Every change published on the site, newest first: new strategies, pages,
metrics and fixes. The simulations themselves are recomputed every evening; this page lists
what changes in how they are built and shown.
2026.10.32026-10-08
New fund, fairer scores for bond funds
New fund: YieldMax Ultra Option Income Strategy ETC (ULTY).
Quality Score of bond funds: when a bond fund trades below its launch price, its yield is now reduced in proportion to the erosion instead of being ignored. Most bond funds are below launch because of the 2022 rate rises, not because they consume capital, and the old rule scored a fund yielding 7% like one paying nothing. Other fund types keep the previous rule. The bond sleeves of the strategies use the same rule, which slightly changes All Weather Income.
2026.10.22026-10-06
Compare the strategies, and release notes
New page Strategies vs the S&P 500: every strategy on one chart as the growth of €10,000, gross or after Italian tax, over 12 months, 24 months or since the common start. Click a strategy to switch it on or off; quick buttons for the top six by return or by income. Below the chart, a table with return, annualised return, drawdown, income and funds held that follows the same period and tax selectors.
This page: every published change listed release by release, linked from the Wiki menu, the home page and the fund screener.
Fix: on every strategy page, "Pay out 100%" showed the stored figures of "Pay out 50%"; it now shows its own results (lower income in euro, smaller capital, same yield on the funds held).
Strategy pages and cards: the income figure now answers the question an investor asks — income per €10,000 put in, average of the last twelve months — and it is the same number on the card and on the strategy page. The page also says how much of it is paid out and how much reinvested, and keeps the yield on the current value in the tile next to it. Tables say "per €10k held" where the figure is a yield on the current value and "per €10k invested" where it is on the money put in.
Wiki: five new entries explain the income tile (per €10k invested, since the start), "per €10k held" vs "per €10k invested", the distribution yield of the funds held, the three payout views and why the performance chart barely moves between them.
Income Strategies: the default order of the cards ("Ours") is now curated rather than fixed in code, so new strategies can be placed where they belong.
Strategies vs the S&P 500: the legend next to the chart shows return only; income, in both measures, is in the table below.
Fund screener and fund pages: Quality Score, the erosion badge and the Opportunity Score now show n/a until a fund has at least three months of history and two distributions. Before, a fund listed a few days ago could score in the middle of its group and carry a "No erosion" badge simply because its price had not had the time to move.
2026.10.12026-10-05
Quality Five
New income strategy, Quality Five: twenty per cent in three dividend ETFs (emerging markets, Europe ex-UK, euro area) and eighty per cent in the five covered-call funds with the best Quality Score above a 30% yield floor, one per underlying, re-ranked at each month-end. More income than All IncomeShares with five funds instead of fifty-six, and a deeper drawdown.
Strategy pages: the amount typed in "Show for" is now kept when switching payout, tax or loss-offset views; before, every switch reset it to the simulated capital.
Strategy pages: two new notes on Quality Five explain how its ranking differs from the home page Quality Score and why a fund can stay after its score drops.
2026.9.52026-09-21
Methodology on the home page
Home page: a methodology panel describing how prices, distributions and scores are built, the update time shown in Rome time, and a note on the open-source data sources.
2026.9.42026-09-20
New look and dark mode
Redesign: new green-petrol palette, Inter typeface, dark mode switch in the navigation; every page now uses the same colour variables.
Dividend growth page: NAV badges with date, Opportunity Score, upside to the 52-week high and the Momentum signal shown for each fund.
No Erosion screener: restricted to option-income funds, where erosion is the question; the 39 traditional dividend and bond ETFs are no longer listed there.
Income Target Growth: half of every exit now moves to the stable core, so the portfolio de-risks over time as intended (from 32/68 to 50/50 in the simulated period).
2026.9.32026-09-18
Income Target family
New strategies Income Target, Income Target 7 and Income Target 10: a stable core of seven dividend and index ETFs plus a satellite of 5, 7 or 10 covered-call funds picked by Quality Score at each month-end.
Capital-gains tax at 26% now applied to satellite exits in the Italian tax view.
Two experimental variants (No Erosion Core Rigorous, Yield Reinvestment) retired from the site.
2026.9.22026-09-16
Core Seven and Best of Breed
New strategy Core Seven: seven dividend and index ETFs held for the long term, half of the income reinvested into the five highest-yielding.
New strategy Best of Breed: the top five funds of each category by Quality Score, diversified by sector.
Fund pages: monthly Price, Total Return and S&P 500 series computed in batch, so the dividend-growth charts load instantly.
2026.9.12026-09-06
Dividend growth
Dividend growth measured over 1, 3 and 5 years and since launch for every fund, with a distribution pattern label; funds with less than two full years are flagged as "Only 2Y Data".
Performance summary card added to the Dividend UCITS backtest.
2026.8.12026-08-29
Traditional dividend ETFs
Fourteen traditional dividend ETFs added to the database and to the screeners, kept out of the No Erosion portfolio where they do not belong.
Assets under management completed for the JPMorgan, YieldMax and iShares funds that lacked it.
Important information. Master of Yield is an independent research tool. All content on this
site, including fund data, screeners, scores, model portfolios and backtests, is provided for information
and education only. Nothing here is investment, legal, tax or accounting advice, nor a recommendation or
solicitation to buy, sell or hold any financial instrument. We are not a broker, a bank or an authorised
investment adviser, and we have no knowledge of your personal circumstances. Any investment decision you
make is yours alone: consult a qualified adviser before acting.
Our approach. Our model portfolios follow a purely quantitative, rules-based method focused on
income. Funds are selected, ranked and rotated by statistical criteria applied mechanically: price erosion
since inception, sustainability of distributions, dividend growth, yield and total return. No discretionary
judgement or view on individual companies or markets is involved, and the same rules apply to every fund.
About the backtests. Portfolio results are hypothetical simulations run on historical data, not
records of real trades or of any real account. Among other simplifications, they assume every fund could be bought
and sold at its month-end price with no spread, commission or market impact; they show figures before tax
unless you set your own tax profile under "Taxes", where you choose your country and can adjust every rate and
the commission your broker charges per trade — those figures are an estimate, not a tax calculation; and they
convert every amount to euro at the daily exchange rate. The fund universe only
contains products that exist today, so funds that closed in the past are missing, which tends to flatter
results. Many funds have short histories, so some results cover only a few years of a largely rising market.
Rules may be refined over time and each refinement is applied to the full history, so past results can
change. Past or simulated performance does not guarantee future results, and every investment can lose
value, including the capital invested.
About the data. Data is collected from publicly available open sources and third-party providers
and is not independently verified. No warranty is given as to its accuracy, completeness or timeliness.
Always check figures with the fund provider before acting. Fund reference data (expense ratio, fund size,
domicile) is completed with the EU ETF Universe dataset by Danimoth, used under the CC BY 4.0 licence:
danimoth.com/dataset.
Intellectual property. Fund names and trademarks belong to their respective owners. Content from
this site may not be reproduced or redistributed without written permission.
Before you look around
Master of Yield is an independent research tool. All content on this site — fund data,
screeners, scores, model portfolios and backtests — is provided for information and education only.
Nothing here is investment, legal, tax or accounting advice, nor a recommendation or solicitation to buy,
sell or hold any financial instrument. We are not a broker, a bank or an authorised investment adviser,
and we have no knowledge of your personal circumstances.
Any investment decision you make is yours alone: consult a qualified adviser before acting.
This site stores only what it needs to work: your theme, your table view and your tax profile, all in your
own browser. No tracking, no advertising. How it works.
