as of 2026-10-13 · trades on the first run of each month, marked to market in between
Income portfolio$100.0KMonitoring · next 2026-11-01Regime gate openInitial book
ETF book built for cash distributions. Floating-rate and short Treasuries plus AAA CLOs are the base; duration, high yield and rate-sensitive income are added only on their triggers; covered-call equity income rides the sector with the inflows.
Contraction regime · risk Stable · gate: SPY 778 vs 10m SMA 721 (above); 12m +19.2% vs T-bills 3.75% (ahead) · last recalibration 2026-10-06
Monthly income
$407
annual $4,888 · blended yield 4.89%
Blended yield
4.89%
trailing-12m distributions / value · weighted 4.89%
Paid monthly
90%
of income arrives monthly
Equity-income share
38%
of income from covered-call and dividend equity
Positions
8
turnover 50.0% this run
Reinvest or cash
Reinvest
index regime gate open
NAV / drawdown
1.002 0.0%
peak 1.002 · period +0.10%
Rates
5.22% 10-year
vs 200-day 4.48% · fed funds 3.75% · HY spread 3.1% · 10y-2y +0.44%
Income calendar
Projected distributions by month · $4,888 over the next 12 months · quarterly payers lift the highlighted months
$366
Oct
$450
Nov
$406
Dec
$366
Jan
$450
Feb
$406
Mar
$366
Apr
$450
May
$406
Jun
$366
Jul
$450
Aug
$406
Sep
above the $407 monthly average at or below average
Holdings
8 ETFs · grouped by sleeve, then weight · yields are trailing 12 months with forward in grey · trend is the distance from the 10-month average
| Symbol | Name | Sleeve | Weight | $ | Yield | Frequency | Next pay | Monthly $ | Payout trend | vs 10m | P&L | Status | Notes | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Floating & short 60.0% | ||||||||||||||
| SGOV | 0-3 Month T-Bills | Floating & short | 35.0% | $35,000 | 3.65% 3.59% | monthly | 2026-11-05 | $106 | -0.3% | 0.0% | +0.1% | held2026-10-06 | Includes the 10% reserve that funds the triggers Holds JEPI's 10% until JEPI is back above its 10-month average (-1.2%) | |
| JAAA | AAA CLOs | Floating & short | 15.0% | $15,000 | 4.84% 4.79% | monthly | 2026-11-05 | $60 | -0.7% | -0.1% | +0.1% | held2026-10-06 | — | |
| USFR | Floating Rate Treasuries | Floating & short | 10.0% | $10,000 | 3.72% 3.76% | monthly | 2026-10-29 | $31 | +2.6% | +0.1% | +0.1% | held2026-10-06 | — | |
| Term 15.0% | ||||||||||||||
| IEF | 7-10 Year Treasuries | Term | 10.0% | $10,000 | 4.15% 4.12% | monthly | 2026-11-05 | $35 | +4.1% | -5.2% | +0.6% | held2026-10-06 | — | |
| LQD | Investment Grade Credit | Term | 5.0% | $5,000 | 4.92% 5.13% | monthly | 2026-11-05 | $20 | +8.4% | -5.3% | +0.7% | held2026-10-06 | — | |
| Equity income 25.0% | ||||||||||||||
| JEPQ | Nasdaq 100 Covered Call Income | Equity income | 12.0% | $12,000 | 11.30% 11.16% | monthly | 2026-11-04 | $113 | +18.9% | +3.3% | -0.5% | held2026-10-06 | — | |
| MLPX | Midstream Energy (C-corp wrapper) | Equity income | 8.0% | $8,000 | 4.21% 4.16% | quarterly | 2026-11-12 | $28 | +85.3% | +2.2% | +0.5% | held2026-10-06 | — | |
| SCHD | Dividend Growth (Schwab) | Equity income | 5.0% | $5,000 | 3.17% 3.21% | quarterly | 2026-12-28 | $13 | -7.0% | +5.0% | +1.2% | held2026-10-06 | — | |
Triggers
0 of 6 active · each adds from the 10% T-bill reserve or cuts into it · parked equity-income targets wait in T-bills until back above trend
- inactiveAdd duration (IEF to 20%)10-year 5.22% vs its 200-day average 4.48%IEF +10% from the reserve when the 10-year is below its 200-day average
- inactiveAdd high yield (HYG 10%)High-yield spread 3.15% vs 4.5% neededHYG +10% from the reserve when spreads exceed 4.5%
- inactiveHalve covered-call incomeTech flow 55.0, Contraction probability 28.4%JEPQ and JEPI halved into T-bills when Tech flows turn negative or Contraction passes 40%
- inactiveAdd XLU (rate-sensitive income)XLU -5.9% vs its 10-month averageXLU +5% from the reserve when back above its 10-month average
