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 TSLY are both synthetic covered call ETFs from YieldMax that generate income by selling options on single stocks—Coinbase and Tesla, respectively—rather than holding the underlying shares directly. Both funds cap upside returns in exchange for weekly distributions, but they differ significantly in yield, volatility, and underlying asset stability. CONY targets a much higher distribution rate and carries substantially higher beta, reflecting the greater leverage and price swings embedded in Coinbase's equity.
How they differ
The headline difference is yield: CONY distributes at 66.09% annually versus TSLY's 42.25%—a gap that reflects both the steeper call strikes written on COIN and the fund's younger track record (inception August 2023 versus November 2022). CONY also carries a beta of 2.8303, more than double TSLY's 1.49, meaning it amplifies both up and down moves in its underlying stock. Both charge the same 1.01% expense ratio and pay weekly. TSLY has more than twice the assets ($662M versus $329M), suggesting deeper liquidity and longer operational history to calibrate the strategy.
Who each is best for
- CONY: Fits investors with a high tolerance for volatility who are seeking maximum current income and are willing to cap upside exposure to Coinbase in exchange for near-67% annualized distributions. Suits those who view Coinbase primarily as an income vehicle rather than a growth holding.
- TSLY: Fits investors wanting a moderate income boost from Tesla exposure at a lower yield and volatility profile. Designed for those seeking to harvest Tesla's option premium while accepting that the income comes with meaningful call caps on price appreciation.
Key risks to know
- NAV erosion at extreme yields: CONY's 66% distribution rate creates significant pressure on net asset value unless the underlying Coinbase stock appreciates or option premiums expand consistently. Historical data is sparse; the fund is less than two years old.
- Synthetic concentration and derivative risk: Neither fund holds actual COIN or TSLA shares. Both rely entirely on standardized options to generate returns. If option liquidity deteriorates or implied volatility collapses, distributions may shrink sharply, and the synthetic structure offers no fallback to equity fundamentals.
- Call cap erosion: By design, gains above the strike price are forfeited. CONY's steeper call structure means investors miss more upside if Coinbase rallies strongly; TSLY's higher beta amplifies downside swings even within the cap. Volatility contraction in either stock erodes the option premium both funds depend on.
- Crypto and automotive sector risk: Coinbase is a single cryptocurrency-exposure company with regulatory uncertainty; Tesla operates in a capital-intensive, competitive automotive market. Sector downturns or company-specific deterioration directly impair distribution capacity for both funds.
Bottom line
If you prioritize income and accept capped upside on a single volatile holding, CONY offers a steeper yield but with younger operational history and roughly double the volatility of TSLY. If you want income from Tesla with lower beta and a longer track record, TSLY delivers a more moderate distribution at greater stability. Both structures rely on options and cap gains; past performance does not predict future results, and option premiums are not guaranteed to sustain current payout rates.
AI-generated analysis for educational purposes only. Verify important details independently; past performance does not guarantee future results.
