Rich by Coin

CONY, the YieldMax COIN Option Income Strategy ETF, provides weekly income through an active options approach on Coinbase Global, offering investors an indirect path to COIN exposure rather than owning COIN stock outright. The fund aims to generate income while generally tracking COIN’s total return, and it has been highlighted for its relatively high income relative to traditional fixed income options. Launched on August 14, 2023, the ETF trades on the NYSE Arca and carries a management fee of 99 basis points with a net expense ratio around 1.22%. The fund reports roughly $415 million in net assets, with liquidity described as adequate for typical income-focused investment use.

CONY employs synthetic covered call tactics and other option-writing strategies to generate income while maintaining exposure to COIN. While it seeks to mirror COIN’s performance on a total return basis, the approach emphasizes distributions and an income-oriented profile. Distributions transitioned from monthly to weekly at the end of 2025, enabling more frequent cash inflows, albeit with noticeable variability from week to week. Investors should be aware that distributions may include a return of capital, which can reduce NAV over time, and the ETF undertook a 10-for-1 reverse stock split in December 2025 to preserve liquidity.

Because CONY is a single-stock income vehicle, it carries risks similar to owning COIN itself, including potential NAV erosion from ROC and heightened sensitivity to COIN’s volatility. Tax considerations are important, as ROC can affect cost basis and future capital gains taxes, particularly in taxable accounts. While CONY can serve as an alternative allocation tool or a fixed-income-like income option within a broader portfolio, it is not a substitute for direct COIN equity ownership for capital appreciation. Investors should weigh the fund’s income potential against its risk profile and determine whether a tax-advantaged account is the most suitable vehicle for this strategy.