u/rfish4

This is a short post but one that's fun to put together on a regular basis.

For each major issuer, here's their single best-performing Healthy fund right now, with headline (TTM) yield and 1-year price return:

AMDW (Roundhill) — 48.08% TTM yield, +122.74% price return
SOXY (YieldMax) — 9.37% TTM yield, +67.92% price return
TYLG (Global X) — 8.50% TTM yield, +20.65% price return
BITA (iShares) — 3.12% TTM yield, +19.77% price return
ROCQ (J.P. Morgan) — 5.14% TTM yield, +12.44% price return
GPIQ (Goldman Sachs) — 9.86% TTM yield, +11.14% price return
QQA (Invesco) — 9.73% TTM yield, +8.94% price return
RDVI (First Trust) — 8.22% TTM yield, +8.70% price return
THTA (SoFi) — 10.62% TTM yield, +3.80% price return
SPYH (NEOS) — 7.69% TTM yield, +2.77% price return
QVOL (InfraCap) — 5.17% TTM yield, +1.96% price return

AMDW is the standout by a wide margin -- up 122.74% in price over the last year while staying Healthy. Worth a closer look if you're not already tracking it.

I could be missing some, so let me know in the comments below!

Getting a lot of questions on this lately, so wanted to write up the full picture in one place. This is long, but if you hold any of these funds it's worth understanding.

How these funds generate income

Not all "option income" ETFs work the same way:

Traditional buy-write -- the fund actually holds the underlying stocks and sells call options against them. QYLD/XYLD/RYLD work this way. The premium collected becomes part of the distribution and the upside gets capped at the strike price. Whether the resulting gains are treated as short-term or get 60/40 treatment depends on what specific options contract the fund is writing (more on this below). It's not automatic either way just because it's a buy-write structure.

Synthetic (ELNs/swaps) -- funds like the NEOS lineup (QQQI, SPYI, IWMI) and most YieldMax funds do not hold the actual stock. They use Equity-Linked Notes or swaps to replicate the exposure and options overlay. To be clear: this is a structural choice, not a tax loophole and ELNs themselves don't provide any inherent tax advantage.

Single-stock option income -- funds like AMDY (AMD), TSMY (Tesla), AAPW (Apple) concentrate the options overlay on one name instead of an index. Single stocks are more volatile, so premiums are richer and why you see 50-90%+ advertised yields here. It's compensation for concentration risk, not free money.

1256-eligible index options -- some funds (NEOS's lineup in particular) use broad-based index options like SPX, which get different tax treatment than options on individual stocks (more below).

Return of Capital, explained

When a fund pays out more than its actual investment income in a period, the excess gets classified as Return of Capital. A few things worth being precise about:

It's real cash that shows up in your account. But instead of being taxed as income that year, it reduces your cost basis in the shares. The actual economic gain or loss only gets fully realized when you sell.

High ROC is not automatically bad. A fund can have 80%+ ROC and still have a rising NAV. That's the options-income mechanics at work, not the fund bleeding out.

The Stable ROC badge on YieldCanary is a NAV stability indicator, not a tax classification. It means the NAV has held up and distributions have been stable. It doesn't confirm what your 1099 will say.

True Income Yield is meant to be read as a distribution sustainability indicator, not an accounting measure of economic gain. It tells you how much of the payout is coming from actual investment activity vs. capital coming back to you, not your total economic profit or final tax outcome.

Section 1256 contracts -- an underrated detail

This is the part most people miss. Section 1256 is an IRS designation that covers certain contracts, including broad-based index options (like SPX). Funds using these get 60/40 tax treatment on realized gains -- 60% taxed at long-term capital gains rates, 40% at short-term, regardless of how long the position was actually held.

The key thing is this depends entirely on what specific contract a fund is trading, not on whether it's a buy-write, synthetic, or single-stock fund. A fund writing options directly on a broad index (like SPX) can qualify. A fund writing options on individual stocks, or on an ETF itself (as opposed to the underlying index), generally does not. This is a fund-by-fund detail, not something you can assume from strategy type alone and it's not something YieldCanary confirms right now (it's coming though!). If you want to know for certain whether a specific fund gets 1256 treatment, check the fund's own prospectus or Statement of Additional Information rather than assuming from the headline yield or general structure.

Roth IRA vs. Taxable -- how to think about it

(Not personalized advice. Just the general framework, talk to a tax professional about your specific situation.)

General rule: the more of a fund's total return comes from distributions rather than price appreciation, the more it tends to benefit from being in a tax-advantaged account, because:

In a taxable account, non-ROC distributions get taxed the year you receive them -- often as ordinary income for these funds, not the favorable qualified-dividend rate you'd get from a normal dividend stock.

In a Roth IRA, none of that matters -- no current tax and no tax later on either. This is a big deal specifically for high-yield option-income funds, more so than for traditional dividend payers, because the income here is often ordinary-rate taxed rather than qualified.

Where it gets interesting: ROC already gets a form of tax deferral even in a taxable account (it reduces basis rather than being taxed immediately), so the "must be in Roth" logic is weaker for very high-ROC funds than for funds with more ordinary income taxed distributions. Inside a Roth, ROC classification doesn't matter at all since you're not taxed either way.

One risk worth knowing: if you hold a high-ROC fund in a taxable account long enough, your cost basis can hit zero. After that, more ROC distributions become taxable as capital gains right away, since there's no more basis to reduce.

Rough framework for where to hold what:

Single-stock, high-ROC funds (many YieldMax-style funds) -- the non-ROC portion of the distribution is usually taxed as ordinary income, which is the worst tax treatment you can get. These make the strongest case for a Roth.

1256-eligible index option funds (NEOS-style, if confirmed) -- part of the gain already gets favorable long-term treatment even in a taxable account, so the tax hit is smaller either way. Still fine in a Roth, but you're giving up less by holding it in a taxable account compared to the funds above.

