QGRD ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings and Alternative ETFs
The Horizon Nasdaq 100 Defined Risk ETF (QGRD) is a defensive strategy that uses FLEX options to limit downside losses on the Nasdaq 100. Comparing its structure with related products such as QYLD and JEPQ is the key criterion for judging its investment outlook.
SubscribeWhat Is the Horizon Nasdaq 100 Defined Risk ETF?
This is an actively managed ETF that pursues a defined risk strategy, building Nasdaq 100 index exposure with FLEX options so that the loss range is set in advance.
It suits defensive investors who are interested in the growth potential of the Nasdaq 100 but want to limit the extent of downside losses.
It is an ETF run by Horizon using an active management approach.
How Does the Horizon Nasdaq 100 Defined Risk ETF Invest?
| Item | Details |
|---|---|
| Underlying index | Nasdaq 100 |
| Management style | Active (FLEX option-based defined risk) |
| Rebalancing frequency | Adjusted at option expiration |
| Dividend frequency | Limited information |
| Total expense ratio | 0.85% |
It implements a defined risk structure in which a combination of FLEX options linked to the Nasdaq 100 index sets the upside participation range and the downside loss range in advance. At each option expiration, the positions are rebuilt to maintain the protected range.
- Loss range set in advance using FLEX options
- Pursues Nasdaq 100 growth exposure and downside protection at the same time
Horizon Nasdaq 100 Defined Risk ETF Size and Costs (AUM and Management Fee)
Assets under management (AUM) stand at $167.3M, and the total expense ratio is 0.85% per year.
It differs from Nasdaq 100-linked products shown in the table, such as QQQY and QXQ, in the purpose of using options (income generation versus loss protection), and fee levels also vary by product.
Horizon Nasdaq 100 Defined Risk ETF Performance and Trends
1-Year Price Performance
Dividend & Yield
52-Week Price RangeGiven the characteristics of an option-based defined risk structure, it tends to show a pattern in which participation is limited when the Nasdaq 100 rises and losses are cushioned when it falls.
Investor interest in defensive option strategy ETFs as a group continues during volatile periods, and fund flows tend to be influenced by both the level of market volatility and the direction of the Nasdaq 100.
Horizon Nasdaq 100 Defined Risk ETF Pros and Cons
Its strength is that it pursues Nasdaq 100 growth exposure and loss protection at the same time, while its weaknesses are the cap on upside participation and the complexity of its structure.
💪 Key Strengths
⚠️ Points to Watch
Horizon Nasdaq 100 Defined Risk ETF Alternative ETFs and Related Products
QQQY, QXQ and WDTE shown in the table are all option strategy products in the Nasdaq 100 and S&P 500 family, but they differ from QGRD in whether the emphasis falls on income generation or loss protection. In addition, QYLD, which seeks income by selling Nasdaq 100 call options, JEPQ, a premium-collecting product, and QQQ, which tracks the Nasdaq 100 directly, are also worth comparing.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 VXX | iPath Series B S&P 500 VIX Short-Term FuturesTM ETN | $19.21 | +10.3% | $512.0M | 0.89% | - | -43.2% |
 QQQY | Defiance Nasdaq 100 Weekly Distribution ETF | $20.45 | -3.5% | $184.4M | 1.01% | 35.32% | -18.5% |
 QXQ | SGI Enhanced Nasdaq-100 ETF | $30.80 | -3.3% | $84.4M | 0.98% | 1% | +10.7% |
 WDTE | Defiance S&P 500 Weekly Distribution ETF | $27.46 | -1.8% | $70.3M | 1.03% | 33.61% | -17.2% |
 PHDG | Invesco S&P 500 Downside Hedged ETF | $40.65 | -1.6% | $62.1M | 0.39% | 1.44% | +7.0% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 FAF | First American Financial Corp | 0.04% | $63.82 | +0.2% | $6.5B | 9.0 | 3.64% |
Horizon Nasdaq 100 Defined Risk ETF Investor Checkpoints
These are the points to review before investing in QGRD. Because it is an option-based defensive structure, it is wise to check carefully in advance the strategy's mechanics, the characteristics of a new fund, and the fee level.
| Checkpoint | What to Check | Current Status |
|---|---|---|
| 💵 Expense ratio | Check the operating cost of the option strategy | Active option strategy fee applies |
| 🛡️ Loss protection range | Understand how the FLEX options are structured | Rebuilt at each expiration |
| 📈 Limited upside participation | Extent of capped gains in a sharp rally | Limit exists due to option structure |
| 🆕 Track record | Status of performance verification for a new fund | Short track record |
The main risks are that, owing to the option structure, upside participation is limited in a sharp rally, and that, as a new fund, its performance has not yet been sufficiently verified across different market conditions.
It is a defensive option strategy ETF suited to investors who want to keep Nasdaq 100 growth exposure while limiting downside losses. If you place more weight on income generation, alternatives such as QYLD and JEPQ can also be considered.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
This article reflects information as of July 2, 2026.
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