Generated August 15, 2026.
Figures quoted in this analysis are from its generation date and may lag the live snapshot table above, which always shows the latest data.
Overview
CONY and NVDY are both options-overlay ETFs from YieldMax that generate income through synthetic covered call strategies on single stocks—Coinbase and NVIDIA, respectively. Instead of owning shares directly, each fund replicates exposure to its underlying stock using standardized exchange-traded options, then sells call options to harvest premium as income. The key distinction is their underlying asset: CONY targets the volatile crypto exchange, while NVDY targets the AI chip leader, resulting in dramatically different yield profiles and price sensitivity.
How they differ
The most obvious difference is yield. CONY distributes at 66.09% annually versus NVDY's 39.33%—a gap driven largely by Coinbase's higher implied volatility, which makes call options more expensive to sell. CONY also carries meaningfully higher volatility risk, with a beta of 2.83 compared to NVDY's 1.36, reflecting crypto's inherent swings versus semiconductor demand cycles. AUM tells a secondary story: NVDY has attracted $1.42B in assets since inception in May 2023, while CONY sits at $329M despite launching just three months later. Both charge the same 1.01% expense ratio and distribute weekly.
Who each is best for
CONY: Fits investors hunting maximum current income who are comfortable with cryptocurrency-adjacent exposure and can tolerate sharp NAV swings from Coinbase's stock price volatility.
NVDY: Designed for income-focused allocators who want synthetic call-overlay income from a mega-cap semiconductor name with lower drawdown risk and more predictable underlying fundamentals.
Key risks to know
- NAV erosion at extreme distribution yields. CONY's 66.09% annualized payout is well above the long-term earnings or cash-flow generation of Coinbase, suggesting a meaningful portion relies on return of capital and principal decay over time.
- Call cap limits upside sharply. Both funds cap your gain if the underlying stock rallies past the strike price of the sold calls. CONY's higher beta means it may hit that ceiling more abruptly during crypto rallies; NVDA's lower beta makes caps less binding in normal conditions but still meaningful in bull runs.
- Crypto regulatory and adoption risk (CONY). Coinbase's profitability and valuation depend on Bitcoin and Ether price movements, spot trading volumes, and regulatory clarity around digital assets. A crypto downturn or tighter regulation could collapse the premium available to harvest, forcing distributions down sharply.
- Options liquidity and pinning risk. If call options on the underlying stock become illiquid (less likely for NVDA, more plausible for COIN), the fund may struggle to roll positions, widen its bid-ask spread, or incur tracking error.
- Concentration risk in single-stock derivatives. Both funds have zero diversification—your entire return hinges on one company's stock price and the options market's pricing of its volatility. Firm-specific shocks (bankruptcy, scandal, earnings miss) directly crater both NAV and future income.
Bottom line
CONY's 66% yield is eye-catching but comes from a single crypto-correlated stock with brutal volatility and an outsized reliance on return of capital. NVDY offers a steadier, more modest 39% yield from a diversified-by-comparison mega-cap, backed by $1.42B in AUM and lower price swings. If you crave maximum income and can stomach Coinbase's turbulence, CONY delivers; if you prefer call-strategy income without crypto leverage, NVDY's liquidity and lower beta may feel more grounded. Past performance does not predict future results.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
