CONY: High Yield Has Offset Price Declines But More Downside Possible

Description

Summary I maintain a hold rating on CONY due to Coinbase and Bitcoin trading near all-time highs, increasing risk of a pullback. CONY offers massive distributions (currently ~73% yield), but suffers from significant price decay and capped upside potential. The fund’s synthetic option strategy generates income but exposes investors to greater downside risk and underperforms COIN over time. CONY’s tax-efficient distributions and potential for 'house money' status favor patient, income-focused inve...