Coverage Universe
The funds we cover. And why.
Every fund in our universe clears the same published bar — no exceptions for sponsor relationships, popularity, or subscriber volume. If a fund doesn't meet the criteria, it isn't covered. If it does, it is.
Yield Files covers closed-end funds and income-focused ETFs. The criteria below determine which funds qualify for research coverage and appear in the screener. They exist to protect research quality, not to limit scope for convenience. Coverage criteria are reviewed annually and updated on this page when they change.
Yield Threshold
≥ 5.0% trailing yield
Trailing 12-month distribution yield on current price. Keeps the universe focused on funds where income generation is the primary investor objective — not incidental to a total-return mandate.
Minimum AUM
$100M (CEF) · $250–500M (ETF)
Funds below the AUM floor carry meaningful closure risk and tend toward wider bid/ask spreads. ETFs are held to a higher standard because the structure allows faster AUM loss and fund closure.
Liquidity Minimum
≥ $500K avg daily dollar volume
If a subscriber can't act on the research without materially moving the price, the research has no practical value. Funds between $250K–$500K may be covered with an explicit liquidity flag.
Track Record
24 months (CEF) · 12 months (ETF)
CEFs require 24 months because a full annual N-CSR is essential for scoring Distribution Sustainability and Portfolio Quality. One year is insufficient to evaluate NAV trend through a market cycle.
Data Availability
4 of 6 dimensions scoreable
A fund must have sufficient publicly available data to score at least four of six methodology dimensions with defensible inputs. Publishing a score built on estimates is a research integrity risk.
Income Mandate
Primary income objective required
The fund's primary objective must be income generation or income and capital appreciation. Total-return funds that happen to distribute are excluded even if trailing yield clears 5%.
Minimum Thresholds by Fund Type
| Fund Type | Min. AUM | Watch Below | Min. Yield | Track Record | Daily Vol. |
|---|---|---|---|---|---|
| Closed-End Fund | $100M | $75M | 5.0% | 24 months | $500K |
| ETF — Covered Call | $250M | $150M | 5.0% | 12 months | $500K |
| ETF — Dividend Equity | $500M | $300M | 5.0% | 12 months | $500K |
A note on leverage: Daily-reset leveraged and inverse ETFs (2x, 3x, and inverse structures) are excluded — they are trading instruments, not income vehicles. CEFs that use structural leverage — borrowings, preferred shares, or reverse repurchase agreements in service of an income mandate — are not excluded. Structural leverage is evaluated as part of the standard six-dimension methodology, with dedicated analysis in the Leverage section of every CEF Fund File.
Coverage Status
Every fund in the Yield Files universe carries one of four statuses. Status is visible in the screener and in each fund's Fund File.
Active Coverage
Active
Fund meets all criteria. Full Fund File published, screener entry current, alert monitoring active. Refreshed quarterly at minimum; event-driven updates when material changes occur.
First Look
New
Fund meets most criteria but is within the track record window, or lacks sufficient historical data for a full six-dimension score. Graduates to Active Coverage when thresholds are met.
Watch
Watch
Fund triggered a threshold warning — AUM approaching minimum, data source disrupted, corporate action pending. Fund File remains live but flagged. Resolved to Active or Removed within 90 days.
Removed
Archived
Fund no longer meets coverage criteria. Fund File is archived — not deleted — with a removal notice explaining why. Historical record is preserved for reference.
What We Don't Cover
The following fund types are excluded from coverage regardless of yield, AUM, or subscriber interest.
Excluded Fund Types
✕Daily-reset leveraged and inverse ETFs — 2x, 3x, and inverse structures designed as short-term trading instruments, not income vehicles
✕Mutual funds — including open-end bond funds and money market funds
✕Business development companies (BDCs) and operating REITs — different regulatory structure and risk profile from 1940 Act registered funds
✕Interval funds and tender offer funds — lack daily liquidity; not actionable for most retail income investors
✕Term funds in final 12 months — closed-end term funds approaching their scheduled liquidation date
✕Crypto-asset and digital asset funds — outside the income fund mandate
✕Non-U.S. registered funds — funds without U.S. Investment Company Act of 1940 registration
✕ROC-only distribution funds — funds where trailing distributions are demonstrably 100% return of capital with no earnings basis; these mislead income investors about the nature of their income
Don't see a fund you own?
Premium subscribers can request coverage. We review every request against these criteria within 30 days.
Coverage criteria are effective as of launch and reviewed annually. The most current version of this document is always published at this page. Coverage criteria determine research eligibility — they are not investment recommendations. Yield Holdings LLC operates Yield Files as a research publication under the publisher's exclusion of Section 202(a)(11)(D) of the Investment Advisers Act of 1940. See our full methodology for scoring criteria. Nothing on this page constitutes personalized investment advice.