Lower-ROC, more traditional dividend-style funds -- these usually pay qualified dividends, which already get decent tax treatment in a taxable account. Normal dividend-investing logic applies here and there's no need to force these into a Roth.

As always, NFA / DYOR.

Drop a ticker below and I'll tell you which bucket it falls into and what its ROC/NAV trend looks like right now -- or check it yourself at yieldcanary.com today!

Quick weekly wrap for the community. Here's where the major markets closed Friday and what it means for the funds we track.

Friday Close -- September 25, 2026

S&P 500: 7,743 | +0.51%
Dow 30: 51,828 | +0.93%
Nasdaq: 27,068 | +0.48%
Russell 2000: 2,837 | +0.07%
Gold: $4,286 | +0.29%
Silver: $64.30 | +1.02%
Bitcoin: $85,016 | +0.70%
VIX: 14.87 | -5.11%

What stands out:

The VIX dropping 5.11% to 14.87 is worth noting for covered call ETF investors. Lower volatility generally means lower options premiums which can compress the income generated by covered call funds over time. Not an alarm bell at this level -- 14.87 is historically normal -- but something to monitor if it continues declining. Funds heavily dependent on options premium income will generate less per share in a sustained low volatility environment.

The S&P 500 and Nasdaq both closed positive but modestly. Russell 2000 barely moved at +0.07% -- small caps continue to lag which is relevant if you hold IWMI or SDVD which have small cap exposure.

Gold at $4,286 is down roughly 23.6% from its all-time high of $5,608 set in January 2026 and has been in a multi-month correction since that peak. For holders of IGLD, YGLD, KGLD, and USG -- gold covered call ETFs -- this declining price environment is worth watching closely. When gold's price is falling the options premiums generated by gold covered call strategies don't fully compensate for the NAV erosion from the price decline. Check the health status on any gold income ETFs you hold when YieldCanary refreshes on Monday.

Silver at $64.30 tells a similar story -- down nearly 47% from its all-time high of $121.62 also set in January 2026. Silver had one of the most dramatic parabolic spikes in commodity history earlier this year before crashing hard. For SLJY holders specifically -- the silver junior miners covered call ETF that has been one of the top performers on our No NAV Erosion list -- the underlying silver price weakness is the key variable to monitor. SLJY has held up well despite silver's correction but the price trend is worth watching.

Bitcoin at $85,016 is recovering from the ~$76,500 level we were at about 10 days ago. That's a meaningful move for holders of BITA, MSTY, CONY, and other crypto-linked income ETFs. A recovering Bitcoin price extends Death Clocks on crypto income funds that have been in Severe Risk territory. Still a long way from the $126,000 all-time high but the direction matters.

The bottom line:

Equities up, volatility down, Bitcoin recovering, but gold and silver well off their January all-time highs -- down 23.6% and 47% respectively from their peaks. On balance this is a mixed environment for income ETF investors. Covered call funds benefit from stable equity markets but the VIX at 14.87 keeps options premiums compressed. Gold and silver income ETFs face headwinds from the ongoing correction in both metals. The bright spot is Bitcoin's recovery from $76,500 since we last talked about it to $85,016 which should extend Death Clocks on crypto income funds.

What are you watching heading into next week?

NFA. DYOR.

This dropped earlier this morning and it's worth understanding for anyone following income investing and Bitcoin-linked ETFs.

A quick timeline first:

This is actually the third escalation in dividend frequency from Strategy this year. Strategy started with monthly payments on its preferred stocks. Shareholders then approved semi-monthly STRC dividends at the June 8, 2026 annual meeting with the new cadence beginning June 30. Now Saylor is proposing to go all the way to daily dividends across all four preferred instruments.

What Saylor proposed:

"Strategy is proposing daily dividends on STRF, STRC, STRK, and STRD accruing every calendar day, including weekends and holidays, and paid the next business day, with economics unchanged." The shareholder vote closes October 28. STRC daily dividends would begin November 1 if approved. The others would start in January.

What this actually means:

The yield doesn't change. The annualized yield stays fixed across all four instruments -- switching to daily payments targets price stability, reduced ex-dividend drawdowns, tighter liquidity patterns, and better collateral utility. You're getting the same annual income split into daily pieces instead of monthly or semi-monthly chunks.

This isn't a new concept entirely -- the much-smaller Strive's high-yielding preferred stock SATA moved to daily dividends several weeks ago. Strategy appears to be following that lead and scaling it across their entire preferred stock lineup.

Why Saylor is doing this:

The semi-monthly change earlier this year was designed to reduce pronounced monthly patterns around each record and ex-dividend date. The logic was simple -- split the payment frequency and you halve the ex-dividend price drawdown. Daily dividends take that same logic to its extreme. Smaller daily accruals mean essentially no ex-dividend price event worth noting. For institutional buyers who use preferred stock as collateral that's extremely attractive.

The bigger context worth knowing:

Strategy faces roughly $1.5 billion in annual obligations across its preferred stock instruments. The company has about 18 months of dividend coverage remaining. Earlier this year Saylor suggested selling bitcoin to pay dividends, a significant departure from the firm's founding promise to never liquidate its cryptocurrency reserves. He later walked it back saying Strategy would buy 20 BTC for every one it sells, making the net impact immeasurable.

The model's reliance on capital markets access is its Achilles' heel. During severe Bitcoin drawdowns, the same credit markets Strategy plans to tap for replenishment tend to seize up. In 2022 when Bitcoin fell below $16K Strategy's ability to raise capital on favorable terms was severely constrained.

The honest take:

Daily dividends sound revolutionary but this is a financial engineering move designed to make the preferred stock more attractive to institutional buyers -- not a fundamental change to how Strategy generates income or covers its obligations. The underlying risk hasn't changed. Strategy still holds over 800,000 BTC as its primary asset. If Bitcoin continues its pullback from the $126,000 all-time high the preferred stock coverage ratio tightens regardless of how frequently dividends are paid.

