Share-split context: A reverse split was recorded on Dec 2, 2025 with coefficient 0.1. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Report: YIELDMAX(R) COIN OPTION INCOME STRATEGY ETF (CONY)

The YIELDMAX(R) COIN OPTION INCOME STRATEGY ETF (CONY) is a single-stock ETF that uses an option income strategy related to cryptocurrency. It is designed to provide high levels of income to investors, though it carries a severe erosion-risk flag due to significant price declines.

What this ETF is trying to do

CONY focuses on generating income through options. Instead of just owning a stock, it uses a strategy involving options to create cash distributions. Its portfolio is heavily tied to COIN (Coinbase) and includes U.S. Treasury notes and cash.

Top Holdings (as of Oct 8, 2026):

• United States Treasury Notes 2.38%: 24.85%

• COIN US 10/16/26 C150: 15.30%

• COIN US 09/18/26 C170: 12.74%

• US Dollars: 3.33%

• COIN US 08/28/26 C182.5: 1.76%

*(Note: This is a partial list of holdings, which can change over time.)*

What the numbers show

The share price of CONY has seen significant declines. Because this ETF has a split history, we look at split-adjusted returns:

• Year-to-Date (YTD) Price Return: -51.31%

• One-Year Price Return: -74.39%

• Three-Year Price Return: -90.06%

When distributions are included, the Total Return is different. The one-year total return was -45.50%, and the YTD total return was -15.80%. Interestingly, the three-year total return is 36.34%.

Income and distribution explanation

CONY is known for very high distributions. It has a distribution yield of 89.20% and pays out frequently (weekly-like), with most payments occurring on Thursdays. In the last 12 months, it had 51 payouts.

It is important to remember that a high distribution yield alone can be misleading. It does not guarantee that the investor is making money, as the share price can fall even while the fund pays out cash.

Price and NAV erosion explanation

The supplied data is sufficient to evaluate price erosion, but it does not include enough historical NAV-per-share data to confirm or rule out NAV erosion.

However, the data shows severe price erosion. CONY has an erosion score of 10 and a "severe" erosion severity label. This triggered a severe erosion-risk flag. Additionally, the ETF underwent a reverse split on December 2, 2025. In a reverse split, multiple old shares are combined into fewer new shares, which mechanically raises the per-share price. This mechanical increase does not restore lost investment value.

Pros

• Provides very frequent cash distributions.

• High distribution yield for those seeking immediate income.

Cons

• Severe price-based erosion risk.

• Significant share-price declines over the short and medium term.

• Low income rating grade ("F").

Beginner takeaway

CONY is a high-risk ETF that pays out a large amount of cash frequently. While the distributions are high, the share price has dropped significantly. Investors should be aware that high yields do not protect the original money invested (the principal) from declining.