Generated July 2026 from current fund data.
Overview
CONY and TSLY are both covered-call ETFs from YieldMax that sell weekly call options on single stocks—Coinbase and Tesla, respectively—to generate income. The key distinction is their underlying asset: CONY targets the more volatile cryptocurrency exchange, while TSLY targets the electric-vehicle and energy manufacturer. Both distribute the option premium to shareholders weekly, but their yield profiles and volatility profiles differ substantially.
How they differ
CONY's annualized distribution rate of 73.91% significantly exceeds TSLY's 52.72%, reflecting Coinbase's higher implied volatility and the steeper decay risk that comes with it. More fundamentally, CONY has a beta of 2.83 compared to TSLY's 1.43—meaning CONY amplifies broad market moves by nearly triple, whereas TSLY roughly matches the market's swing. Both charge a 1.01% expense ratio, but CONY's smaller $361M asset base versus TSLY's $823M suggests less liquidity and potentially tighter option-selling opportunities. CONY is also newer, launching in May 2023, while TSLY has nearly two years of track record since November 2022.
Who each is best for
CONY: Fits investors who can tolerate sharp swings in principal value in exchange for aggressive weekly income, and who believe Coinbase's volatility will sustain elevated option premiums over their holding period.
TSLY: Fits investors seeking steady option-derived income from a more liquid and less volatile underlying, with a lower beta and a larger fund that may offer tighter bid-ask spreads.
Key risks to know
- NAV erosion at extreme yields: CONY's 73.91% distribution rate implies weekly payouts that exceed typical underlying equity returns; sustaining this requires either perpetually rising implied volatility or systematic return-of-capital treatment, both of which can erode net asset value over time.
- High beta concentration: CONY's 2.83 beta means downward moves in Coinbase will hit the fund's price harder than market declines would hit a diversified portfolio, amplifying losses during crypto selloffs or liquidity stress in the sector.
- Call assignment and upside cap: Both funds are capped in appreciation because their short calls are exercised when the stock rises above the strike; CONY's higher volatility may mean more frequent resets at new strikes, but any sustained rally in the underlying will result in shares being called away at a preset price.
- Liquidity and track record: CONY's smaller asset base and shorter operating history (less than two years) mean less certainty about how its premium structure will hold in different market regimes, especially if volatility normalizes.
Bottom line
If you want maximum current income and can weather steep swings in a concentrated crypto bet, CONY's 73.91% yield is the trade-off for accepting nearly triple-market beta and NAV decay risk. If you prefer steadier income with less principal volatility and a longer fund history, TSLY's 52.72% yield paired with lower beta and larger asset base offers a more moderate exposure to the same strategy. Past performance doesn't predict future results; option income strategies are sensitive to changes in implied volatility, and both funds' high yields depend on that volatility remaining elevated.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
