CRCO and ULTY led income-source signals — 2026-04-03

Last week’s watchlist asked one question about CRCO: does net per share hold above 8.0 under comparable coverage? It didn’t. This week CRCO comes in at 0.387 — not a compression from 9.68, but a different order of magnitude entirely. The number didn’t slip. It reset.

That gap is the starting point for this week’s read.

This week’s income-source pulse

Window: 2026-03-30 → 2026-04-03 (US Mon–Fri), frozen as-of 2026-04-03. This ranking covers Group-1, Group-2, and Target-12 tickers sorted by net per share descending. It is not a performance score. Three structural notes apply this week: CRCO compressed sharply from last week’s 9.68; RDTY shows POUT=0 with holdings_rows=1 for the fourth consecutive week; and ETF price data is unavailable across all tickers this week — premium/discount context is not logged.

Anchor read: CRCO — watchlist result and what changed

CRCO ranks fourth this week at net per share 0.387, net $590K, PIN $1.49M, POUT $905K. Coverage: 3 intraday files, 11 holdings rows.

The W05 watchlist threshold was 8.0 under 4+ intraday files. CRCO came in at 0.387 under 3 files — below the threshold on both counts. But the more significant observation is the scale of the compression. Last week’s 9.68 was driven by a PIN of $15.7M against a POUT of $933K. This week, PIN dropped to $1.49M while POUT held at $905K. The income inflow collapsed; the cost structure didn’t move proportionally.

That asymmetry — large PIN drop, stable POUT — is what produces a net per share reset rather than a gradual decline. Last week’s figure was not the beginning of a repeatable pattern. It was a single-week observation under conditions that didn’t hold.

RDTY — fourth consecutive week, same structure

RDTY ranks seventh at net per share 0.342, net $103K, PIN $103K, POUT $0, holdings_rows=1. Intraday coverage: 4 files.

This is the fourth consecutive week with this exact configuration. The W05 watchlist asked whether POUT would turn non-zero. It didn’t. At four weeks, this is no longer a flag on a single observation — it’s the pattern itself.

What the pattern represents structurally remains the open question. A single holdings row with no recorded outflow trades across four full-coverage weeks either reflects a position structure that genuinely produces no POUT, or a holdings snapshot that consistently captures a minimal slice of the actual position. The data doesn’t resolve which. If POUT remains zero for a fifth week, there’s little new to add. If it turns non-zero, the read changes entirely.

Why these moved (grounded notes)

One observable field, one stated limitation per ticker. The most common mistake is treating net per share rank as a quality ranking — it isn’t.

• ULTY (G1): net per share 0.788, net $22.1M — PIN $31.4M, POUT $9.3M, intra 4 files, holdings 69 rows. Thickest coverage and largest absolute net this week. Clean read; no structural flags.
• SLTY (G1): net per share 0.392, net $284K — intra 4 files, holdings 85 rows. Highest holdings row count in this week’s dataset; most complete snapshot available.
• ABNY (G2, underlier ABNB): net per share 0.390, net $258K — intra 3 files, holdings 5. Small holdings snapshot; first observation at this level.
• CRCO (G2, underlier CRCL): net per share 0.387, net $590K — PIN compressed sharply from last week. Watchlist threshold not met. See anchor read above.
• DIPS (G2, underlier NVDA): net per share 0.375, net $96K — intra 2 files, holdings 8. Mid-coverage read; PIN $164K, POUT $68K.
• HOOY (G1): net per share 0.365, net $1.26M — intra 3 files, holdings 14. Mid-range coverage; no structural flags.
• RDTY (G1): net per share 0.342, POUT=0, holdings_rows=1 — fourth consecutive week with this structure. See anchor read above.
• MRNY (G1): net per share 0.337, net $2.3M — intra 2 files, holdings 8. Thinnest intraday coverage among this week’s top 8; read carries more uncertainty.
• MSTY (G2, underlier MSTR): net per share 0.331, net $16.4M — largest absolute net among G2 tickers this week. AUM ~$1.03B; shares out 49.6M. Intra 4 files, holdings 20. Large-fund read: per-share ratio modest, absolute scale significant.
• TSLY (G2, underlier TSLA): net per share 0.289, net $8.3M — intra 3 files, holdings 16. Mid-coverage read; no structural flags beyond ETF_CLOSE_MISSING_OPTIONAL.

