	−2.8 pts	−0.8 pts
1 year	+9.1%	–	35.3%	–	−3.2 pts	–
Since launchNot the same days: QLDY Sep 2025 · TPAY Feb 2026	+13.2%	+11.6%	39.1%	6.6%	−3.7 pts	−1.1 pts

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Alert

About each fund

QLDY

Over the year to Nov 4, 2026, QLDY paid 35.3% of its starting value in cash distributions while its price fell 27.2%. With every distribution reinvested, the fund returned +9.1%. Nasdaq-100 (QQQ) returned +12.3% over the same days, so a holder was behind by 3.2 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 19.7%, paid weekly. Defiance estimates that 0% of the distribution paid Nov 2, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

TPAY

Over the period from its first trade on Feb 18, 2026 to Nov 4, 2026, TPAY paid 6.6% of its starting value in cash distributions while its price rose 4.6%. With every distribution reinvested, the fund returned +11.6%. Vanguard S&P 500 ETF (VOO) returned +12.6% over the same days, so a holder was behind by 1.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 9.5%, paid monthly. Roundhill estimates that 100% of the distribution paid Oct 15, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, QLDY or TPAY?: QLDY charges 1.04% a year and TPAY charges 0.49%, so TPAY is cheaper. Fees come from each fund's prospectus.

Other comparisons

QLDY vs SDTY QLDY vs XPAY QLDY vs TSPY QLDY vs LJUL TPAY vs XQQI TPAY vs QYLD TPAY vs QQQI TPAY vs BALQ

Where to next

Nasdaq-100 (QQQ) →Vanguard S&P 500 ETF (VOO) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →QLDY on its own →TPAY on its own →QLDY dividend history →QLDY holdings →TPAY dividend history →TPAY holdings →Method →Standards and sources →

Sources and dates

QLDY filings on SEC EDGAR ↗

QLDY prospectus with the expense ratio (SEC) ↗

QLDY 19a-1 distribution notice ↗

Defiance page for QLDY ↗

TPAY filings on SEC EDGAR ↗

TPAY prospectus with the expense ratio (SEC) ↗

TPAY 19a-1 distribution notice ↗

Roundhill page for TPAY ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, QLDY against TPAY, data as of Nov 4, 2026. https://etfiq.com/compare/income/qldy-vs-tpay

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.