YieldMax Short COIN Option Income Strategy ETF (FIAT)

YieldMax Short COIN Option Income Strategy ETF (FIAT) is an actively managed exchange-traded fund from YieldMax ETFs, with Tidal Investments as adviser. It seeks current income and inverse exposure to the share price of Coinbase Global, Inc. (COIN), with a cap on potential gains.

The fund does not short Coinbase stock directly. It creates synthetic short exposure using listed options on COIN and sells put options to generate premium income, an approach often described as a synthetic covered put strategy. The fund's collateral is held mainly in short-term U.S. Treasury securities.

Because of the option structure, the fund benefits when Coinbase shares decline but its gains in such periods are capped, while it can lose value if the stock rises. Coinbase operates a U.S.-based cryptocurrency exchange and related services.