AMZY vs CONY: Which Is the Better Pick in 2026?

Overview

AMZY and CONY are single-stock covered-call ETFs from YieldMax that sell weekly call options against Amazon and Coinbase respectively, then distribute the premium income to shareholders. Both use the same structural strategy but apply it to fundamentally different underlying assets: Amazon is a mature, profitable mega-cap tech company; Coinbase is a volatile cryptocurrency exchange with higher growth optionality but less predictable earnings. The two funds differ drastically in yield, volatility, and the sustainability of their income streams.

How they differ

The most obvious difference is yield: CONY pays 70.60% annually versus AMZY's 33.18%—a spread that directly reflects the volatility premium available in each underlying. A weekly $0.38 dividend on CONY versus $0.08 on AMZY shows how much more premium Coinbase's price swings allow the fund to capture. Second, their underlying assets carry vastly different risk profiles. Amazon trades with a 52-week range of $10.61 to $16.70 (relative to a current price of $12.30), while Coinbase swung from $23.43 to $107.00 in the same period—a 4.6x range versus Amazon's 1.6x. Third, CONY has larger AUM ($393 million versus $218 million), suggesting greater institutional acceptance, though both funds are relatively small. Both charge similar expense ratios (1.04% vs. 1.09%) and distribute weekly, making them structurally identical except for what they own and sell calls against.

Who each is best for

• AMZY: Income-focused investors with moderate risk tolerance who want weekly distributions backed by a stable, profitable business. Better for taxable accounts where the weekly cadence and lower turnover may offer tax-planning flexibility compared to alternatives.

• CONY: Investors comfortable with high volatility and crypto exposure who prioritize current yield over principal stability. Suited for investors with a shorter time horizon or those treating it as a tactical income generator rather than a core holding; tax-advantaged accounts may be preferable given the near-certain NAV decay from such a high payout rate.

Key risks to know

• NAV erosion from elevated payout ratios. CONY's 70.60% yield—well above the typical sustainable range for equity funds—likely combines option premium with return-of-capital treatment. Over time, this will compress the fund's NAV unless Coinbase's valuation appreciates significantly to offset the distribution leakage.

• Single-name concentration and call assignment risk. Both funds hold only their respective underlying stock. If assigned on a call (Amazon drops sharply, Coinbase rallies past the strike), the fund loses upside participation or is forced to sell at an inopportune level.

• Volatility-driven sustainability. CONY's high yield depends on Coinbase remaining volatile enough to command premium call strikes. A sustained period of low implied volatility would collapse the option premium, forcing the fund to cut distributions sharply.

• Crypto regulatory and earnings risk. Coinbase faces regulatory headwinds and crypto market cycle risk that Amazon does not. A regulatory crackdown or crypto winter could slash the fund's underlying asset value and eliminate the volatility premium that sustains CONY's yield.

Bottom line

If you want steady, modest weekly income from a predictable blue-chip business and can tolerate minimal volatility, AMZY's 33% yield is more likely to survive intact. If you're seeking maximum current yield and are comfortable with high volatility, crypto exposure, and the likelihood of NAV shrinkage, CONY offers that trade-off—but at the cost of principal stability. Past performance doesn't guarantee future returns; both funds' income sustainability hinges on the premium available in their underlyings, which can evaporate quickly in flat or low-volatility markets.