QQCL (Canada-listed) and QYLD (US-listed) both target Nasdaq-100 style exposure with a covered-call overlay — but they are different wrappers, issuers, and filing regimes. Investors often ask which “Nasdaq covered call” to use without checking earned vs paid.
This page compares mandates and mapped Dist. coverage. Not investment advice; not tax advice on CAD vs USD accounts.
Side-by-side
| QQCL | QYLD | |
|---|---|---|
| Listing | Canada (TSX) | United States |
| Issuer | Global X Canada | Global X US |
| Overlay | Enhanced Nasdaq-100 covered call | Nasdaq-100 covered call |
| Mapped period | Calendar 2025 (CA filing) | FY ended Oct 31, 2025 (US N-CSR) |
| Dist. coverage | Covered | 73% covered |
| Earned vs paid | $41.2M vs $34.8M | $780.0M vs $1.07B |
QQCL’s mapped 2025 year shows accrual profit fully covering distributions. QYLD’s FY Oct 2025 year shows 73% coverage — operations did not fully cover the cheque on that lens. Different periods and fund sizes; do not treat the percentages as a head-to-head race on the same calendar day.
What “enhanced” usually means
QQCL’s Enhanced label typically implies a more aggressive options overlay than a standard covered-call fund. That can raise premium income and upside give-up. Confirm in the Canadian prospectus / annual report — do not infer coverage from the word “enhanced.”
Related Global X Canada tickers
- USCL — Enhanced S&P 500 Covered Call (2025: 98% covered — $32.3M earned vs $32.9M paid)
- QQCC — Nasdaq-100 Covered Call (non-enhanced cousin — check fund page)
Practical checklist
1. Decide listing currency / account (CAD vs USD) first.
2. Compare overlay intensity in the product documents.
3. Read Dist. coverage on CoverCall Ledger for each fund’s own filing year.
4. Sort both on the coverage table.
US option-income cluster: JEPI vs JEPQ vs QYLD. Mechanics: What is a covered call ETF?.