$CONY Is Down About 80% in Price Over the Past Year, With Total Return Still Roughly Negative 45%

The author says a huge yield is worthless if the price collapses underneath it. YieldMax's $CONY, one of the hottest high-yield income ETFs, is down about 80% in price over the past year. Even counting every distribution it paid out, the total return is still roughly negative 45%.
According to the author, investors bought the headline yield and watched the capital get destroyed.
The author adds that Treasuries pay around 5% risk-free right now, arguing that reaching for income by taking this kind of equity risk makes no sense.