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The Average Social Security Check Is $2,082. Your Bills Didn’t Get the Memo. These 4 ETFs Step In

A $2,082 monthly benefit works out to roughly $25,000 a year. The average household spends more than three times that. Even a 1.68% national average 12-month CD barely covers the rounding error on your grocery bill. You need cash flowing every month, and you need at least one holding that grows faster than inflation so your future self is not stuck in the same corner. These four funds attack that problem from four different angles. SPYI owns the S&P 500 and layers a call-option strategy on top to generate premium income. The fund has grown to roughly $6.9 billion in net assets and carries an expense ratio of 0.68%, meaning you keep about $9,932 of every $10,000 working for you each year. It pays monthly. The July 2026 distribution was $0.53 per share, and the fund has paid out $6.31 per share over the trailing 12 months, with a forward annualized rate of $6.36. On a recent price of $52.26, that is a high-single-digit yield that lands in your account every month. The tradeoff is participation. Covered calls cap upside, so SPYI gained 15.71% over the past year while SPY returned 16.41%. You are trading a slice of appreciation for a fatter monthly check. For a retiree, that is often the right trade. HDV holds $13.57 billion in older, cash-generating names. The top of the book reads like a retiree’s shopping list: Exxon Mobil at 8.42%, Chevron at 6.43%, Johnson & Johnson at 5.68%, AbbVie at 5.44%, and Procter & Gamble at 4.46%. Energy, healthcare, consumer staples, and utilities dominate. Those sectors sell things people buy in every economic weather. The fund is also pulling its weight on total return, up 22.41% over the past year and 18.70% year to date. Concentration is real: the top 10 holdings represent roughly 51.8% of assets, so a bad quarter for Big Oil can sting. PFFD holds more than 200 preferred stock positions across roughly $2.25 billion in assets. Preferreds sit above common stock in the capital stack and typically pay fixed distributions. Translation: less growth, more predictable income. PFFD has paid $0.10 per share every month in 2026, for a $1.20 annualized rate on a share price of $18.39. That is a mid-single-digit yield delivered like clockwork. Top exposures include Boeing at 4.64%, Albemarle at 3.00%, and heavy positions across Wells Fargo, Bank of America, JPMorgan, and NextEra Energy. Preferreds move with interest rates, which is why PFFD is up just 0.38% year to date. You are buying it for the coupon. DGRW screens U.S. companies for return on equity, return on assets, and expected dividend growth. Its monthly distributions have compounded into real numbers: a trailing 12-month payout of $1.22 per share and a $1.92 forward annualized rate. The share price sits at $95, and total return has been the point: up 12.20% over one year, 69.02% over five years, and 252.88% over 10 years. That is the fund whose job is to keep your purchasing power ahead of the CPI. None of these funds are riskless. SPYI’s covered calls will lag in a raging bull market. HDV concentrates in a handful of mega-caps. PFFD moves with interest rates and can drift sideways for years. DGRW pays the smallest current yield of the four. Owned together, though, they cover the bases a Social Security check cannot: monthly cash flow, defensive dividends, fixed-rate income, and long-term growth. For a retiree watching bills outrun a 2.8% COLA, that combination is worth the homework.

The Average Social Security Check Is $2,082. Your Bills Didn’t Get the Memo. These 4 ETFs Step In
Asia
The Hindu BusinessLine

