Dividend comparison

CONY vs ULTY: Which Is Better for Income?

Fees, yield, total returns, drawdowns, holdings overlap and dividend history for YieldMax COIN Option Income Strategy ETF and YieldMax Ultra Option Income Strategy ETF, side by side. Updated October 21, 2026.

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CONY vs ULTY: key differences
The short answer, from the latest data on this page.
  • Fees. CONY is cheaper at 1.04% a year versus 1.40% for ULTY. On $10,000 that is $36 a year less in fees.
  • Income. CONY pays more income, yielding 120.75% over the last twelve months versus 98.01% for ULTY. That is about $2,274 more a year on $10,000. CONY pays monthly, ULTY pays weekly.
  • Performance. Over the last 1 year, ULTY returned -8.8% versus -42.5% for CONY, with dividends reinvested. $10,000 would have grown to $9,116 in ULTY and $5,752 in CONY.
  • Risk. CONY has been the bumpier ride. Its worst peak-to-trough decline over the last 1 year was -68.8%, against -28.3% for ULTY.
  • Diversification. ULTY holds 112 positions and CONY holds 6.

Bottom line: CONY fits better if you care most about lower fees and more income today. ULTY fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification.

Side-by-side snapshot
Trailing twelve-month figures where available. Higher yield is highlighted — not a buy recommendation.
MetricCONY
YieldMax COIN Option Income Strategy ETF
ULTY
YieldMax Ultra Option Income Strategy ETF
Dividend yield (TTM)120.75%98.01%
Dividend / share (TTM)$21.94$23.25
Payout frequencyMonthlyWeekly
Last dividend$0.2148 on Oct 16, 2026$0.2955 on Oct 15, 2026
Ex-dividend dateOct 15, 2026Oct 14, 2026
Next payment—$0.2772 on Oct 22, 2026
Price$18.17$23.72
Beta1.931.45
Max drawdown (5Y)-68.8%-28.3%
Market cap$362.4M$1.53B
ExchangeAMEXAMEX
Expense ratio1.04%1.40%
Assets under management$354.7M$653.5M
Number of holdings6112
Top 10 concentration—43.9%
Income on a $10,000 investment
Illustrative only — assumes current TTM yield stays constant. Actual distributions change.

CONY

$1006.26/mo

$12075 /yr at 120.75% yield

ULTY

$816.79/mo

$9801 /yr at 98.01% yield

Dividend history
Total dividends paid per share in each calendar year. CONY pays monthly; ULTY pays weekly.
YearCONYULTY
2025$75.5777$52.6126
2024$202.9790—
Strategy: Single-stock option income
Funds that hold synthetic exposure to one stock, or a basket of them, and sell call options against it every week or month to pay very large distributions. The payout comes from option premium, which is high because the underlying stocks are volatile. When the stock rallies hard, the fund keeps only a slice of the gain; when it falls, the fund takes most of the loss.

Distributions can include return of capital and the share price tends to erode over time, so the headline yield overstates what the investor actually keeps.

What CONY vs ULTY actually do

CONY
A YieldMax fund that sells options tied to Coinbase Global stock for weekly income, without holding the shares.

Exposure is synthetic: the fund buys calls and sells puts at matching strikes to replicate roughly 100% of the stock's price movement, then writes calls or call spreads on top to collect premium. Coinbase's earnings move with crypto trading volume, so both the stock and the option premium swing hard with the crypto cycle, and the distribution swings with them. Like others in the range it charges around 1% a year and has paid distributions that included return of capital.

Suits only a speculative sleeve sized so that a total loss would not matter. The structure concentrates single-company risk, caps the upside that would otherwise compensate for it, and can erode net asset value over time while still paying out, so it does not behave like the income funds it is often compared against.