- inactiveAdd PFF (rate-sensitive income)PFF -5.5% vs its 10-month averagePFF +5% from the reserve when back above its 10-month average
- inactiveAdd VNQ (rate-sensitive income)VNQ -3.0% vs its 10-month averageVNQ +5% from the reserve when back above its 10-month average
Parked in T-bills
- JEPIS&P 500 Covered Call Income10.0% target-1.2% vs 10-month average
Income universe
26 income ETFs · sorted by trailing yield · trend is the distance from the 10-month average, flow the sector-flow score where one applies
| # | Symbol | Name | Yield TTM | Forward | Frequency | Payout trend | vs 10m | 12m | Flow | Held |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | BIZD | Business Development Companies | 12.86% | 14.41% | quarterly | -3.9% | -7.8% | -15.3% | — | — |
| 2 | SPYI | S&P 500 Options Income | 11.72% | 11.84% | monthly | +1.8% | +2.7% | +2.9% | — | — |
| 3 | JEPQ | Nasdaq 100 Covered Call Income | 11.24% | 11.11% | monthly | +18.9% | +3.9% | +6.6% | — | held |
| 4 | JEPI | S&P 500 Covered Call Income | 8.07% | 7.24% | monthly | -7.1% | -1.2% | -0.8% | — | — |
| 5 | AMLP | MLP Infrastructure | 7.61% | 7.71% | quarterly | +2.3% | +2.5% | +15.6% | — | — |
| 6 | HYG | High Yield Credit | 6.10% | 5.33% | monthly | -1.6% | -3.7% | -4.8% | -62 | — |
| 7 | PFF | Preferred Stock | 5.53% | 6.48% | monthly | +13.9% | -4.5% | -7.1% | — | — |
| 8 | EMB | Emerging Market Bonds | 5.42% | 5.85% | monthly | +4.1% | -4.7% | -4.4% | — | — |
| 9 | TLT | 20+ Year Treasuries | 5.05% | 4.85% | monthly | -2.2% | -9.8% | -13.7% | -84 | — |
| 10 | LQD | Investment Grade Credit | 4.96% | 5.17% | monthly | +8.4% | -6.1% | -8.7% | -78 | held |
| 11 | JAAA | AAA CLOs | 4.85% | 4.80% | monthly | -0.7% | -0.2% | -0.2% | — | held |
| 12 | TIP | TIPS | 4.53% | 5.28% | irregular | +162.3% | -4.9% | -6.4% | -73 | — |
| 13 | MLPX | Midstream Energy (C-corp wrapper) | 4.23% | 4.18% | quarterly | +85.3% | +2.0% | +17.1% | — | held |
| 14 | IEF | 7-10 Year Treasuries | 4.18% | 4.14% | monthly | +4.1% | -5.9% | -7.8% | -76 | held |
| 15 | VNQ | Real Estate (Vanguard) | 3.79% | 3.58% | quarterly | +8.5% | -4.5% | -0.7% | — | — |
| 16 | TFLO | Floating Rate Treasuries (iShares) | 3.73% | 3.79% | monthly | +3.2% | 0.0% | +0.2% | — | — |
| 17 | USFR | Floating Rate Treasuries | 3.73% | 3.77% | monthly | +2.6% | 0.0% | +0.2% | — | held |
| 18 | BIL | 1-3 Month T-Bills | 3.67% | 3.45% | monthly | -3.5% | -0.1% | -0.1% | — | — |
| 19 | SGOV | 0-3 Month T-Bills | 3.65% | 3.59% | monthly | -0.3% | -0.1% | 0.0% | — | held |
| 20 | SHY | 1-3 Year Treasuries | 3.63% | 3.57% | monthly | -0.1% | -1.5% | -2.1% | -43 | — |
| 21 | XLRE | Real Estate | 3.55% | 3.49% | quarterly | -23.0% | -5.6% | -3.4% | -92 | — |
| 22 | SCHD | Dividend Growth (Schwab) | 3.21% | 3.25% | quarterly | -7.0% | +4.0% | +20.2% | — | held |
| 23 | XLU | Utilities | 3.03% | 3.01% | quarterly | -6.0% | -9.8% | -10.1% | -84 | — |
| 24 | XLE | Energy | 2.40% | 2.40% | quarterly | +2.8% | +13.1% | +42.7% | 21 | — |
| 25 | VYM | High Dividend Yield | 2.32% | 2.24% | quarterly | -4.0% | +2.0% | +12.1% | — | — |
| 26 | DGRO | Dividend Growth (iShares) | 1.95% | 2.01% | quarterly | -22.0% | +3.2% | +11.6% | — | — |
Sleeves
Share of the book by sleeve · the T-bill reserve and anything parked out of trend count as Floating & short
Floating & short60.0%Term15.0%Equity income25.0%
History
6 runs · newest first
| As of | Mode | Positions | Yield | Monthly $ | NAV | Trades |
|---|---|---|---|---|---|---|
| 2026-10-13 | monitor | 8 | 4.89% | $407 | 1.002 | — |
| 2026-10-12 | monitor | 8 | 4.89% | $408 | 1.001 | — |
| 2026-10-09 | monitor | 8 | 4.89% | $408 | 1.001 | — |
| 2026-10-08 | monitor | 8 | 4.90% | $408 | 0.999 | — |
| 2026-10-07 | monitor | 8 | 4.89% | $408 | 1.000 | — |
| 2026-10-06 | recalibrate | 8 | 4.89% | $408 | 1.000 | 8 · BUY SGOV 35%, BUY JAAA 15%, BUY JEPQ 12%, BUY USFR 10%, BUY IEF 10%, BUY MLPX 8%, BUY LQD 5%, BUY SCHD 5% |