Think. Over the week

The most important topic for analysis in our Editorial section last week was the protests in Jantar Mantar over the NEET exam paper leaks led by the Cockroach Janta Party. Our Editorial came down hard on the Delhi Police’s crackdown on protestors and the Centre’s apathy in handling the crisis. To restore confidence, systemic reforms and fixing of accountability at all levels will be required, argues the Editorial. The National Investment Policy 2026 (NIP 2026) that aims to bridge the huge deficit in urea supplies was another key issue dissected in our Editorial section. It analyses why private sector is reluctant to enter the urea sector, given its humongous regulatory controls. For attract private sector investments, deep rooted reforms are necessary, argues the Editorial. The recently concluded FIFA World Cup was another topic discussed. Spain’s justified victory was hailed so was the performance of the smaller nations such as Cabo Verde, and DR Congo, which was aided by in no small measure by the expanded 48-team format. However, some of the off-field controversies, -- visa and travel restrictions, treatment of Iran and entry denial of a Somalian referee, steep ticket prices – cast a shadow on the football extravaganza, says our Editorial. In his weekly column, TCA Srinivasa Raghavan talks about how the actions of the three most powerful leaders in the world – Donald Trump, Xi Jinping and Vladimir Putin will impact the not only geopolitics but also the global economy. The Indian economy is also set for a bumpy ride and it will need to improve its tax collections and raise personal and corporate taxes to deal with the impending crisis. In an article titled, ‘Grim economics of exam leaks’, Anushi Tiwary and Peddi Dayakar look at the perverse incentives of exam paper leaks. They argue that as long as the huge wage gap between for government job or a medical career and private jobs exists there will be little incentives for leaks to be plugged. Nishant Sahdev in his article ‘Coming to grips with rare earths’, discusses the key role that refining plays in the rare earths economy and why China is ahead in this game. Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments. We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.

Think. Over the week
Asia
The Hindu BusinessLine

Tulsian, Asit C Mehta, ICICI Pru, Green Lantern, Sundaram: Here’s how top PMSes delivered alpha to investors

Portfolio Management Services or PMS managers have greater freedom to run concentrated portfolios, although sustained benchmark outperformance has varied across strategies. A bl.portfolio analysis of 554 active PMS strategies shows that category-average returns beat the relevant benchmarks in three of the six equity categories examined over five years. Mid-cap stood out as a challenging segment, as no strategy in the sample managed to surpass the Nifty Midcap 150 TRI. Multi- & Flexi-cap was the standout, with both the category average and about 2 out of 3 strategies in the sample beating the respective benchmark. The wide gap between category averages and the best-performing managers carries a second message. PMS investing is primarily a manager-selection decision, not merely a choice between large-cap, mid-cap or small-cap strategies. A concentrated portfolio can produce exceptional alpha when the manager is right, but it can magnify stock-specific losses, drawdowns and tax costs when the calls go wrong. As of June 2026, India had 530 SEBI-registered portfolio managers. The industry served about 2.2 lakh investors and managed ₹8.9 lakh crore (excluding EPFO assets) across discretionary, non-discretionary and advisory portfolios. This is a broad industry figure, covering different client segments and mandates. For individual investors, the entry threshold remains substantial, with the minimum investment in a PMS being ₹50 lakh. The Association of Portfolio Managers in India (APMI) lists about 1,570 PMS strategies, including active and inactive offerings. This bl.portfolio analysis uses PMSBazaar data covering 554 active model portfolios or primary strategies across 15 categories. Equity strategies were assessed on five-year returns ended June 30, 2026. Debt, multi-asset, MF-PMS and arbitrage strategies were ranked on three-year returns because only a few offerings in these segments had a five-year track record. Performance is reported using the Time-Weighted Rate of Return (TWRR), which is designed to separate the manager’s investment performance from the timing of client cash flows. Category averages are calculated using a simple average. The findings should be read as a snapshot of the active strategies represented in the database, not as a census of the entire PMS market. Inactive or discontinued strategies are outside the sample. The number of qualifying strategies also differs across categories. Category labels may reflect a strategy’s mandate even when its current portfolio has moved materially away from that label. Published performance is net of management fees. Investor-level capital-gains tax is not captured by TWRR. Before we delve deep into PMS performance, investors should understand three important things. One, the total cost of investing may go beyond the headline management fee. PMS providers commonly use one of three fee structures: Fixed, performance-linked or hybrid. Fixed annual fees generally range from 0.25 per cent to 2.5 per cent of the portfolio value. A performance-fee structure pays the manager a share of gains above a pre-defined hurdle rate. A hybrid structure combines a fixed charge with an incentive fee. The quoted fee is not necessarily the investor’s full cost. Brokerage, custody, audit, demat, fund-accounting and other operating charges may also apply, along with GST on applicable fees. Under a performance-fee arrangement, investors should examine the hurdle rate, the high-water-mark provision, catch-up clauses and the conditions under which the fee calculation resets. Two, portfolio churn can create tax even without a withdrawal. In an equity mutual fund, purchases and sales undertaken within the scheme do not create an immediate tax liability for individual unitholders. Tax generally arises when the investor redeems units. In a PMS, securities are bought and sold in the client’s own account. Portfolio churn can, therefore, crystallise short- or long-term capital gains even when the client has not withdrawn money. Brokerage and transaction charges are also borne at the client-account level. Two strategies reporting similar pre-tax returns can consequently deliver different post-tax outcomes, depending on turnover, the holding period of realised gains and the investor’s own cash-flow pattern. Three, flexibility creates opportunity and concentration risk. Mutual funds operate within standardised category rules. A large-cap mutual fund, for instance, must invest at least 80 per cent of its assets in the top 100 companies and cannot invest more than 10 per cent of the scheme’s corpus in a single stock. PMS managers have greater freedom to build concentrated portfolios, with some strategies allocating 20-30 per cent to one company and holding only 10-25 stocks. That flexibility can help a skilled manager express high-conviction ideas and avoid benchmark-like portfolios. But it also makes outcomes more dependent on a small number of decisions.

