Income ETF health check
Defiance Nasdaq 100 LightningSpread Income ETF
QLDY
Defiance · Weekly · $54M
Current price
$41.12
As of 2026-09-29 · USD
Canary status
Significant NAV erosion — distributions may be returning principal while value declines.
Updated every Monday and Thursday
YieldCanary Health Metrics
Yield comparison
Advertised Yield
20.13%
Headline Yield (TTM)
41.89%
True Income Yield
19.13%
The real number is typically lower once return of capital is stripped out.
Health metrics
- Death Clock
- 0.84 yrs
- YieldCanary ROC %
- 54.3%
Income and return
- After-Tax Monthly (25%)
- $XX.XXUnlock free →
- Last Distribution
- $1.2844
- 1Y Price Return
- -18.62%
About True Income Yield
About True Income Yield: This is a YieldCanary proprietary sustainability indicator, not a standard accounting measure of economic gain. It strips return of capital from the headline yield to show only what the fund generated from real investment activity. Return of capital reduces your cost basis and the full economic gain is only realized when you sell your shares. YieldCanary calculates ROC from performance data, not from the 19a-1 notices that fund companies publish monthly. Our estimates can differ from official issuer reports and can differ significantly from your year-end 1099 tax forms. We are actively working on incorporating 19a-1 data to make these figures more precise. For confirmed ROC figures always check the fund's official 19a-1 notice on the issuer's website or your year-end 1099.
True Income Yield and Death Clock are YieldCanary proprietary metrics. Not financial advice. Data updates every Monday and Thursday.
Price and Distribution History
Data last updated: Sep 28, 2026. Updates every Monday and Thursday.
Sustainability analysis
Health Score Breakdown
QLDY is currently Severe Risk on YieldCanary. The Death Clock of 0.84 years indicates significant NAV erosion at the current pace. 54% of distributions are estimated as return of capital with the NAV declining alongside distributions. This is the yield trap pattern at its most extreme.
See the full health score breakdown. Start your free 7-day trial.
Start 7 Day Free TrialFund questions
Frequently Asked Questions — QLDY
Is QLDY a good income ETF?
Based on YieldCanary's health framework, QLDY is currently Severe Risk. The current data suggests extreme caution. The fund is showing significant NAV erosion alongside its distributions — the classic yield trap pattern where the advertised yield looks attractive while the underlying value quietly disappears. This is not financial advice — always do your own research and consult a qualified financial professional before making investment decisions.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
What does QLDY pay per month?
Based on last month's actual distribution of $1.2844 per share, $10,000 invested in QLDY at the current price of $41.12 generates approximately 243 shares. That's $312.11 gross per month before taxes. Your after-tax income depends on your personal tax rate and account type. Set your rate inside YieldCanary to see your exact after-tax monthly income and connect your portfolio to see what all of your holdings generate together. Distributions change month to month based on options premiums and market conditions. Past distributions are not a guarantee of future payments.
Calculate your after-tax income on QLDY free →YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
What is QLDY's True Income Yield?
YieldCanary's True Income Yield for QLDY is currently 19.13%. This is a distribution sustainability indicator — it strips the estimated return of capital portion from the headline TTM yield to show only what the fund generated from real investment activity. It is not an accounting measure of economic gain. Return of capital reduces your cost basis and full economic gain is only realized when you sell. QLDY's current ROC estimate is 54.3%. The full methodology breakdown is available inside YieldCanary. For confirmed ROC figures check the fund's official 19a-1 notice or your year-end 1099.
See the full health breakdown on QLDY free →YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
What is QLDY's Death Clock?
QLDY's Death Clock is currently 0.84 years. This estimates the number of years before 50% of the fund's NAV erodes at the current pace, assuming all things stay constant. It is a sustainability warning signal. The pace can improve or worsen as market conditions and distribution behavior change. Check back every Monday and Thursday when the data refreshes.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
Is QLDY's return of capital good or bad?
