ETF Education Report: SGI ENHANCED NASDAQ-100 ETF (QXQ)

What this ETF is trying to do

The SGI ENHANCED NASDAQ-100 ETF (ticker: QXQ) is an exchange-traded fund. Based on its name and holdings, it focuses on providing exposure related to the NASDAQ-100. Its portfolio includes several money market funds and an investment trust.

What the numbers show

The current price of one share is $33.03. To understand how the price has moved, we can look at two different types of returns:

• Price Return: This measures only the change in the share price. The year-to-date (YTD) price return is approximately 20.24%. The one-year price return is approximately 6.90%.

• Total Return: This measures the share price change *plus* the money paid out through distributions. The YTD total return is approximately 20.83%. The one-year total return is much higher at approximately 25.89%.

If you had bought one share roughly one year ago at the estimated price of $30.89, the share price itself would have grown to $33.03.

Income and distribution explanation

This ETF has a distribution yield of approximately 14.84%. This means the cash distributions are quite high compared to the ETF's price. These payments usually happen quarterly, and there were 4 payments in the last 12 months.

It is important to remember that a high distribution yield is not the same as total return. While distributions provide cash income, they are separate from the growth of the share price itself.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases over time. Some investors worry about this because if the value drops too much, it can be hard to get their original investment back.

For QXQ, the erosion-risk score is 100, and the label states "No price erosion detected." The erosion severity is rated as "good," and there is no severe erosion-risk flag.

Top Holdings

The following are the top holdings in this fund (as of October 11, 2026). Please note that holdings can change over time.

• VANGUARD FEDERAL MONEY MARKET INVESTOR: 7.32%

• VANGUARD TREASURY MONEY MARKET INVESTOR: 7.32%

• INVESCO QQQ TRUST: 2.61%

• NORTH CAPITAL TREASURY MONEY MKT INSTL: 1.91%

• FIRST AMERICAN GOVERNMENT OBLIGS X: 0.59%

• PIMCO GOVERNMENT MONEY MARKET M: 0.53%

• FIDELITY GOVERNMENT CASH RESERVES: 0.46%

Pros

• The fund shows a positive YTD total return of approximately 20.83%.

• The erosion-risk measurements suggest the price is currently stable.

Cons

• Total return data for the last three years was not supplied.

• The fund's price return is lower than its total return, meaning much of the value comes from distributions.

Beginner takeaway

When looking at an ETF like QXQ, it is helpful to distinguish between the share price and the total return. While the share price grew by about 6.90% over the last year, the total return was much higher (25.89%) because of the cash distributions paid out to investors. Always look at total return to see the full picture of how an investment performed.