Tulsian, Asit C Mehta, ICICI Pru, Green Lantern, Sundaram: Here’s how top PMSes delivered alpha to investors
Europe
BBC Business

ADHD has rewired the workplace. This is what it means for bosses and workers

ByEsyllt CarrBusiness reporterTaking one of the UK's biggest grocery chains to an employment tribunal was something that Ryan Toghill says almost took over his life. The deputy store manager at Lidl, who'd told his bosses he'd been diagnosed with Attention Deficit Hyperactivity Disorder (ADHD), was called to a disciplinary meeting after breaking company rules by using equipment he hadn't been trained to use. After that meeting, Ryan was dismissed for gross misconduct. He successfully appealed the decision and was offered a lower-paid role. He rejected it and took his case to a tribunal. Eventually, he was awarded more than £45,000 when the judge found his former employer hadn't fully taken his ADHD diagnosis into account during the disciplinary process. The judgement found reasonable adjustments during the process hadn't been offered to him, such as additional breaks. He'd been described by a manager as showing "a lack of remorse," something the tribunal found was clearly linked with his communication differences associated with having ADHD. "I don't show a lot of emotions," Ryan explains. "I could be incredibly happy, angry, upset, or remorseful, and my facial expressions and tone of voice would essentially remain the same." The tribunal upheld part of his claims for unfair dismissal, wrongful dismissal and a failure to make reasonable adjustments. Lidl says it's "committed to ensuring that everyone receives the reasonable adjustments, clear communication and support they need to thrive." Campaigners, lawyers and HR teams say cases like this highlight a shift that businesses should be paying attention to. Thousands of people have been diagnosed as neurodivergent in the last few years, an umbrella term that covers autism, ADHD and other conditions such as dyslexia and Tourette's syndrome. Since the pandemic in particular, diagnosis rates for ADHD and autism have been rising, and they're featuring more regularly in disputes in employment tribunals. While many people who are neurodivergent don't consider themselves disabled, the Equality Act 2010 may give them protection by recognising their condition as a disability, regardless of whether they have a formal diagnosis. They're entitled to reasonable adjustments if they can show that their condition has a substantial and long-term adverse effect on their ability to do normal day-to-day activities. These are widely defined and aren't limited to work tasks. Cases going to tribunal can be around employers not making those adjustments, but they can also be about how people are treated at work.

ADHD has rewired the workplace. This is what it means for bosses and workers
North America
CNBC Finance

Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say

The major auction houses racked up nearly $10 billion in sales in the first half, marking one of the strongest-ever starts to the year as the wealthy gained confidence from soaring financial stock markets. Sotheby's reported its best first half ever, with $4.4 billion in sales, up 58% from last year and marking a record for the 282-year-old auction house. Christie's had its best first half since 2021, reporting sales of $4.5 billion, up 71%. Phillips, Heritage and other auctioneers also had breakout starts to the year. There were eight lots that sold for more than $50 million in the first half, compared with none in 2024 and 2025, according to Artnet. Auction executives and dealers say the explosive rebound in the art market, following nearly three years of declines, is being driven largely by the massive wealth creation from the artificial intelligence boom, IPOs and rising stocks. "The numbers mean there is confidence in the market," Christie's CEO Bonnie Brennan said at the Christie's Art + Tech Summit last week. "There are people willing to sell great objects and there are people spending great amounts of money to acquire those special one-of-one works." Added Sotheby's CEO Charles Stewart: "The wealth being created now is the number one factor in our business right now. It's obviously very visible when you sit here in New York and talk about the SpaceX IPO and these different tech IPOs coming and the AI fever." While the dollar totals are being driven largely by a select group of hyper-priced works at the very top of the market, the strength is across the board, in almost all price points and almost every category. Fine art, classic cars, watches, handbags, diamonds, whiskey and even dinosaur bones are all seeing new records. Leading the first half was a Jackson Pollock drip painting, titled "Number 7A, 1948," which sold for $181 million at Christie's. The work, considered one of Pollock's most epic and defining works, had previously been owned by media magnate and collector S.I. Newhouse, which added to its appeal. A Brancusi sculpture also previously owned by Newhouse went for $107.6 million. A new wave of younger collectors, many from the tech world, is also redefining collectibles. In classic cars, 1950s and 1960s sports cars used to dominate the price charts. Now supercars from the 1990s and 2000s are the hottest sellers. Watches are gaining in popularity among tech bros. Phillips in Association with Bacs & Russo reported $235 million in watch auctions in the first half, marking its largest ever. The strong bidding stretched across its auctions in New York, Geneva and Hong Kong. While Patek Philippe remains strong, young collectors are battling over pieces from more rarified, independent brands. The priciest watch sold in the first half was an F.P. Journe Souscription Résonance, which went for $13.9 million. Mark Zuckerberg has become one of the most high-profile devotees of F.P. Journe in recent years, and has sported seven-figure F.P. Journes in public. Brennan said 30% of the buyers in the first half were new to Christie's, with 47% of them millennials or younger, and that 85% of bids were placed online.

Boom in tech wealth is fueling record prices for dinosaur bones, art and watches, auction houses say
Asia
The Hindu BusinessLine

Dharmendra Pradhan’s resignation sparks jubilation at Jantar Mantar

Weeks of protest at Delhi’s Jantar Mantar made way for an eruption of celebrations on Saturday after the announcement of Union Education Minister Dharmendra Pradhan’s resignation. As the news was announced from the stage, hundreds of students and supporters broke into cheers, danced to patriotic songs, waved the Tricolour and declared it the “first victory” of their movement against alleged irregularities in competitive examinations. Slogans such as “Haar gaye, haar gaye, tanashah haar gaye” (The dictator has been defeated), “Bharat Mata ki Jai” and “Inquilab Zindabad” echoed through the protest site as students embraced one another and celebrated what they described as a landmark moment in their 36-day agitation. Cockroach Janta Party (CJP) founding president Abhijeet Dipke, addressing the gathering, cheekily congratulated the Chief Justice of India Justice Surya Kant and referred to his earlier “cockroach” remark aimed at protesting youth as what set the ball rolling. “Had you not called us cockroaches, I wouldn’t have come to India, this crowd wouldn’t have gathered here, and Dharmendra Pradhan would not have resigned,” Dipke said. Even as protesters celebrated the minister’s resignation, they made it clear that the agitation was far from over. Displaying an update from the stage, the CJP said that only one of its three principal demands—Pradhan’s resignation—had been fulfilled. Its demands for ₹1 crore compensation to the families of students who allegedly died by suicide and assurance that no action would be taken against student protesters remained pending. CJP national spokesperson Ashutosh Ranka said the sit-in would continue until the government accepted all three demands in writing. “If you accept our three demands in writing, we will go home,” Ranka said, adding that the organisation had sought permission to hold a nationwide candle march at 6 pm on Friday. Speaking to businessline, CJP chief spokesperson Saurav Das said the protesters would seek written assurances before calling off the agitation. “It’s a big win not just for the youth of the country but also for the Constitution and every parent who sent their child here. They tried to divide us on class lines and many other lines, but all of them have been defeated by the youth of the country. There is no power that will not bend to the will of the youth. We are going for talks with the government and will take those assurances in writing. We will only leave once those assurances are implemented,” Das said. “Don’t make me a hero because Dharmendra Pradhan resigned today. Don’t make this mistake. The country has been ruined because of making one person a hero,” he said. Calling the resignation only the beginning of the campaign, Dipke said, “This is the first wicket. We won’t stop here. This is just the beginning. I salute all students and volunteers who have been sitting here for the last 36 days.” Describing the resignation as “a victory for the Constitution of India” and “a victory for the people of India”, he said the protest had shown that sustained public pressure could force accountability. “Dharmendra Pradhan has resigned. This resignation is proof that if people are not afraid, if people do not bow down to this government, then we can take the resignation of anyone,” he said.

