Searches for Purpose Yield Shares, YTSL vs TSLY, or YNVD vs NVDY usually want to know whether the Canadian single-stock income ETFs are the same product as the US YieldMax twins — and which cheque the filings actually supported. This page answers that at the lineup level: what mapped 2025 financial statements show for Purpose's Yield Shares shelf versus the same-stock US funds, as Dist. coverage, not yield.
That is accrual earned versus paid. It is not a ranking of Tesla or NVIDIA overlays, not a CAD-versus-USD recommendation, and not a view on whether any of these funds belongs in a portfolio.
What Yield Shares are
Purpose Yield Shares are Canada-listed, single-stock funds. Each one holds one company — Tesla, NVIDIA, Amazon, a Canadian bank, TELUS — writes options for monthly income, and, on the US names, hedges most of the US-dollar exposure back to Canadian dollars.
The issuer describes a covered-call write on about half of net asset value plus modest cash borrowing of about 25%. ETF Facts also classify the larger names as alternative mutual funds. Those are structural facts from Purpose, not Dist. coverage, and an options "coverage ratio" is not earned versus paid.
They sit next to YieldMax single-stock funds, not a diversified buy-write such as QYLD. Harvest High Income Shares — HHIS, NVDH — are a third filing family.
Read the period label first
The four largest US-stock Yield Shares — YTSL, YNVD, YAMZ and YGOG — are mapped to the fiscal year ended 31 October 2025. That is the same window as TSLY, NVDY, AMZY and GOOY.
Most later Canadian-stock Yield Shares, and several 2025 US-stock launches, are 2025 stub periods. BRKY is the calendar-year exception: a full 2025 window that still missed. Stub percentages are not a full-year run rate, and dollars that round to tens of thousands move the percentage on very small absolute numbers. Read the dollar column.
The 2025 base rate
CoverCall Ledger lists 25 Purpose Yield Shares funds. 23 are mapped to a 2025 filing; 16 of those 23 read Covered. JPYS and SPXY stay tape-only — launched too late for a 2025 annual statement.
| Dist. coverage (2025 filing) | Full-year mapped | Stub mapped |
|---|---|---|
| Covered (100%+) | 4 | 12 |
| 1–99% | 0 | 1 |
| 0% — period loss | 1 | 5 |
The useful headline is the full-year column: four of five cleared 100%, and the miss is BRKY. Twelve of eighteen stubs also read Covered, but several Canadian names printed in the tens of thousands of dollars — a launch-window snapshot, not a second Tesla.
Across the whole site, 162 of 343 mapped funds read Covered. Among mapped YieldMax funds the rate is 5 of 48. That gap is a design cluster, not a nationality score.
Purpose products that are not Yield Shares stay out of those 23: PYF (Premium Yield) read 59% for calendar 2025, and BTCY / ETHY belong with the bitcoin covered-call note, where both read 0%.
Same stock, same fiscal year, different coverage
These four pairs share the FY Oct 2025 window, so the percentages are comparable in a way that mixed calendar and stub years are not.
| Underlying | Purpose (Canada, FY Oct 2025) | YieldMax (US, FY Oct 2025) |
|---|---|---|
| Tesla | YTSL Covered — $194.8M vs $68.8M | TSLY 56% — $512.9M vs $921.4M |
| NVIDIA | YNVD Covered — $67.8M vs $25.1M | NVDY 51% — $564.7M vs $1,108.8M |
| Amazon | YAMZ Covered — $24.8M vs $9.9M | AMZY 48% — $60.3M vs $125.4M |
| Alphabet | YGOG Covered — $23.1M vs $3.4M | GOOY Covered — $59.5M vs $56.5M |
YTSL earned roughly 2.8x what it distributed; YNVD roughly 2.7x; YAMZ roughly 2.5x. TSLY covered about 56 cents of each dollar paid, NVDY about 51 cents, AMZY about 48 cents.
The dollar columns are not comparable across the border. TSLY and NVDY are multi-billion-dollar US funds; the Purpose twins are smaller Canada-listed books. The ratio is the comparable number.