It's worth watching how the shareholder vote plays out October 28 and whether STRC daily dividends launching November 1 actually tighten the bid-ask spread and reduce ex-dividend volatility the way Saylor is predicting.

Not financial advice. Not a recommendation on any Strategy preferred stock.

What do you think: genuine financial innovation or financial engineering theater?

Wanted to share this because I think it's genuinely useful data regardless of the YieldCanary angle.

Dividendology published a video this week covering the four highest-yielding covered call ETFs with no NAV decay in his database of 70+ funds. Full disclosure -- it was a paid sponsorship with YieldCanary. But instead of a standard ad read he used the platform as his actual research tool throughout the entire video -- running health checks, pulling True Income Yield data, checking distribution history, and adding funds to his watchlist on camera.

Here's what the health check showed on all four funds:

QYLG (Global X Nasdaq-100 Covered Call & Growth)
Currently on Watch on YieldCanary | 14.26% True Income Yield | +2.84% price 1Y
Eli broke down why QYLG makes large year-end distributions -- the fund has to distribute realized capital gains for tax purposes, which actually signals an exceptional year not a problem. The distribution history on YieldCanary showed the vast majority of income has not been destructive return of capital.

IWMI (NEOS Russell 2000 High Income)
Healthy on YieldCanary | Stable ROC badge | 14.19% TTM yield | +5.31% price 1Y | $1.2B AUM
Eli used YieldCanary to explain why the high ROC on IWMI is the structured tax-efficient kind not the destructive kind. His exact words on the platform: "based on what YieldCanary is telling us, this fund is not going away anytime soon."

QQQI (NEOS Nasdaq-100 High Income)
Healthy on YieldCanary | Stable ROC badge | $14.3B AUM
He noted it recovered from the 2025 tariff pullback -- something he pointed out doesn't happen with most income ETFs. Added it to his YieldCanary watchlist on camera and called it "a fund I'm definitely watching closely."

TSPY (TappAlpha SPY Growth & Daily Income)
Healthy on YieldCanary | Stable ROC badge | 14.24% TTM yield | $322M AUM
Daily 0DTE covered call structure capturing 96-97% of S&P 500 upside while paying a 14%+ yield. Healthy status on YieldCanary confirmed the structure is working so far.

The most interesting takeaway from the video isn't the four funds -- it's Eli's filter process. Out of 70+ covered call ETFs in his database, only 33 had positive NAV over the last year. Less than 50% passed the first criteria. That's exactly the yield trap problem YieldCanary is designed to surface before you buy.

Link to the full video in the comments!

Not financial advice. Canary Status, True Income Yield and Death Clock are YieldCanary proprietary metrics. YieldCanary calculates ROC from performance data not 19a-1 filings.

Which of these four funds are you currently holding?

Got a message from a community member this week who got into crypto ETFs before finding YieldCanary and is now trying to figure out which ones to hold and which ones to cut. This one's for them and for anyone else in the same boat.

There are 32 crypto-linked income ETFs in the database. Here's the full health check. But first, the context that makes this data important to understand:

Bitcoin hit an all-time high of $126,000 in October 2025 and has since pulled back to around $76,500 today -- down roughly 40% from the peak. Ethereum was at $4,145 in October 2025 and is now around $2,474, which is also a 40% drop.

These funds are not down because of some freak event. They're down because covered call and options income structures on top of volatile underlying assets amplify the downside significantly. You gave up the upside through the covered calls, then absorbed the full downside when the crypto market corrected. That's not a surprise in hindsight, it's exactly what this structure does in a declining market.

✅ HEALTHY (1 fund)

BITA (iShares Bitcoin Premium Income ETF) -- 13.12% advertised yield | +12.97% price 1Y | $83M AUM | Monthly

This is the only crypto income ETF currently passing the health check. 0% performance-based ROC, positive price return, no NAV erosion detected. BlackRock's Bitcoin covered call strategy is the cleanest income story in the entire crypto ETF space right now. While every other crypto income ETF on this list is underwater, BITA is up nearly 13% in price over the last year. The structure and execution matter enormously.

⚠️ WATCH (0 funds)

None.

🔴 SEVERE RISK (31 funds)

Every other crypto income ETF on the platform is currently Severe Risk. Sorted by price return over the last year -- best to worst:

CEPI: -22.46% price 1Y | 0.65yr Death Clock | 76.94% ROC
XBCI: -24.21% price 1Y | 0.53yr Death Clock | 100% ROC
NEHI: -36.52% price 1Y | 0.52yr Death Clock | 100% ROC
BLOX: -40.41% price 1Y | 0.73yr Death Clock | 69.47% ROC
LFGY: -44.18% price 1Y | 0.52yr Death Clock | 94.55% ROC
BTCI: -47.24% price 1Y | 0.71yr Death Clock | 65.09% ROC
BITO: -47.74% price 1Y | 0.54yr Death Clock | 100% ROC
FIAT: -48.95% price 1Y | 0.50yr Death Clock | 100% ROC
BCCC: -49.92% price 1Y | 0.51yr Death Clock | 100% ROC
EHY: -50.12% price 1Y | 0.52yr Death Clock | 100% ROC
MAXI: -55.25% price 1Y | 0.92yr Death Clock | 95.12% ROC
BAGY: -58.85% price 1Y | 0.51yr Death Clock | 100% ROC
YBIT: -58.95% price 1Y | 0.53yr Death Clock | 100% ROC
BTCC: -59.53% price 1Y | 0.51yr Death Clock | 100% ROC
EETH: -60.32% price 1Y | 0.98yr Death Clock | 34.47% ROC
YBTC: -61.43% price 1Y | 0.79yr Death Clock | 64.36% ROC
SSK: -63.39% price 1Y | 0.52yr Death Clock | 100% ROC
YETH: -69.02% price 1Y | 0.50yr Death Clock | 100% ROC
CONY: -71.27% price 1Y | 0.89yr Death Clock | 52.28% ROC
XBTY: -74.12% price 1Y | 0.50yr Death Clock | 100% ROC
ETCO: -75.82% price 1Y | 0.50yr Death Clock | 100% ROC
COIW: -77.69% price 1Y | 0.51yr Death Clock | 100% ROC
MSTY: -80.76% price 1Y | 1.24yr Death Clock | 38.46% ROC
COYY: -86.21% price 1Y | 0.50yr Death Clock | 100% ROC
MSTW: -87.65% price 1Y | 0.50yr Death Clock | 100% ROC
MST: -95.67% price 1Y | 0.50yr Death Clock | 100% ROC