Dharmendra Pradhan’s resignation sparks jubilation at Jantar Mantar
Asia
The Hindu BusinessLine

Education Minister Dharmendra Pradhan resigns after youth protests

Just before the beginning of meeting with the Cockroach Janata Party, Education Minister Dharmendra Pradhan on Saturday resigned. “”Considering the situation at Jantar Mantar and across the country --with the aim of preventing anti-national forces from exploiting it, preserving national unity, ensuring that not a single Indian student’s future gets entangled in legal complexities, and allowing our children to devote their time to studies and focus on building their careers -- I have submitted my resignation to the Prime Minister,” he said in his two page letter posted on social media. Further he said that he has taken responsibility from day one for the NEET paper leak and he is disturbed to see the series of events that have unfolded in the last 10 days. Cockroach Janta Party (CJP) hailed it as the first victory of their 36-day agitation. However, CJP founder Abhijeet Dipke said their agitation will continue until the government fulfils their other demands as well. Pradhan’s resignation on Saturday sparked scenes of celebration at Jantar Mantar. Students and members of the CJP have been holding a sit-in since June 20, demanding his accountability over the NEET-UG 2026 paper leak and irregularities in the CBSE’s on-screen marking process, besides seeking wider reforms in the conduct of public examinations. The opposition parties, which had supported the stir and had joined the chorus for Pradhan’s resignation, called it a victory for students, youth and democracy. Congress president Mallikarjun Kharge said Pradhan’s resignation was a “victory of truth” and a defeat of Prime Minister Narendra Modi’s “stubbornness”. The Leader of Opposition in Rajya Sabha said it was Prime Minister Narendra Modi’s turn to apologise and take strict action against all those who used lathis, batons and pellet guns against the agitating students. “We have won,” the CJP posted on X. Addressing protesters at Jantar Mantar, Dipke said, “Dharmendra Pradhan has resigned and this is the proof that if you don’t get scared, you can win.” “You should not be scared to speak in a democracy. Only if you raise your voice, they will stay in line because they are sitting in power because of us,” the CJP founder said. Activist Sonam Wangchuk described it as “a victory of democracy” and credited the nationwide student-led agitation and citizens’ participation for the outcome. The government had on Friday approved a draft bill to ensure stricter punishments for paper leaks, hours after Prime Minister Narendra Modi, in an unprecedented midnight video message, announced that the bill containing provisions for strong action against paper leaks will be introduced in Parliament. Pradhan, who has been a two-time Education Minister, faced a similar controversy in 2024 over alleged NEET and NET paper leaks.

Education Minister Dharmendra Pradhan resigns after youth protests
Asia
The Hindu BusinessLine