A plausible structural reading — a candidate, not a proof — is overlay plus cheque size. Purpose describes writing on about half the book with modest leverage. YieldMax single-stock funds target a much larger distribution rate. Distribution policy can outrun period profit even when the underlying ticker is the same. Coverage is only the filing ratio.
Harvest's NVDH also read Covered for calendar 2025 ($7.9 million vs $4.9 million), but that is a different window and issuer.
Covered is a floor, not a score
YGOG and GOOY both read Covered for FY Oct 2025. Dist. coverage stops counting once a fund clears 100%, so the table treats them as a tie.
The dollars do not. YGOG earned roughly 6.8x what it paid. GOOY earned $59.5 million against $56.5 million — a thin cushion that still prints Covered. See how to read Dist. coverage if the label is all you took from the table.
The later names, including the misses
BRKY is the full-year miss: a loss of $0.9 million against $2.3 million paid for calendar 2025, so accrual coverage reads 0%. YieldMax's BRKC also read 0% on a stub. A 0% print is a period-loss statement, not a tax label.
YMET is the only mapped Yield Share between 0 and 100: 37% on a stub ($725 thousand vs $2.0 million). FBY, the YieldMax META fund, read 15% for FY Oct 2025 — directional only, different windows.
Canadian-stock stubs split. Bank names such as BNSY read Covered on very small dollars ($0.2 million vs $30 thousand). TY (TELUS) read 0%, as did ENBY, DOLY, ATDY and YCST. Larger later stubs still read Covered: YAMD $12.0 million vs $1.8 million, YPLT $15.4 million vs $1.9 million. Stub windows remain partial years.
Yield and Dist. coverage are different questions
Purpose announced October 2026 monthly distributions payable around 3 November 2026, including $0.35 on YTSL and $0.75 on YNVD — matching the last distribution on the 30 October 2026 tape. Purpose's product page quoted a 24.31% distribution yield on YTSL as at 28 October 2026. YieldMax's 21 October 2026 weekly notice put TSLY at a 45.63% distribution rate. Those are rates versus price — issuer and tape, not Dist. coverage. See yield versus coverage.
Cash 2026 year-to-date on the exchange tape, as of 30 October 2026, reads −11.6% for YTSL vs −7.6% for TSLY, and +11.1% for YNVD vs +9.5% for NVDY. Both Tesla names are negative; both NVIDIA names are positive. Strong 2025 coverage did not mean a one-way 2026 tape. Coverage is last year's statements; the tape is a later price path; neither is a forecast.
Purpose's materials also talk about tax-efficient yield, often through capital gains and return of capital. That is a tax-character question, not earned versus paid. Return of capital vs "earned the cheque" keeps those lenses apart.
Tape-only, and funds that look similar
JPYS launched after the FY Oct 2025 year-end, and SPXY launched during 2026. CoverCall Ledger shows exchange price and last distribution, and does not invent Dist. coverage from yield or from YTSL.
Apple and Microsoft Yield Shares that Purpose markets under other tickers are not mapped here under those names. Do not borrow APLY or MSFO — YieldMax US funds — as if they were the Canadian twins. The ~25% borrowing is the same kind of leverage as in does 25% leverage break coverage?, but Yield Shares are not in that matched-pair set.
The Canadian single-name aisle sits in high yield covered call ETF Canada. Harvest's family is in Hamilton vs BMO vs Harvest.
How to check one yourself
- Open each ticker on the fund directory and read earned versus distributed dollars, not just Covered versus a percentage.
- Confirm the two funds share a filing-period label before treating the percentages as a race. The Tesla, NVIDIA, Amazon and Alphabet pairs above do: FY Oct 2025.
- Separate Purpose's "write on about 50%" overlay from Dist. coverage. Treat yield, last distribution and 2026 cash YTD as tape.
- Confirm figures against the live coverage table and the issuer's MRFP or annual financial statements.
Educational research from public issuer filings. Not investment, tax or trading advice — confirm every figure against the issuer's own documents before acting on it.