Speculative, single-stock, capital at high risk

Performance
Total returns with dividends reinvested, from the adjusted closing price series. $10,000 invested on Feb 29, 2024 would now be worth $6,427 in CONY and $9,137 in ULTY.
PeriodCONYULTY
1 month-8.69%-3.73%
3 months10.46%1.32%
Year to date-18.30%5.89%
1 year-42.48%-8.84%
3 years13.56%—
5 years——
  • CONY
  • ULTY
461081712024202520266491

Both series indexed to 100 on 2024-02-29 using the adjusted closing price series. Past performance does not guarantee future results.

Sector allocation
Weight of each sector within the fund. Sectors are aligned on the same row so the two funds can be read against each other directly.
  • CONY
  • ULTY
0%25%50%75%100%Cash & Others100.0%0.3%Technology48.9%Industrials14.8%Basic Materials8.3%Consumer Cyclical8.0%Financial Services7.2%Communication Services7.1%Healthcare3.4%Energy2.3%Consumer Defensive0.0%
Top 10 holdings
Largest positions by portfolio weight.

ULTY112 holdings total

NameWeight
GOOGLAlphabet Inc4.76%
ADIAnalog Devices Inc4.74%
SHOPShopify Inc4.57%
PLTRPalantir Technologies Inc4.48%
SPCXSpace Exploration Technologies Corp4.39%
MELIMercadoLibre Inc4.33%
BABAAlibaba Group Holding Ltd4.29%
LRCXLam Research Corp4.23%
AMZNAmazon.com Inc4.08%
GDXVanEck Gold Miners ETF/USA4.06%

Quick verdict

CONY fits better if you care most about lower fees and more income today. ULTY fits better if you care most about stronger 1-year returns, smaller drawdowns and broader diversification. Model the holding inside your real portfolio before deciding.

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Frequently asked questions

Is CONY or ULTY better for dividend income?
It depends on your goals. CONY currently yields 120.75% Trailing Twelve Months (TTM) while ULTY yields 98.01%. Higher yield means more current income per dollar invested, but may come with different risk, growth, or NAV characteristics. Compare total return and payout sustainability — not just the headline yield.
What is the difference between CONY and ULTY?
YieldMax COIN Option Income Strategy ETF (CONY) is an ETF listed on AMEX. YieldMax Ultra Option Income Strategy ETF (ULTY) is an ETF listed on AMEX. Side-by-side metrics on this page cover yield, fees, returns, drawdowns, holdings overlap and dividend history when available.
Which is cheaper, CONY or ULTY?
CONY has the lower expense ratio. CONY charges 1.04% a year and ULTY charges 1.40%, a difference of $36 a year on a $10,000 investment.
Which has performed better, CONY or ULTY?
Over the last 1 year, ULTY has the higher total return with dividends reinvested: CONY returned -42.5% and ULTY returned -8.8%. Past performance does not predict future returns.
Which is riskier, CONY or ULTY?
Measured by the worst peak-to-trough decline over the last five years, CONY has been riskier: CONY fell as much as 68.8% and ULTY as much as 28.3%. Their betas are 1.93 and 1.45.
How often do CONY and ULTY pay dividends?
CONY pays monthly and ULTY pays weekly.
How much income does $10,000 in CONY vs ULTY generate?
At current TTM yields, $10,000 in CONY would generate roughly $1006.26 per month ($12075 annually). The same amount in ULTY would produce about $816.79 per month ($9801 annually). Actual payouts vary with distribution changes and reinvestment.
Can I hold both CONY and ULTY?
Yes. Many income investors hold both to diversify strategy or index exposure. Whether the combination actually diversifies depends on overlapping holdings and factor exposure. Model both inside Dividend Wealth to see combined income, sector mix, and forecast impact.
Where can I compare CONY vs ULTY with my full portfolio?
Create a free Dividend Wealth account to import or enter holdings, forecast dividend income, and see how CONY and ULTY fit alongside the rest of your portfolio. A 14-day free trial of Standard is available with no credit card required; a limited Free plan is also available.

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For informational and educational purposes only. Not investment advice. Past performance and current yields do not guarantee future results. Verify figures independently before making investment decisions.