QLDY's current ROC estimate is 54.3%. A high ROC without NAV stability can indicate the fund is returning your own principal as income while the underlying value declines. The Death Clock and Canary Status reflect this in QLDY's current health rating. Note: YieldCanary calculates ROC from performance data, not 19a-1 filings.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
How does QLDY compare to similar funds?
On YieldCanary, QLDY is currently Severe Risk with a 19.13% True Income Yield and a Death Clock of 0.84 years. It pays Weekly distributions and has a 1-year price return of -18.62%. Similar funds from Defiance tracked on YieldCanary: Defiance Nasdaq 100 Weekly Distribution ETF (QQQY) — currently High Risk; Defiance S&P 500 Target Income ETF (SPYT) — currently Watch; R2000 Weekly Distribution ETF (IWMY) — currently Severe Risk Full side-by-side comparison including True Income Yield, Death Clock, ROC%, and after-tax income across all similar funds is available inside YieldCanary.
Compare QLDY to similar funds free →YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
How often does QLDY pay distributions?
QLDY is a Weekly paying ETF. Distributions hit your account every week — one of the most frequent income vehicles on the platform. Weekly payers are popular for investors who want to align investment income with weekly expenses or reinvest more frequently. The most recent distribution was $1.2844 per share. To see exact upcoming ex-dividend and payment dates for QLDY in your portfolio, connect your holdings inside YieldCanary and check the Distribution Calendar.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
What is QLDY's AUM and why does it matter?
QLDY currently has $54M in assets under management. QLDY is a smaller fund. While smaller AUM is not automatically a problem, funds with limited assets carry slightly more closure risk if assets decline significantly. Factor this into your position sizing. AUM alone does not determine whether a fund is healthy. Check the Canary Status and Death Clock above for the full sustainability picture.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
Is QLDY available in a Roth IRA?
Yes — QLDY can be held in a Roth IRA like any standard ETF, assuming your brokerage offers it. For income ETFs with high return of capital, a Roth IRA can be a particularly advantageous account type. ROC distributions reduce your cost basis in a taxable account, creating a deferred tax liability that grows over time. In a Roth IRA that tax treatment is irrelevant as all distributions are tax-free regardless of their character. This is not tax advice. Consult a tax professional about your specific situation and account type before making investment decisions.
YieldCanary calculates ROC from performance data, not 19a-1 filings. Not financial advice.
About the fund
Strategy & Objective
Defiance · Weekly
The fund is an actively managed exchange-traded fund (“ETF”) that seeks current income and, secondarily, capital appreciation. The fund seeks to achieve its investment objectives by employing a “LightningSpread" strategy, which is designed to generate daily income that the fund manager intends to distribute twice weekly. The fund’s strategy also seeks to provide long exposure to the price return of the Nasdaq 100 index (the “index”). The fund is non-diversified.
At a glance
YieldCanary Health Summary
Defiance Nasdaq 100 LightningSpread Income ETF (QLDY) is a Weekly-paying income ETF issued by Defiance with $54M in assets under management. The fund has an advertised yield of 20.13% and a trailing 12-month headline yield of 41.89%. QLDY is currently Severe Risk on YieldCanary with a True Income Yield of 19.13% and a Death Clock of 0.84 years. The fund's current ROC estimate is 54.3% which warrants monitoring alongside the Canary Status. The most recent distribution was $1.2844 per share. The fund's price has returned -18.62% over the trailing 12 months.
Advertisement
Know If Your Income ETFs Are Actually Sustainable
YieldCanary health checks 320+ covered call and options income ETFs — showing you what the advertised yield doesn't. See what each fund really generates after taxes, whether the NAV is eroding, and how long the income can last at the current pace.
- See what each fund actually pays after taxes at your personal tax rate
- Know whether your funds are healthy or quietly returning your own money as income
- Connect your portfolio and see your complete income picture in one place
No commitment required. Cancel anytime.
Want to learn more about how to evaluate income ETFs? Visit the YieldCanary Education Hub →