Infrastructure Capital’s Substack
We are a leading provider of investment management solutions specializing in ETFs, managed hedge funds, and providing consulting services for other investment firms.
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What they write about
Published by an asset manager, covering income investing and the firm's own exchange-traded funds. Recurring subjects include preferred stock mechanics, option-income and covered-call strategies, midstream energy, and what makes an equity income stream durable.
- income investing
- preferred stock
- etfs
- covered calls
- midstream energy
- dividends
Recent examples: BNDS and the Case for Owning High Yield Bonds, Left Behind by Index · September’s inflation report can change three things for a bondholder, and leaves one untouched Consumer prices rose 0.6% in September and 3.7% over twelve months. For a fixed-rate bond, a report lik
Written from Infrastructure Capital’s Substack’s own published post titles and openings in Sep 11, 2026. It describes the subjects the newsletter covers, not its views, and is not investment advice.
Growth history
Subscribers (thousands, nightly)
66K on Sep 10, 2026 → 66K on Oct 21, 2026
Followers (thousands, nightly)
Rank in Substack’s finance leaderboard: #41 today · #42 a week ago · #17 a month ago
Stats worth sharing
Tracked since Sep 10, 2026 — 42 daily snapshots so far. The card below is built from what we track and refreshes nightly.
- Percentile
- Top 8%
- Best rank seen
- #14
- Rank, 7 days
- +1 place
- Rank, 30 days
- −24 places
- Followers added
- −429
- Posts
- 12
- Reactions per post
- 44
- Reactions tracked
- 1.2K
of 525 ranked finance newsletters
on Sep 15, 2026
since tracking began
last 30 days
average, recent posts
across 28 posts
Most-reacted post we have seen: Infrastructure Capital Equity Income ETF (ICAP) and the In-Off Behind a Large-Cap Covered-Call Sleeve — 105 reactions on Aug 11, 2026.
Recent posts
- BNDS and the Case for Owning High Yield Bonds, Left Behind by Index
The Infrastructure Capital Bond Income ETF carries an 8.41% 30-day SEC yield (as of 9/30/2026) in a 5.28% Treasury world. We review the extra yield comes from, what it costs, and what the portfolio holds The bond market has been the story of the autumn, and not in a way bond investors enjoyed. Yields have held near multi-year highs[1], with the 10-year Treasury at 5.28%[10], a level that finally makes the risk-free complex of Treasuries competitive again and that has rattled every corner of fixed income priced off it. Last week brought the first relief in a while. A surprisingly weak…
- September’s inflation report can change three things for a bondholder, and leaves one untouched Consumer prices rose 0.6% in September and 3.7% over twelve months. For a fixed-rate bond, a report lik
Consumer prices rose 0.6% in September and 3.7% over twelve months. For a fixed-rate bond, a report like this can change the price, the reinvestment rate and the real return. It cannot change the coupon. The Bureau of Labor Statistics reported on October 14, 2026 that the Consumer Price Index rose 0.6% in September on a seasonally adjusted basis after rising 0.4% in August, and that the all-items index was up 3.7% over the last twelve months, compared with 3.4% in the twelve months ending in August ( BLS, 10/14/2026 and 09/11/2026 ). Excluding food and energy, prices rose 0.3% in the month…
- The Average High-Yield Spread Hides a 15-to-1 Gap
On October 8, investment-grade corporate bonds paid 82 basis points over Treasuries, BB-rated high yield paid 194, single-B paid 315 and CCC-rated bonds paid 1,252. The 3.15% index average describes the middle of the stack and says very little about either end. The most quoted number in credit is the high-yield index spread, and as of October 8, 2026 it stood at 3.15% ( ICE BofA US High Yield Index option-adjusted spread, FRED, 10/08/2026 ). It is a useful headline. It is also an average of tiers that are priced very differently, and over the last six weeks those tiers have moved apart. Break…
- Three Different Yields, One Misleading Comparison
The S&P 500’s forward earnings yield is about 5.24%, the 10-year Treasury yields about 5.22%, and the implied equity risk premium is 3.70%. Only one of those is a premium, and mixing them is how portfolio decisions end up answering the wrong question. “Stocks are no cheaper than bonds right now” is an easy line to write, and the arithmetic behind it is correct. The S&P 500’s forward 12-month P/E ratio was 19.1 in FactSet’s October 9, 2026 Earnings Insight, which works out to a forward earnings yield of about 5.24% ( FactSet, 10/09/2026; author’s calculation ). The 10-year Treasury yielded…
- Hawkish Central Banks Melting Down Global Economy
Global central banks have irrationally reacted to an oil price shock with rate hikes, led by the ECB . This action is contrary to conventional economic theory as oil price spikes weaken the economy and rate increases further weaken the economic growth but do nothing to address energy driven inflation. That is why central bank inflation targets are based on core inflation not headline inflation. The global bond melt down is led by the French 10-year which is down over a point today to 4.9% with the yield up 130bp over the last 6 months with France now having the highest yield in the Euro Zone…