The NEOS crypto funds specifically:

BTCI and NEHI are both Severe Risk. BTCI at $1.28B AUM is down 47.24% over the last year with a 0.71yr Death Clock. NEHI is down 36.52% with a 0.52yr Death Clock. XBCI is down 24.21% with a 0.53yr Death Clock. All three showing 65-100% ROC.

The Roundhill crypto funds:

YBTC down 61.43%, YETH down 69.02%, COIW down 77.69%, MSTW down 87.65%. All Severe Risk, all showing Death Clocks under 1 year.

Worth calling out separately -- BITO:

$1.63B in assets under management. Down 47.74% over the last year. 100% return of capital. That's $1.63 billion in investor capital in a fund that has lost nearly half its value while paying distributions that were entirely your own money coming back. The income was real but the source of it was not.

The takeaway:

Bitcoin and Ethereum are down roughly 40% from their October 2025 highs. These funds are down 40-95% over the same trailing 12-month period. Most of them performed significantly worse than simply holding Bitcoin outright -- you gave up the upside through the covered call structure and then took the full downside when the correction came. Meanwhile every dollar distributed was 100% return of capital on most of these funds.

BITA is the proof that the structure doesn't have to work this way. BlackRock built a crypto income ETF that's up 13% in price with 0% ROC over the same period.

On whether to cut losses -- that's a personal tax and financial decision nobody can make for you. What the data tells you is whether the erosion is accelerating or stabilizing. A 0.50yr Death Clock means the current pace is severe. If Bitcoin recovers strongly from here the Death Clocks could extend on the next refresh. If it doesn't the math gets harder every week.

Check any fund you're holding at yieldcanary.com -- free 7-day trial so you never get burned on these income ETFs again.

Are you holding any of these crypto funds? If so, what's your plan?

Transparency note: Canary Status, True Income Yield and Death Clock are YieldCanary proprietary metrics. YieldCanary calculates ROC from performance data not 19a-1 filings. Estimates can differ from what fund companies officially report. Not financial advice.

Ran the Highest Yielding No NAV Erosion list on YieldCanary this morning. Every fund below is currently Healthy with no significant price erosion detected (1Y) alongside their distributions. Sorted by TTM headline yield.

Quick definition: Headline Yield (TTM) is the total distributions paid over the trailing 12 months divided by the current price. More reliable than advertised yield which just annualizes the most recent distribution. Price Return 1Y is price change only -- distributions not included.

AMDY: 82.79% TTM yield | +11.59% price 1Y
AAPW: 27.92% TTM yield | +9.19% price 1Y
XLKI: 18.66% TTM yield | +2.41% price 1Y
XLEI: 18.15% TTM yield | +14.72% price 1Y
QQQI: 14.17% TTM yield | +0.11% price 1Y
IWMI: 14.16% TTM yield | +5.80% price 1Y
TSPY: 12.98% TTM yield | +0.10% price 1Y
WEEL: 12.37% TTM yield | +0.73% price 1Y
BIGY: 12.09% TTM yield | +0.44% price 1Y
SPYI: 11.88% TTM yield | +2.07% price 1Y
RYLD: 11.76% TTM yield | +4.42% price 1Y
JEPQ: 11.45% TTM yield | +4.52% price 1Y
HCOW: 11.37% TTM yield | +3.50% price 1Y
TUGN: 11.30% TTM yield | +6.73% price 1Y
SEPQ: 2.02% TTM yield | +1.38% YTD

All 15 currently Healthy on YieldCanary with positive price return alongside the yield.

One note on SEPQ -- the 2.02% TTM yield looks low because it launched recently and doesn't have a full 12 months of distribution history yet. Worth keeping an eye on as the track record builds. YTD price return shown instead of 1Y for the same reason.

Which one on this list surprises you most?

Thank you to everyone who has joined, engaged, asked questions, and shared data. This community is the reason YieldCanary keeps getting better.

For anyone new -- this is the place where we look at the real numbers behind high yield ETFs. Not the advertised yield. Not the marketing. The actual health of the funds paying your income every week and every month.

What are some funds you're looking at this week?

Ran through the database this morning and picked the top Healthy fund from each major issuer. Here's the headline yield (TTM) and price return 1Y for each one:

YieldMax
SOXY (Target 12 Semiconductor) -- 11.86% TTM yield | +71.63% price 1Y | Monthly
The standout of the YieldMax lineup right now. Nearly 72% in price appreciation alongside clean income and 0% ROC. Most YieldMax funds are Severe Risk -- SOXY is the exception worth knowing about.

NEOS
QQQI (Nasdaq-100 High Income) -- 14.29% TTM yield | +2.95% price 1Y | Monthly
The flagship NEOS fund. Section 1256 tax treatment, massive institutional backing at $14.1B, and consistently Healthy. The go-to for income investors who want the Nasdaq-100 with a serious yield.

