One ETF Page, Four Percentages: What SEC Yield, Trailing Yield, YTM and Total Return Each Answer

On September 24, TLT showed a 5.41% SEC yield, a 4.90% trailing yield and a −6.15% year-to-date total return. What each number measures, why they differ, and the calculation that ties yield to rate risk.

September 29, 20268 min read

Read the story

Number line for iShares TLT: year-to-date NAV total return −6.15%, 12-month trailing yield 4.90%, 30-day SEC yield 5.41% and average yield to maturity 5.55%, as of September 24–25, 2026.

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The Fed's 3.75–4.00% target range after September 16 beside September 22 Treasury yields of 4.96% at 10 years and 5.29% at 30 years.

September 2, 20267 min read

Why the Fed Rate Doesn't Tell the Whole Treasury Story

The Fed's September hike and the Treasury curve tell different stories. A matched nominal-versus-real yield comparison shows what changed—and what it cannot prove.

Nvidia Q1 and Q2 FY2027 revenue and operating cash flow on the same zero-based dollar scale; revenue rose while operating cash fell.

August 26, 20268 min read

Nvidia's Sales Grew. Why Did Operating Cash Flow Halve?

Nvidia's Q2 sales rose while operating cash fell. A $20.1B increase in receivables-related cash use explains much of the gap, without proving customer default.

Circle Q2 revenue of $701.3M split between $412.5M of distribution and other costs and $288.8M remaining before operating expenses.

August 22, 20267 min read

Circle Gets Binance's Investment—and Pays for Distribution

Binance's $100M investment and Arc's launch are real milestones. Circle's filings show why funding, paid distribution and repeatable earnings need separate tests.

Coinbase Q1 and Q2 2026 stablecoin revenue fell while customer USDC rewards increased, shown on a shared dollar scale.

August 8, 20268 min read

Coinbase's USDC Revenue Chart Leaves Out a Key Cost

Coinbase's stablecoin business cushions trading, but customer rewards and new shares complicate the benefit to shareholders. A Q2 filing check explains both.

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