YieldMax COIN Option Income Strategy ETF

CONY

Market cap $919M

CONY is a synthetic covered call ETF focused on generating income by writing calls on Coinbase (COIN), mirroring COIN's volatility and downside. COIN's recent struggles and volatility have led to NAV erosion and reduced distributions for CONY, but long-term growth potential remains if crypto sentiment rebounds. Macro headwinds and crypto market weakness are temporary; COIN is well-positioned for future adoption, making CONY attractive for income seekers once stability returns.

CHICAGO and MILWAUKEE and NEW YORK, Oct. 22, 2025 (GLOBE NEWSWIRE) -- YieldMax® ETFs today announced distributions for the YieldMax® Group 2 weekly pay ETFs. Group 2 Distribution Announcement Ex.

YieldMax Coin Option Income Strategy ETF has delivered strong income, posting a 27% total return over the past year despite a 50% capital decline. CONY generates high yields by writing call options on Coinbase, offering steady payouts but sacrificing capital appreciation and exposing investors to significant NAV erosion. The ETF remains a high-risk, high-yield instrument; headline yields are inflated by price declines, and sustainability of distributions is a key concern.

The YieldMax COIN Option Income Strategy ETF aims to provide high income by selling call options on Coinbase stock. COIN is expanding into financial services and stablecoins, which could drive long-term growth, but crypto volatility remains a key risk. CONY's strategy of covered calls has capped upside, and recent performance lagged COIN, raising concerns about management's strategy execution.

CHICAGO and MILWAUKEE and NEW YORK, Sept. 17, 2025 (GLOBE NEWSWIRE) -- YieldMax® today announced distributions for the YieldMax® Weekly Payers and Group C ETFs listed in the table below.

CONY ETF delivered impressive total returns in the past, largely driven by high option premiums during periods of extreme COIN volatility. COIN stock volatility has recently declined and is likely to remain muted due to regulatory clarity and market maturation. As such, I expect CONY's future income potential to decline and its past performance unlikely to sustain.

CONY's headline 140% yield is highly tempting, but it's largely driven by destructive return of capital that erodes NAV and share price. Falling NAV and declining distributions mean investors, especially those who bought at higher prices, face significant capital losses and shrinking yields. Despite the eye-catching yield, CONY is likely to underperform; I recommend avoiding it due to unsustainable payouts and ongoing capital erosion.

CHICAGO and MILWAUKEE and NEW YORK, July 23, 2025 (GLOBE NEWSWIRE) -- YieldMax® today announced distributions for the YieldMax® Weekly Payers and Group C ETFs listed in the table below.

I maintain a hold rating on CONY due to Coinbase and Bitcoin trading near all-time highs, increasing risk of a pullback. CONY offers massive distributions (currently ~73% yield), but suffers from significant price decay and capped upside potential. The fund's synthetic option strategy generates income but exposes investors to greater downside risk and underperforms COIN over time.

Over the past 12 months, Coinbase Global (COIN 1.80%) is up an impressive 58%. In 2025, it's already up 42%.