Goldman Sachs
GPIQ (Nasdaq-100 Premium Income) -- 10.53% TTM yield | +11.59% price 1Y | Monthly
Goldman's institutional income ETF is one of the cleanest stories on the platform. The one you can essentially set and forget.

JPMorgan
JEPI (Equity Premium Income) -- 7.79% TTM yield | +0.77% price 1Y | Monthly
The largest income ETF on the planet at $46.1B. Lower yield than most funds on this list but the stability and institutional backing are unmatched. The anchor for most income portfolios.

Amplify
SLJY (SILJ Covered Call) -- 22.79% TTM yield | +17.43% price 1Y | Monthly
Silver junior miners covered call strategy. 0% ROC and +17% price return alongside a 22% yield -- one of the better combinations on the platform right now.

Roundhill
AMDW (AMD WeeklyPay) -- 37.31% TTM yield | +83.82% price 1Y | Weekly
The most aggressive fund on this list. Up 83.82% in price over the last year while paying weekly distributions.

Global X
TYLG (Information Technology Covered Call & Growth) -- 7.89% TTM yield | +23.81% price 1Y | Monthly
The hidden gem from Global X. 0% ROC and +23.81% price return -- more growth than income but for a covered call ETF that price appreciation alongside a clean income story is notable.

Simplify
SPUC (US Equity Income) -- 14.50% TTM yield | +3.65% price 1Y | Monthly
One of the most straightforward income stories on the platform. Not flashy, but it's everything the health check framework rewards.

Kurv
GOOP (Google Yield Premium Strategy) -- 15.19% TTM yield | +8.98% price 1Y | Monthly
Kurv doesn't get talked about enough. GOOP generates a 15% yield on Google options. Worth adding to the watchlist if you haven't looked at the Kurv lineup yet.

iShares (BlackRock)
BALI (U.S. Large Cap Premium Income Active) -- 7.42% TTM yield | +11.67% price 1Y | Monthly
BlackRock's actively managed income ETF. Lower yield than most on this list but the active management and institutional backing make it one of the more durable income options in the database.

Which issuer's lineup do you think is the strongest overall right now?

One note on the data: True Income Yield and Death Clock are YieldCanary proprietary metrics. YieldCanary calculates ROC from performance data not 19a-1 filings. Estimates can differ from what fund companies officially report. TTM yield is trailing 12 months total distributions divided by current price. Price return is price change only. Not financial advice.

I pulled the bottom of the bottom today. The worst of the Severe Risk funds, which is the lowest health rating we give on YieldCanary. Every fund below has a very short Death Clock and is advertising a double digit yield.

Here's what the price actually did over the last year:

MST: 38% advertised yield | -96.13% price 1Y
MSTW: 87% advertised yield | -88.21% price 1Y
COYY: 68% advertised yield | -86.23% price 1Y
RBLY: 64% advertised yield | -82.95% price 1Y
MARO: 86% advertised yield | -78.95% price 1Y
COIW: 96% advertised yield | -77.43% price 1Y
ETCO: 85% advertised yield | -75.12% price 1Y
XBTY: 29% advertised yield | -74.33% price 1Y

The pattern is the same across all eight funds. High advertised yield. 100% return of capital. Price collapsing. Distributions paid entirely from your own principal while the NAV heads toward zero.

MST is the most extreme -- down 96.13% in price over the last year while advertising 38% yield throughout. If you put $10,000 into MST a year ago your position is now worth roughly $387. The fund paid you distributions the entire time, just with your own money.

COIW advertises 96% yield -- the highest on this list. Down 77.43% over the same period. The yield number is technically accurate. What it doesn't tell you is that the fund is liquidating itself to pay it.

Fun fact: I actually own COYY. Bought it awhile back before I personally used YieldCanary's health check data to make decisions. I've watched the price drop and the weekly distributions shrink as the NAV erodes. I haven't sold because I can't stomach locking in the loss, which I recognize is exactly the kind of emotional decision the data is supposed to prevent. Had the platform been where it is today when I was making that purchase decision I never would have touched it.

To be fair:

Several of these are crypto or MSTR-linked funds. Someone will say the underlying asset crashed and that's why they're down -- and that's partially true. The point is that when you layer leverage, covered calls, and weekly distribution mechanics on top of a volatile underlying, the downside gets amplified significantly.

The 100% ROC estimates are YieldCanary performance-based estimates calculated from price movement and distribution history -- not from the official 19a-1 notices that fund companies publish monthly and annually. For confirmed ROC figures check the fund's official 19a-1 notice.

The Death Clock is a YieldCanary proprietary metric. It estimates years before 50% NAV erosion at the current pace assuming nothing changes. For these funds the 0.50yr estimate reflects a pace of erosion that the price data clearly supports regardless of what you call the metric.

Check any fund you're holding at yieldcanary.com -- Are any of these in your portfolio right now?

Introducing the Income and Calendar tabs! Here's what each one does and why it matters.

The Income Tab -- what your portfolio actually generates

The old version had a fundamental problem: multiple numbers on the same screen that didn't always agree with each other. Some were calculated differently, some used flat multipliers instead of actual distribution history, and it created more confusion than clarity. The redesign fixes that entirely.

Everything now flows from a single source of truth -- your actual trailing 12-month distribution history. That means the Annual, Monthly, and Weekly cards can never contradict each other because they're all derived from the same underlying data.

What you see now:

Four summary cards at the top -- Est. Annual Income, Est. Monthly Income, Est. Weekly Income, and Est. Gross This Month (pre-tax). Each one is clearly labeled, includes a 3-month average, and shows month-over-month trends so you can see whether your income is growing or shrinking over time. The tax set-aside estimate is built directly into the Monthly card so you always know what to put aside for the IRS. As always, consult a tax professional for your exact situation. NFA.

Below the cards is a donut chart showing this month's after-tax income broken down by fund. Hover any slice to see the exact dollar amount and percentage of your total. It immediately shows you which funds are driving your income and which are barely contributing.

