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The Tidal Trust II – YieldMax COIN Option Income Strategy ETF (CONY) is an exchange-traded fund designed to provide recurring income through option-based strategies, primarily linked to Coinbase and related instruments. The ETF is managed by YieldMax ETFs and trades under the ticker CONY on NYSE Arca.
Classified as an U.S. equity ETF focused on income generation, CONY aims to generate distributable income, before fees and expenses, by combining exposure to the underlying asset with systematic option writing to capture premiums.
The strategy is actively managed, with ongoing adjustments based on market conditions. CONY’s portfolio follows a derivative overlay structure, using option-based strategies, including systematic covered call writing, to generate premium income.
Diversification and sector exposure
CONY provides a highly concentrated thematic exposure, focused on option-based income strategies, including:
Exposure to Coinbase Global Inc. (COIN) equity or correlated assets.
Option-based strategies, including covered calls and spreads.
Income generation through option premiums.
Structure and costs
Shares of CONY are traded on the secondary market, while creation and redemption of shares are carried out by authorized participants, a mechanism that helps keep the ETF’s market price close to its net asset value (NAV).
The fund carries an expense ratio consistent with actively managed derivative-based ETFs, reflecting the cost of executing its strategy, and does not charge a performance fee. CONY makes periodic income distributions, primarily derived from option premium income. The ETF has a single share class and trades exclusively under the ticker CONY.
History and evolution of the ETF
The YieldMax COIN Option Income Strategy ETF was launched in 2023, amid the growth of ETFs focused on income generation through derivative strategies, particularly those linked to high-volatility equities.
Since its inception, CONY has attracted investors seeking elevated recurring income, using option-based strategies as an alternative to traditional dividend-paying assets, while accepting higher asset-specific risk.
The ETF gained relevance during periods of increased volatility in technology and crypto-related markets, adjusting its strategy in response to price movements in Coinbase shares and changing interest rate expectations.
Between 2023 and 2024, CONY reflected shifts in risk appetite, volatility cycles, and option market conditions, maintaining liquidity and growing adoption within the structured income ETF segment.
