An analysis suggests that the Roundhill N-100 0DTE Covered Call Strategy ETF (QDTE)'s trailing 12-month payout of $13.33 per share may include a return of investors' own capital, rather than solely investment income. The report highlights that QDTE's strategy of selling daily 0DTE covered calls caps upside gains and offers minimal downside protection. Furthermore, QDTE carries a 0.95% expense ratio, significantly higher than the Invesco QQQ Trust's 0.20%. As of July 30, 2026, QDTE's price was up 9.66% year-to-date (adjusted for dividends), trailing QQQ's 11.27% gain over the same period.