The Income by Fund table now includes Frequency, Ex-Dividend Date, and Pay Date columns alongside the dollar figures. You no longer have to cross-check the Calendar to understand what's driving each number. It's all in one place.

The Calendar Tab -- every upcoming payout, laid out by month

If you haven't used the Calendar tab yet it's worth spending 5 minutes in there. It shows every distribution hitting your portfolio month by month -- confirmed payments already in the database and estimated upcoming payments based on each fund's payment schedule. Color coded by health status so you can see at a glance whether the funds paying you this month are Healthy or flagged for concern.

Click any day to see the gross and after-tax breakdown for that date and exactly which funds are paying. There's a toggle to show confirmed payments only or confirmed plus estimated -- useful if you want to see only what's locked in vs the full projected picture.

The two tabs work together -- Income shows you the aggregate picture, Calendar shows you the timing. Screenshots of both are included.

If anything looks off on your specific portfolio drop it in the comments. Much of this redesign came directly from feedback here and I'm still watching closely.

Ran the Highest Yielding No NAV Erosion list on YieldCanary.com this morning. Every fund below is currently Healthy with no significant price erosion detected.

Quick definition before the list: Headline Yield (TTM) is the total distributions paid over the trailing 12 months divided by the current price. It's what the fund actually paid out over a full year -- more reliable than the advertised yield which just annualizes the most recent distribution.

Price Return 1Y is price change only.

AMDY: 60.09% TTM yield | +7.62% price 1Y
AAPW: 28.15% TTM yield | +2.12% price 1Y
SLJY: 24.02% TTM yield | +15.29% price 1Y
XLKI: 20.04% TTM yield | +6.07% price 1Y
XLEI: 16.53% TTM yield | +10.41% price 1Y
IWMI: 14.90% TTM yield | +8.49% price 1Y
SPUC: 14.68% TTM yield | +3.69% price 1Y
XLII: 14.58% TTM yield | +1.13% price 1Y
QQQI: 14.49% TTM yield | +3.24% price 1Y
TSPY: 14.31% TTM yield | +2.79% price 1Y
RYLD: 12.40% TTM yield | +6.65% price 1Y
SPYI: 12.20% TTM yield | +4.15% price 1Y
BIGY: 11.99% TTM yield | +2.92% price 1Y
WEEL: 11.67% TTM yield | +1.40% price 1Y
AAPY: 11.06% TTM yield | +12.91% price 1Y

All 15 currently Healthy on YieldCanary and have had positive price return over the last year.

Which one surprises you the most?

Most income ETF content talks about yield. But let's also talk about price return in this post. Pulled from YieldCanary this morning -- four funds that are currently Healthy, generating real income, and up significantly in price over the last year.

Dollar amounts are based on last month's actual distributions with a 25% flat tax rate applied. Price return is price change only.

SOXY: +69.77% price 1Y | $88/mo after tax on $10k | 9.64% True Income Yield | Monthly
AMDW: +59.99% price 1Y | $532/mo after tax on $10k | 32.54% True Income Yield | Weekly
SLJY: +27.82% price 1Y | $133/mo after tax on $10k | 19.36% True Income Yield | Monthly
CHPY: +26.09% price 1Y | $338/mo after tax on $10k | 25.62% True Income Yield | Weekly

SOXY is the standout -- up nearly 70% in price while generating 9.64% True Income Yield with 0% ROC and a 10-year Death Clock. That combination is genuinely rare in this space. The one caveat is $64M AUM which is on the smaller side so it's worth monitoring.

AMDW generates $532/month after tax on $10k which is an eye-catching number. The price return and income together tell a strong story but it's a more complex fund than SOXY or SLJY.

SLJY has 0% ROC alongside a +27.82% price return. Silver junior miners covered call strategy -- different underlying exposure from the semiconductor names above. The 2.41yr Death Clock is the shortest runway on this list.

One thing to be transparent about -- True Income Yield is a distribution sustainability indicator, not an accounting measure of economic gain. It strips out return of capital to show what the fund generated from real investment activity. ROC reduces your cost basis and full economic gain is only realized when you sell. YieldCanary calculates ROC from performance data, not 19a-1 filings -- our estimates can differ from what fund companies officially report. We're actively working on incorporating 19a-1 data.

Which of these four would you look at first?

$10,000 into 10 different income ETFs across sectors and strategies. $100,000 total. Here's what the platform is estimating after taxes at 25% based on recent distribution history -- and the current health status on each.

CHPY -- $182/mo after tax | ✅ Healthy
TDAQ -- $109/mo after tax | ⚠️ Watch
NVIT -- $106/mo after tax | ⚠️ Watch
BITA -- $99/mo after tax | ✅ Healthy
KGLD -- $90/mo after tax | ✅ Healthy
MLPI -- $88/mo after tax | ✅ Healthy
IAUI -- $74/mo after tax | ✅ Healthy
GIAX -- $69/mo after tax | ⚠️ Watch
IYRI -- $68/mo after tax | ✅ Healthy
XLVI -- $61/mo after tax | ✅ Healthy

Total: $1,168/month after tax. $14,021/year after tax.

7 Healthy. 3 Watch. Zero Severe Risk.

The portfolio covers a lot of ground -- semiconductors (CHPY), MLPs and energy infrastructure (MLPI), gold options (KGLD, IAUI), real estate income (IYRI), healthcare sector (XLVI), crypto income (BITA), Nasdaq innovation (TDAQ), global equity (GIAX), and NVDA options (NVIT). Different strategies, different underlying assets, different income drivers.

