> For the complete documentation index, see [llms.txt](https://docs.noon.capital/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.noon.capital/3.-the-yield-engine.md).

# 3. The Yield Engine

- [Overview](https://docs.noon.capital/3.-the-yield-engine/overview.md)
- [Return Generation](https://docs.noon.capital/3.-the-yield-engine/return-generation.md): This page covers how Noon's yield is produced and how displayed APY is calculated.
- [Return Distribution](https://docs.noon.capital/3.-the-yield-engine/return-distribution.md)
- [Past Returns](https://docs.noon.capital/3.-the-yield-engine/past-returns.md)
- [Yield Strategies](https://docs.noon.capital/3.-the-yield-engine/yield-strategies.md)
- [U.S. Treasury Bills](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/u.s.-treasury-bills.md)
- [CLOs](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/clos.md): Part of the yield engine. Approved by governance; discussion and analysis on Noon’s Governance Forum.
- [Private Credit](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/private-credit.md): Part of the yield engine. Approved by governance; discussion and analysis on the governance forum.
- [DeFi Lending](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/defi-lending.md): Part of the yield engine. Approved by governance; discussion and analysis on the governance forum.
- [Principal Tokens](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/principal-tokens.md): Part of the yield engine. Approved by governance; discussion and analysis on the governance forum.
- [Looping](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/looping.md): Part of the yield engine. Approved by governance; discussion and analysis on the governance forum.
- [Funding Rate Arbitrage (Perps)](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/funding-rate-arbitrage-perps.md)
- [BDCs](https://docs.noon.capital/3.-the-yield-engine/yield-strategies/bdcs.md)