At a glance
CONY charges 1.04% a year. It has $326.1M in assets; it paid 101.17% of its price in distributions over the past 12 months, monthly. Over the past year it returned −51.3% with distributions reinvested; over three years it returned −5.1% a year.
The short version
YieldMax COIN Option Income Strategy ETF (CONY) is an actively managed fund that uses options to follow the share price of Coinbase Global (COIN) while selling call options for income. It holds short-term US Treasury bills, not Coinbase stock. Its trailing yield was 101.17% as of October 27, 2026. However, much of the payout can be return of capital, its upside is capped, and it bears COIN's losses.
Price history
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CONY -51.3% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| CONY official prospectus, to Dec 31, 2025 | — | -25.49% | — | — | — | +23.67% |
| CONY price data to Oct 27, 2026 | -22.6% | -51.3% | -5.1% | — | — | -5.5% |
- Over the year to Oct 27, 2026, CONY returned -51.3%.
- Its worst full calendar year was 2025 (-52.2%); its best was 2024 (+24.9%).
- The deepest fall in its price history was 76.3% (Dec 6, 2024 to Feb 12, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.6% | — |
| 2025 | -52.2% | -25.49% |
| 2024 | +24.9% | +25.11% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $14.3000 | |
| 2025 | $41.9600 | -79.3% |
| 2024 | $202.9000 |
What's inside
As of Jul 31, 2026, the fund held 5 securities; the ten largest made up 108.52% of assets, and 2.02% sat in cash and money-market holdings.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 28.66% | |
| TREASURY BILL Bonds and notes | 23.39% | |
| TREASURY BILL Bonds and notes | 20.59% | |
| TREASURY BILL Bonds and notes | 20.38% | |
| TREASURY BILL Bonds and notes | 15.50% |
By country
United States 108.52%By issuer
US Treasury 108.52%The bonds mature in 0.2 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jul 31, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jul 31, 2026, investors added a net $69.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +0.36%, -19.02%, +1.79%.
How it works
CONY does not track an index. Its manager runs a "synthetic covered call" strategy on Coinbase Global (COIN), or sometimes a covered call spread. The fund does not buy the stock. Instead, it buys and sells exchange-traded call and put options, including FLEX options, which allow custom terms such as the strike price. These options are set up to copy 100% of COIN's price moves, up and down. The fund then sells call options on COIN. Buyers pay it a premium, and in return the fund gives up gains above the strike price. In the spread version, it also buys higher-strike calls so it can keep part of a bigger rally.
The collateral behind these options sits in Treasury bills. As of July 31, 2026, five T-bill issues added up to about 108.5% of the fund's $326 million in net assets, with an average maturity of 0.2 years. Because the bills are so short-term, interest-rate changes have little effect on them. The option positions netted to about -12.4% of assets, and cash was 2.02%. Portfolio turnover was 31%.
A few mechanics matter. The fund sticks with its strategy in bad markets and does not take defensive positions. Holders get no COIN dividends and no voting rights. The fund aims to pay weekly, but amounts can vary greatly, and return of capital lowers the fund's net asset value.
What it really costs
- CONY charges 1.04% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $106 in the first year and $1,271 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CONY | $106 | $331 | $574 | $1,271 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its large payouts come from options on a single, very volatile crypto-linked stock, and losses in that stock flow through to the fund.
CONY could add a large and frequent cash stream. Its trailing 12-month yield was 101.17% as of October 27, 2026 ($17.25 a share), and it aims to pay weekly. However, part of each payout may be return of capital, which means giving back your own money rather than earnings. The fund launched in August 2023, so it was not around for the 2008, 2020 or 2022 downturns. Its own record is rough. It lost 25.49% in 2025, according to the prospectus. It fell 76.3% from December 6, 2024 to February 12, 2026 and had not recovered as of October 27, 2026. Anyone who had to sell during that stretch would have locked in deep losses. Volatility was 60.9% over one year. The fund costs 1.04% a year, or $106 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who want large weekly cash payouts tied to Coinbase and accept that a significant share may be return of capital.
- Holders with a view on COIN who will trade away part of its upside for option premiums, while still bearing its losses.
- People keeping a small satellite position who can live with 60.9% one-year volatility and drops as deep as 76.3%.
Look elsewhere if
- Retirees who need stable principal: CONY fell 76.3% from December 2024 to February 2026 and had not recovered by October 27, 2026.
- Investors seeking diversification: all of the fund's stock exposure comes from one company, Coinbase Global, through options.
- Cost- or tax-sensitive investors: the expense ratio is 1.04%, and option income is usually taxed as ordinary income, not qualified dividends.
Close alternatives
Matched by bond funds with the closest average maturity and issuer mix (N-PORT).
No close alternatives found.
Questions investors ask
Is CONY good for retirement income?
It pays a lot of cash, but it is a high-risk income source. The trailing yield was 101.17% as of October 27, 2026. Part of that can be return of capital, though, and the fund bears Coinbase's losses. The prospectus shows a 25.11% gain in 2024 and a 25.49% loss in 2025. From December 2024 to February 2026 the fund fell 76.3%. That mix may suit only a small slice of a retirement portfolio.
Does CONY pay weekly or monthly dividends?
CONY aims to pay weekly, according to its prospectus filed February 24, 2026. A payout is not guaranteed in any given week, and the amounts will likely vary greatly from one payment to the next. Over the 12 months to October 27, 2026, it paid $17.25 per share, adjusted for splits. Some of each payment may be classified as return of capital rather than income.
Why is CONY's yield so high?
The yield is high because the fund sells call options on Coinbase, a very volatile stock, and volatile stocks earn larger option premiums. Some payouts are also return of capital, which simply hands back investors' own money. A high yield is not the same as a high return. CONY's share price fell 51.3% in the year to October 27, 2026, against a trailing yield of 101.17% over the same period.
Does CONY own Coinbase stock?
No. CONY gets exposure to Coinbase Global (COIN) through call and put options, not through shares. As of July 31, 2026, its holdings were mostly five US Treasury bill issues, worth about 108.5% of net assets, plus COIN options and 2.02% in cash. Because it doesn't own the stock, holders get no COIN dividends and no say in company votes.
What's the difference between CONY and owning COIN stock?
Owning COIN gives you its full upside and downside and costs nothing in fund fees. CONY copies COIN's price moves with options and sells calls for income. That limits how much of a rally it captures, while it still takes COIN's declines. In return, it makes weekly payouts. It charges a 1.04% expense ratio, or $1,271 over 10 years on $10,000 under the SEC's standard example.