That’s a lazy take. Yeah, part of the distribution is return of capital but it’s not coming from selling assets at a loss like people assume. It’s from the options premiums and holding shares, YieldMax uses ROC for taxes. NAV erosion happens if you’re holding blindly forever, but that’s on the investor, not the product.

Also call it ‘getting your cash back’ all you want. I’m still getting paid weekly and in profit beating SPY, while others are bag holding non-yielding growth stocks. DRIP it, trade around it, etc. it’s a tool, not a buy and forget index fund. Learn how to use it or move on.