Jay Hatfield of Infrastructure Capital Advisors pitches QVOL as an actively curated Nasdaq ETF designed to combine growth exposure with income. He argues that most Nasdaq funds are diluted by slower-growth, higher-valuation names and that some popular covered-call ETFs are structurally flawed because they write index calls in a way he считает inferior to selling calls on individual holdings. He also gives a macro view that the Fed is overly Keynesian and unlikely to raise rates further, especially with housing and construction already in recession.
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This is a focused interview centered on Infrastructure Capital Advisors’ new ETF, QVOL, and Hatfield’s macro view on rates and inflation. His core thesis is straightforward: QVOL aims to outperform the Nasdaq 100 by improving two things at once — selecting better underlying stocks and using call-writing more selectively. He says the fund is built around “growth at a reasonable price,” avoids names he sees as overvalued or too slow-growing, and targets 12% income while trying to beat the Nasdaq 100 on total return. Hatfield spends most of the segment criticizing how investors think about Nasdaq exposure. In his view, the Nasdaq 100 is mis-sold as a basket of innovative tech leaders, when in reality it includes many “dogs of the DAQ,” such as Walmart, Costco, Comcast, Charter, Kraft Heinz, and Mondelez. …
Tactically, the setup is about whether QVOL can distinguish itself from passive Nasdaq and covered-call ETFs; the claim hinges on early outperformance and selective stock choice, but proof is limited so far.
Over the next few months, the base case is that active selection plus call-writing can deliver a better income/return blend if crowded high-valuation names remain volatile; the view weakens if momentum leadership broadens or the ETF fails to sustain relative strength.
Structurally, Hatfield is arguing that Nasdaq exposure should be rethought as a valuation- and selection-driven exercise rather than a simple index bet. If that holds, active curation may matter more than passive exposure in growth-income products.
QVOL is designed to beat the Nasdaq 100 by combining curated stock selection with selective call writing.
He says the fund aims to outperform the benchmark and produce income through both stock curation and calls.
The Nasdaq 100 contains many slower-growth, overvalued companies that dilute growth investors’ exposure.
He gives several examples of names he считает unsuitable for a growth-focused Nasdaq strategy.
Selling index calls through large covered-call ETFs is a poor strategy because the underlying basket can keep running and the calls limit upside.
He argues that QQQI and QYLD chronically underperform because they write calls on the index.
Tell me about your new ETF called QVOL.
Jay explains QVOL is a curated Nasdaq ETF that avoids 'dogs of the DAQ' — slow-growth, overvalued companies like Walmart, Costco, Comcast, Kraft Heinz etc. that are in the Nasdaq 100 but aren't true tech growth companies. The fund uses PEG ratios to select ~55 companies with a PEG around 1 vs the Nasdaq 100's 1.4, and writes individual covered calls on fully valued positions instead of index calls. Jay says this curation has already outperformed and aims to beat the Nasdaq 100 while producing 12% income.
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