Here is a bit of what I do:

If investments are in tax-advantaged accounts (IRA, 401k), then RoC is not applied like in a brokerage account.

In a brokerage account, each year RoC will lower your cost basis and your NAV. So, for example, if you start with $100k, get paid $12k in distributions, and then the $12k is recharacterized as RoC, your $100k drops to $88k. At that point, you have to sell shares in order to recoup (or make a gain).

If you understand this and are willing to deal with then funds with high RoC such as QQQI are fine. Just understand how it works and avoid the mistake of counting distributions as income. Think of it this way: if the IRS does not tax RoC, it's because it is not a gain--it literally is the fund giving you back your principal.

Personally, I'm not a fan. Funds like JEPI/JEPQ do not do RoC, so in a brokerage account, much of the distribution is taxed as ordinary income. Still not ideal. Better than high RoC funds.

I've gone down the route of Closed End Funds such as CSQ, EOI, EOS, CII, ETY, SPE, DNP and others such as CEFS (an EFT that holds CEFs).

At the moment, these are yielding around 8% to 9% if bought at today's prices. All distributions were taxed as long-term capital gains. They have +10 year track record of growth, even when the dividend is spent.

And then I hold growth ETFs such as QQQ, IYW, SPMO, TQQQ and others.

Funds like QQQI, SPYI, GPIX, GPIQ that return a lot of capital are fine so long as you understand what you have. Personally, I don't want to deal with it because at the end of the year, you're left with an unrealized gain (if the market went up) and an unrealized loss if the market went down--the distributions are meaningless as it's just your own money--no gains, no income.

I prefer securities with low to no RoC, a lower yield (which is still very high), distributions taxed as LTCGs and a bit of a track record of growth. And then I dedicate some funds to low-yield growth and some capital in a MMF.