● LAUNCHED Began trading Oct 23, 2026. Payment history will be charted here from the first distribution.
This fund is already trading; the payment watch is now waiting on its first distribution. A green LAUNCHED badge here means it's live and our launch tracker has logged it.
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What OVQ Does, Per the Filing
Almost every Nasdaq-100 income fund you can buy works the same way: it holds the index and sells call options against it. That trade is easy to describe. You collect premium, and in exchange you give up the big up months, because a call you sold caps how much of a rally you keep. QQQI, JEPQ and QYLD all live on that trade in different costumes.
OVQ does the opposite side. It keeps at least 80% of its net assets in Nasdaq-100 equity exposure and then sells put spreads: it writes a short-dated put, and buys a second put at a lower strike to sit underneath it. The premium it keeps is the difference between the two. Because it never writes a call over its holdings, it does not cap your upside — if the Nasdaq-100 runs, OVQ participates in the way a plain index fund would.
That is not free, and the prospectus is direct about where the bill arrives. The lower-strike put it buys is a floor with a gap above it: in the filing's own words, the long puts “are not expected to completely protect the Fund from a decline in the value of the reference index.” A call-selling fund gives up the best months. OVQ keeps them, and in exchange it is the one standing underneath the market when it falls far enough. Its upside beyond the index is also bounded — the filing notes returns from the overlay are generally limited to the premiums collected.
The number to hold them to. Liquid Strategies targets, but does not guarantee, an annual distribution rate of 12%, paid monthly and managed toward a relatively stable level. A target is a statement of intent, not a record, and part of any payment may be return of capital — your own money handed back, which lowers your cost basis rather than earning you anything. Every payment OVQ actually makes gets charted on its payment history page, which recomputes nightly, so the target can be checked against the cheques rather than taken on trust.
The options it uses expire one to two weeks out and are rolled, and they are broad-based index options, which the filing flags as Section 1256 contracts: gains are taxed 60% long-term and 40% short-term regardless of how long they were held. For a fund paying monthly out of options, that treatment is worth more than a few basis points of fee.
It launched seeded at $25.00 a share holding 97% QQQM plus cash, with a 0.97% total expense ratio — 0.85% management plus 0.12% of fees charged by the ETF it holds, which is why the headline number is not the management fee.
What Nobody Can Know Yet
OVQ is trading, but it has not paid yet, so there is no payment history, no real yield, and no evidence of how its strategy behaves in live markets — any number you hear before its first distribution is a target or a guess. A fund can also take months to declare one, or pay less than its target implied. When OVQ declares, we chart every payment from its very first one, free.
One email the day OVQ declares its first distribution — the amount, not a press release. Until then there is nothing to report, and we will not invent any.
Frequently Asked Questions
When did OVQ launch?
It launched Oct 23, 2026. The registration was first seen in SEC records dated Oct 20, 2026; issuers typically launch within months of filing, but filings can also stall. The status box above updates daily, and the launch tracker shows everything else on the runway.
What will OVQ pay?
Unknowable until it pays — there is no payment history yet and the filing promises no rate. The strategy is option-income, so distributions would depend on real option premiums once live.
Is selling puts riskier than selling covered calls?
Different, and the honest answer is that it depends on what you are afraid of. A covered-call fund already owns the shares, so its worst case is the market falling while it has also given away the rebound — it keeps the loss and loses the recovery. OVQ keeps the rebound, because it never sold a call, but a short put obliges it to absorb losses when the index falls through the strike it wrote. Its long put limits how far that goes without closing the gap, so a sharp drop still costs it. Neither structure is safe; they fail in different weather. The practical difference for someone holding it: OVQ should look more like the Nasdaq-100 in a good year and can hurt more in a bad one.