The 59-year-old who rallied India's Gen Z against Modi and won

Indian social activist Sonam Wangchuk may be pushing 60, but ​he was one of the faces of a "Cockroach" Gen Z movement that managed ⁠to oust Prime Minister Narendra Modi's education minister over exam paper leaks, having fasted for 26 days. Wangchuk, who is widely believed to have inspired the lead character in a Bollywood blockbuster, is best known for campaigning on issues affecting his Himalayan ‌region of Ladakh, bordering China. But his fast, alongside a sit-in by the youth Cockroach Janta Party, over exam paper leaks that affected millions of students won him a new following among young ‌Indians. That helped turn the issue into a broader Gen Z movement, piling pressure on Modi and ‌leading ⁠on Saturday to the resignation of Education Minister Dharmendra Pradhan. "IT'S A VICTORY OF DEMOCRACY, ⁠direct democracy... straight from the streets," Wangchuk said after Pradhan's resignation, speaking from his hospital bed, having broken his fast only about a day ago. "It's a victory of peace, patience & perseverance. Congratulations CJP, Gen Z of the nation and thank you all citizens for shedding fear ​and the fear of fear and rising ‌up from every corner of the nation." Even before police in Delhi moved him to hospital a week ago after his hunger strike, some were comparing Wangchuk to India's independence hero Mahatma Gandhi. He had received video and text messages of support from across India, including from Bollywood actors. "I am no Gandhi, no ‌hero," he said while fasting. "I'm just an ordinary citizen who has not shied away from ​his responsibilities. Don't look for a hero in others. Be the hero of your own life and fulfill your responsibilities." Lovingly called "Sonam Sir" — Sonam means "merit" or "virtue" in some cultures — by ⁠many, including CJP founder Abhijeet Dipke, Wangchuk is one of Ladakh's most prominent public figures, having built a career around education reform and water-conservation projects in the high-altitude desert. In 2018, he was awarded the Ramon Magsaysay Award, ‌widely known as Asia's Nobel Prize, for those efforts. Born in 1966 in the small, remote village of Ulaytokpo in Ladakh, he was a 19-year-old engineering student at the government-run National Institute of Technology in Kashmir when he ran a coaching programme in basic subjects such as English and mathematics that helped hundreds of students. He later set up the Students' Educational and Cultural Movement of Ladakh. As climate change affected water supplies, Wangchuk built artificial glaciers in the form of "ice stupas", conically shaped ice mountains that store ‌water in winter and melt in summer to supply irrigation water, his Magsaysay citation says. In recent years, he has become ​a leading advocate for environmental protection and greater autonomy for Ladakh, a federally controlled territory. He was jailed for nearly six months in 2025 after deadly protests demanding statehood for the region. ⁠Wangchuk denied instigating the violence. Indian media reported that his father, Sonam Wangyal, was a minister in the former ⁠state of Jammu and Kashmir and that former Prime Minister Indira Gandhi helped break one of his hunger strikes over demands for affirmative action for Ladakh residents. Wangchuk is married to Gitanjali J. ‌Angmo, who also works in education, and has previously said he was prepared to die for his causes.

The 59-year-old who rallied India's Gen Z against Modi and won
Europe
BBC Business

Long overdue, life-changing or frivolous? Your thoughts on wedding rule changes

The day Sam and Courtney Scholey became husband and wife didn't feel like their wedding day. There was no walking down the aisle, no rings exchanged, no wedding dress, and no music. That all came several days later, when the pair had a bespoke ceremony led by a celebrant who knew them, at a venue in the Oxfordshire countryside. It was their dream wedding - but it wasn't legal in England and Wales. And so in April, they forked out hundreds of pounds to quietly sign papers at a library in Buckingham. "For us, that day was as insignificant as possible," Courtney told the BBC. "It was just the words we had to say to make it legally binding." The Scholeys are one of a growing number of couples who feel the rigid rules around weddings are making getting married more stressful, more expensive and less meaningful. But under new proposals announced this month - described by the government as the biggest shake-up of wedding laws in 200 years - couples in England and Wales could have the freedom to hold official marriage ceremonies in a wider array of unconventional locations, from forests to beaches, as long as the location is approved by a registered officiant. It's welcome news for Nicky Brown, who said she wants to exchange vows in a wildly picturesque corner of Wales, with just her mum and her partner's mum as witnesses. "I'd be quite happy to get married in a field full of sheep," the 57-year-old told the BBC. Currently, a marriage or civil partnership ceremony in England or Wales must take place at an approved venue to be legally binding – and many exert control on elements of the wedding such as vows, headcounts or music. There are also tight restrictions on who can officiate a wedding and how. Authorised religious figures can, but – with few exceptions – only in places of worship. Registrars can conduct a wedding, but it can't have any religious content. And celebrants can't legally marry people at all.

Long overdue, life-changing or frivolous? Your thoughts on wedding rule changes