One transparency note -- True Income Yield and Death Clock are YieldCanary proprietary metrics. True Income Yield is a distribution sustainability indicator not an accounting measure of economic gain. It strips out return of capital to show what the fund generated from real investment activity. ROC reduces your cost basis and full economic gain is only realized when you sell. YieldCanary calculates ROC from performance data not 19a-1 filings -- estimates can differ from what fund companies officially report. Dollar amounts are estimates based on recent distribution history at a 25% flat tax rate. Distributions change monthly.

Which funds in this portfolio would you swap out and why?

Not a portfolio build, not a health check -- just three funds from the database that caught my eye this week for different reasons.

SOXY -- YieldMax Target 12 Semiconductor Option Income ETF
9.67% TTM yield | +74.15% price 1Y | Pays Monthly
A semiconductor basket from YieldMax generating real income and up 74% in price over the last year. Most YieldMax funds are Severe Risk right now. SOXY is the exception worth knowing about.

IDVO -- Amplify CWP International Enhanced Dividend Income ETF
5.64% TTM yield | +21.24% price 1Y | Pays Monthly
International dividend exposure with zero ROC and +21% price return over the last year. Lower yield than most funds on the platform but the price appreciation story here is strong and the income is clean. If you want international exposure alongside your covered call positions this one is worth a look.

IQQQ -- ProShares Nasdaq-100 High Income ETF
4.56% TTM yield | +16.20% price 1Y | Pays Monthly
Lower true yield than most funds we cover but +16.20% in price return over the last year. ProShares doesn't get talked about much in the income ETF space -- this one quietly combines meaningful price appreciation with monthly income and a solid health check.

All three currently Healthy on YieldCanary. Which of these three would you look at first?

All of the funds below are currently passing the health check, sorted by issuer (data pulled this morning). TTM yield is the Headline Yield -- total distributions paid over the last 12 months divided by current price. Price Return 1Y is price change only, distributions not included.

Amplify (4 Healthy)

HCOW -- 11.83% TTM | +8.85% price 1Y

QDVO -- 10.67% TTM | +3.91% price 1Y

DIVO -- 4.67% TTM | +12.45% price 1Y

IDVO -- 5.92% TTM | +20.17% price 1Y

Calamos (2 Healthy)

CAIE -- 13.85% TTM | +2.03% price 1Y

CAIQ -- 17.66% TTM | +1.69% price 1Y

Defiance (1 Healthy)

QQQT -- 19.32% TTM | -0.93% price 1Y

Fidelity (1 Healthy)

FDHY -- 6.46% TTM | +0.25% price 1Y

First Trust (2 Healthy)

KNG -- 8.36% TTM | +3.17% price 1Y

RDVI -- 8.26% TTM | +17.99% price 1Y

Global X (13 Healthy)

XRMI -- 11.92% TTM | -1.05% price 1Y

QRMI -- 11.73% TTM | -2.77% price 1Y

RYLD -- 11.74% TTM | +10.06% price 1Y

XYLD -- 11.78% TTM | +7.43% price 1Y

RYLG -- 6.94% TTM | +15.24% price 1Y

DJIA -- 6.53% TTM | +6.02% price 1Y

TYLG -- 11.50% TTM | +21.64% price 1Y

SDIV -- 8.79% TTM | +5.18% price 1Y

SRET -- 9.83% TTM | +4.63% price 1Y

QYLD -- 11.70% TTM | +9.05% price 1Y

DIV -- 6.49% TTM | +11.80% price 1Y

ALTY -- 7.68% TTM | +5.69% price 1Y

MLPD -- 11.89% TTM | +1.32% price 1Y

Goldman Sachs (2 Healthy)

GPIQ -- 10.26% TTM | +11.54% price 1Y

GPIX -- 8.37% TTM | +10.15% price 1Y

GraniteShares (1 Healthy)

HIPS -- 10.94% TTM | -2.92% price 1Y

InfraCap (1 Healthy)

ICAP -- 10.34% TTM | +7.61% price 1Y

Innovator (1 Healthy)

SPUT -- 3.32% TTM | +7.84% price 1Y

Invesco (7 Healthy)

XSHD -- 4.09% TTM | +8.01% price 1Y

SPHD -- 4.86% TTM | +9.75% price 1Y

PEY -- 4.64% TTM | +19.31% price 1Y

BSJQ -- 5.24% TTM | -1.50% price 1Y

KBWY -- 8.05% TTM | +16.24% price 1Y

PBP -- 9.61% TTM | +6.80% price 1Y

KGLD -- (Kurv, not Invesco -- moved below)

iShares / BlackRock (6 Healthy)

BALI -- 6.51% TTM | +12.80% price 1Y

SHYG -- 6.98% TTM | -1.86% price 1Y

EMHY -- 6.66% TTM | +1.80% price 1Y

HDV -- 1.18% TTM | +22.25% price 1Y

EMB -- 5.24% TTM | +0.75% price 1Y

BALI -- already listed above

J.P. Morgan (5 Healthy)

JEPQ -- 14.12% TTM | +7.29% price 1Y

JEPI -- 7.61% TTM | +1.92% price 1Y

ROCQ -- 15.30% TTM | +11.07% price 1Y

ROCY -- 6.61% TTM | +10.48% price 1Y

Kurv (5 Healthy)

GOOP -- 14.76% TTM | +23.24% price 1Y

AAPY -- 11.53% TTM | +12.01% price 1Y

KGLD -- 15.16% TTM | +10.66% price 1Y

KQQQ -- 14.60% TTM | +0.17% price 1Y

KYLD -- 24.37% TTM | -2.60% price 1Y

NEOS (12 Healthy)

