YieldMax has launched an option income strategy ETF on Coinbase Global (COIN).
The YieldMax COIN Option Income Strategy ETF (CONY), listed on NYSE Arca on August 15, seeks to generate monthly income via a synthetic covered call strategy on Coinbase.
“Investors have turned to growth stocks in 2023 but many of them do not pay a dividend,” Todd Rosenbluth, head of research at VettaFi, said. “With the new ETF, investors can earn income and potentially protect the downside while gaining exposure to a growth company.”
All YieldMax ETFs carry an expense ratio of 99 basis points. CONY is actively managed by ZEGA Financial, an investment manager specializing in derivatives. ZEGA Financial helps investors successfully navigate volatile and uncertain markets through innovative hedging strategies, according to a statement from the firm.
CONY is the ninth ETF to join the fast-growing YieldMax suite of ETFs. The firm last week launched the YieldMax™ NFLX Option Income Strategy ETF (NFLY), an option income strategy ETF focused on Netflix, Inc. (NFLX).
Last month, YieldMax launched the YieldMax META Option Income Strategy ETF (FBY), the YieldMax GOOGL Option Income Strategy ETF (GOOY), and the YieldMax AMZN Option Income Strategy ETF (AMZY). The actively managed funds sell/write call options on Meta Platforms Inc. (META), Alphabet Inc. (GOOGL), and Amazon.com Inc. (AMZN), respectively.
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