Good breakdown — and I like the “structure > performance” framing.

One thing I’d add for readers: when you’re judging covered-call ETFs, the real test is total return + NAV trend, not the headline yield. A big chunk of “income” can just be your own principal coming back as ROC.

For these three specifically:

• IGLD: great example of how a big year-end distribution can inflate trailing yield — worth emphasizing it’s basically a taxable “catch-up,” not free money.

• IDVO: the most “sane” design here because dividends do the heavy lifting and calls are optional/tactical.

• SOXY: the risk isn’t just semis — it’s that a 12% target can force overwrite into the wrong tape, so you want to watch NAV erosion through a full drawdown cycle.

Curious: do you have a simple rule of thumb you use to flag when a covered-call ETF is mostly ROC vs genuinely earning its payout?