QQQI -- 13.83% TTM | +2.49% price 1Y

IWMI -- 14.11% TTM | +12.49% price 1Y

SPYI -- 11.77% TTM | +4.40% price 1Y

MLPI -- 14.74% TTM | +10.13% price 1Y

IYRI -- 10.96% TTM | -0.52% price 1Y

NIHI -- 9.64% TTM | +3.40% price 1Y

QQQH -- 8.82% TTM | +1.65% price 1Y

SPYH -- 7.63% TTM | +5.46% price 1Y

CSHI -- 5.00% TTM | -0.42% price 1Y

IAUI -- 11.34% TTM | +4.55% price 1Y

XSPI -- 16.78% TTM | +0.93% price 1Y

XQQI -- 20.06% TTM | 0.00% price 1Y

NestYield (1 Healthy)

EGGQ -- 9.06% TTM | +14.94% price 1Y

Overlay Shares (4 Healthy)

OVL -- 10.14% TTM | +14.77% price 1Y

OVS -- 10.33% TTM | +22.99% price 1Y

OVM -- 5.11% TTM | +1.95% price 1Y

OVF -- 10.16% TTM | +13.19% price 1Y

ProShares (2 Healthy)

IQQQ -- 5.92% TTM | +14.18% price 1Y

ISPY -- 6.00% TTM | +10.86% price 1Y

Roundhill (4 Healthy)

AMDW -- 68.68% TTM | +55.12% price 1Y

AAPW -- 30.71% TTM | +1.84% price 1Y

GOOW -- 33.06% TTM | +17.66% price 1Y

XPAY -- 20.36% TTM | -2.51% price 1Y

Simplify (3 Healthy)

XV -- 14.45% TTM | -7.06% price 1Y

SBAR -- 11.61% TTM | -2.01% price 1Y

SPUC -- 11.49% TTM | +5.30% price 1Y

State Street (6 Healthy)

XLEI -- 16.56% TTM | +14.23% price 1Y

XLKI -- 19.69% TTM | +4.48% price 1Y

XLRI -- 8.28% TTM | -4.58% price 1Y

XLBI -- 11.55% TTM | -2.43% price 1Y

XLII -- 13.71% TTM | +6.59% price 1Y

XLVI -- 9.72% TTM | +8.45% price 1Y

STF (1 Healthy)

TUGN -- 11.97% TTM | +9.43% price 1Y

Virtus (1 Healthy)

AMZA -- 8.01% TTM | +20.35% price 1Y

Westwood (1 Healthy)

MDST -- 9.01% TTM | +13.74% price 1Y

YieldMax (9 Healthy)

AMDY -- 65.33% TTM | -0.09% price 1Y

TSMY -- 41.00% TTM | -3.25% price 1Y

XOMO -- 40.14% TTM | -2.37% price 1Y

JPO -- 31.09% TTM | -3.81% price 1Y

CHPY -- 40.89% TTM | +29.21% price 1Y

RNTY -- 12.18% TTM | -0.58% price 1Y

BIGY -- 12.00% TTM | +2.21% price 1Y

SOXY -- 11.64% TTM | +73.43% price 1Y

YSPC -- N/A TTM | +2.13% YTD

A few things worth noting from the full list:

SOXY from YieldMax is the standout price performer, +73.43% in price over the last year while staying Healthy with a 10-year Death Clock. AMDW from Roundhill is close behind at +55.12%.

NEOS has 12 Healthy funds -- the most of any issuer. Goldman Sachs and J.P. Morgan remain 100% Healthy across all their tracked funds.

Global X has 13 Healthy funds but that's out of a much larger lineup -- their overall health rate is around 72%.

YieldMax has 9 Healthy out of 60 total funds tracked -- the 9 listed above are the ones currently passing. The other 51 are not.

Headline yield is what the fund actually paid over the last 12 months. For True Income Yield -- what's left after stripping out return of capital -- search any of these on YieldCanary. For transparency, YieldCanary calculates ROC based on performance data, not actual 19a-1 filings. We are incorporating 19a-1 filings into the platform soon.

Which issuer's Healthy lineup surprises you most?

Every fund on this list has near-zero return of capital meaning every dollar distributed is real earned income -- not your own principal being handed back. All 5 are currently Healthy on YieldCanary.

GPIQ (30% -- $43,636)
762 shares @ $57.24 | $297/mo after tax
9.95% true yield | 0% ROC | Nasdaq-100 | Monthly

GPIX (25% -- $36,364)
645 shares @ $56.37 | $190/mo after tax
8.05% true yield | 0% ROC | S&P 500 | Monthly

QDVO (20% -- $29,091)
970 shares @ $29.96 | $193/mo after tax
10.25% true yield | 3.57% ROC | Diversified dividend | Monthly

GOOP (15% -- $21,818)
599 shares @ $36.40 | $202/mo after tax
13.55% true yield | 0% ROC | Google exposure | Monthly

SOXY (10% -- $14,545)
153 shares @ $94.77 | $119/mo after tax
10.14% true yield | 0% ROC | Semiconductors | Monthly

Total invested: $145,340
Monthly after tax (25%): $1,001/month
Annual after tax: $12,011/year
Weighted true income yield: 10.09%
Weighted price return 1Y: +21.01%

Every fund here has 0% or near-zero ROC -- meaning True Income Yield and Headline Yield are nearly identical across the portfolio. No return of capital confusion, no cost basis tracking complexity, no yield traps.

GPIQ and GPIX from Goldman Sachs anchor the portfolio at 55% combined -- $10.6B in combined AUM, one covering Nasdaq-100 and one covering S&P 500. Two different indexes from the same institutional issuer gives you broad market coverage.

QDVO adds diversified dividend exposure -- the only fund in the portfolio not concentrated in a single index or company.

GOOP at +35.36% price return over the last year alongside 13.55% true yield is the standout. Google exposure with clean income and positive price appreciation.

SOXY at +77.14% price return is the biggest mover -- the semiconductor basket generating real income while the underlying position has nearly doubled in price. Kept at 10% given the smaller AUM.

The one flag worth knowing: GOOP at $29M AUM and SOXY at $69M AUM are smaller than ideal for a core portfolio.