- The Yield You Can’t See on the Screen
A 30-year AAA muni at 4.96% sounds modest — until you gross it up at the 40.8% top bracket and it becomes 8.37%. The muni/Treasury ratio at 91.9% is what makes this moment unusual. There is a number on the municipal market screens right now that most income investors will never compute, and it is the most important one on the page. As of September 23, 2026, a 30-year AAA-rated municipal bond yields about 4.96% ( Invesco Municipal Bond Desk, 09/23/2026 ). Modest. But the buyer in the top federal bracket — 37% plus the 3.8% net investment income tax, a 40.8% all-in rate — keeps 59.2 cents of…
- The Coupon That Resets Itself
A loan’s yield is SOFR plus a spread. The 2025 cuts took the first part away; the September hike just gave some of it back. The spread is what nobody prices correctly. The income investor’s least-loved asset class of the past year was floating-rate credit — and for a mechanical reason. Leveraged loans pay a coupon that resets with short-term rates: SOFR plus a fixed credit spread. When the Fed cut 175 basis points of easing between September 2024 and December 2025, the SOFR leg of every loan coupon ratcheted down with it. Nothing about the borrowers changed; the income simply reset lower…
- Infrastructure Capital announces a dividend increase for: Bond Income ETF (BNDS), Equity Income ETF (ICAP), Small Cap Income ETF (SCAP), and Nasdaq Option Income ETF (QVOL)
NEW YORK — September 28, 2026 — Infrastructure Capital Advisors, LLC (Infrastructure Capital), a leading provider of investment management solutions designed to meet the needs of income-focused investors, is excited to declare distributions for the Infrastructure Capital Nasdaq Option Income ETF (QVOL), Infrastructure Capital Bond Income ETF (BNDS), Infrastructure Capital Small Cap Income ETF (SCAP), and Infrastructure Capital Equity Income ETF (ICAP). QVOL has declared a distribution increase by $0.05 from $1.04 to $1.09 per share. SCAP has declared a distribution increase by $0.005 from…
- Stop Reading Utility Payout Ratios Off Earnings
Duke Energy’s dividend consumes 65% of its earnings but only about a quarter of its operating cash flow. Which number is the dividend safety number? It isn’t close. The most-quoted dividend safety statistic for a utility is the earnings payout ratio: dividend per share divided by EPS. By that measure, Duke Energy pays out 65% of its trailing twelve-month earnings ($4.24 in dividends against $6.50 in TTM EPS) — a “healthy” zone, on the conventional scale. But the number that actually funds the dividend is cash: Duke reported roughly $12.35 billion of operating cash flow in 2025 against about…
- The 8% "Yield" That Isn't a Yield: What an Annuity Payout Rate Actually Pays You
A 65-year-old can now convert $100,000 into roughly $693 a month for life. That number looks like an 8% yield. It is not — and understanding why is the whole decision. As of September 16, 2026, the best single-premium immediate annuity (SPIA) payout among eight A-rated carriers pays a 65-year-old man $693 per month for life per $100,000 — up from $675 in August — with a 5-year period certain. A 65-year-old woman: $658. A couple, both 65, with 100% continuing to the survivor: $598. A man who waits until 70: $767. Multiply it out and the man’s figure is an 8.3% annual “payout rate.” Against a…
- How AMZA's Income Is Built — and What This Year's Distribution Raise Says About the Fund
In January 2026, the InfraCap MLP ETF (AMZA) raised its monthly distribution from $0.29 to $0.34 per share — a 17% step-up, and the latest in a series of annual increases that took the monthly payout from $0.22 in 2022 to $0.29 in 2025.[1][4] Nine straight monthly distributions have now been declared and paid at the $0.34 rate through the September 2026 ex-date (09/21/2026, payable 09/28/2026).[1] The distribution rate stands at 8.27% as of September 21, 2026, against a 30-day SEC yield of 6.32% as of August 31, 2026.[1] See prospectus . A yield like that on a midstream portfolio raises the…
- Infrastructure Capital expands European ETF range with launch of S&P 500 option income ETF
Infrastructure Capital Advisors has expanded its European ETF range with the launch of Infrastructure Capital S&P 500 Option Income UCITS ETF (ticker: SPYC). The ETF combines a portfolio of S&P 500 equities with a flexible covered-call strategy, seeking to generate monthly income alongside capital growth. The strategy can seek to capture premiums from companies the manager considers overvalued or where implied volatility is elevated, while maintaining broader market exposure across the rest of the portfolio. SPYC is listed on London Stock Exchange, Xetra, and Borsa Italiana. When you invest…
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