Weekly take (author commentary)

The clearest story this week isn’t any single number — it’s what happened to CRCO between last week and this one. A net per share of 9.68 under 4 intraday files looked like the beginning of something. At 0.387 under 3 files the following week, with PIN dropping from $15.7M to $1.49M, it reads as a single-week spike that didn’t carry forward. One week of high net per share is a data point, not a trend.

ULTY sits at the top this week at 0.788 with the largest absolute net in the dataset at $22.1M. Coverage is clean — 4 intraday files, 69 holdings rows — which makes it the most interpretively complete observation in this week’s set. That combination of clean coverage and strong net per share is relatively rare across the full dataset this week.

The broader environment this week looks compressed. G1 shows 8 of 25 tickers in negative territory; G2 shows 10 of 24. Roughly 37% of all ranked tickers produced negative net per share for the week — a higher proportion than recent weeks. This wasn’t a uniformly strong income-source week across the board.

One data note: ETF price data is unavailable this week, which means premium/discount context cannot be logged for any ticker. The income-source figures are unaffected — they come from intraday and holdings files — but the pricing layer that normally accompanies the read is absent. Noted here rather than omitted silently.

Risk checklist (readable, not fine print)

• Coverage varies week to week; high net per share under thin intraday capture should be treated as a first observation until it repeats under comparable conditions.
• RDTY: POUT=0, holdings_rows=1 for the fourth consecutive week. Net figure is extraction-valid but cross-ticker comparability is structurally limited.
• CRCO: W05 watchlist threshold not met (0.387 vs 8.0 target). Pattern-in-progress status reset; treat as first observation at this level.
• MRNY: intra 2 files this week — thinnest coverage among top 8. Net per share figure carries more uncertainty than same-ranked tickers with fuller capture.
• ETF price data unavailable this week — premium/discount context absent for all tickers.
• Income-source signals are not total return; sustained weekly income can coexist with NAV movement in either direction over time.

Top 3 highlight cards

Coverage notes (intraday/holdings)

Top movers — full table

Target-12 reference

T12 group this week: BIGY (net per share 0.0167, intra 3 files), SOXY (0.0080, intra 1 file). RNTY skipped — no intraday files in the window. SOXY‘s single intraday file is the thinnest coverage in the T12 set; net figure logged as reference only.

Next-week watchlist (monitoring prompts)

• RDTY: Does POUT turn non-zero for the first time in five weeks? Four consecutive weeks of identical structure — if POUT remains zero again, the pattern is confirmed stable. If it shifts, the read changes entirely.
• ABNY: First observation at 0.390 under 3 intraday files. Does the figure repeat at comparable or better coverage next week?
• ULTY: Clean read at 0.788 this week with thick coverage. Does the level hold, or was this a spike driven by settlement clustering?

These are monitoring prompts, not recommendations.

Data scope & limits

• This post tracks weekly options income-source signals using intraday + holdings data.
• Missing/holiday days are skipped (no forced fills).
• This is NOT an ex-dividend-cycle model.
• ETF price data unavailable this week — premium/discount context not logged for any ticker.

Ticker links open the latest view. This weekly post is a frozen snapshot as-of 2026-04-03. Internal links: Guide · Glossary · Featured ticker (ULTY) · Net per Share explained · Why coverage matters

Frozen snapshot for 2026-04-03. Corrections appear in subsequent weekly logs.

Reference-only (excluded from ranking)