Bottom line: FIAT seeks weekly income through a synthetic covered-put (short) strategy on Coinbase (COIN) while providing inverse exposure to the stock. In periods when COIN declines or trades sideways with elevated volatility, the short bias combined with option premiums can generate high distribution rates.
It is not a pure short or a low-risk income product. Gains from declines in COIN are limited, while losses from strong upward moves can be substantial. Distributions are variable and often include significant return of capital. Crypto-correlated and single-stock risks are high.
This is a highly speculative, single-name inverse options strategy. Size it only as a small tactical allocation if you have a clear view on COIN and can tolerate large swings. Review the prospectus carefully. This is not investment advice.
Distribution History for FIAT
| Month | Distributions | No. of shares | Net Distribution / share |
|---|---|---|---|
| September 2025 | $49.72 | 262 | $0.1898 |
| August 2025 | $70.38 | 262 | $0.2686 |
| July 2025 | $36.18 | 262 | $0.1381 |
| June 2025 | $40.25 | 262 | $0.1536 |
| May 2025 | $217.06 | 524 | $0.4142 |
| April 2025 | $242.09 | 262 | $0.9240 |
| March 2025 | $164.02 | 240 | $0.6834 |
| February 2025 | $114.36 | 208 | $0.5498 |
| January 2025 | $135.82 | 208 | $0.6530 |
| December 2024 | $141.90 | 208 | $0.6822 |
| November 2024 | $150.97 | 208 | $0.7258 |
| October 2024 | $301.87 | 208 | $1.4513 |
| Grand Total: | $3,482.49 | 10,301 | $0.3381 |
ETF Investment Summary
| Investment | Shares | Distributions | Purchase price / share | Real price / share | Market price / share |
|---|---|---|---|---|---|
| $3,363.77 | 125 | $3,482.49 | $17.50 | $26.91 | $17.11 |
Notes:
• Investment = Current Adjusted Cost Basis (after accounting for sells and distributions)
• Purchase price / share = Historical average price of all shares ever bought
• Real price / share = Current adjusted cost basis per remaining share (after distributions reduce basis)
• Market price / share = Latest market price of the ETF
Personal Chart – Real Price vs Real Price + Cumulative Distributions
Blue line = Real Price per share (cost basis after buys, sells & distributions)
Red line = Real Price + Cumulative Net Distributions received so far
Purple line = Cumulative Realised Capital Gains from sales
Green bars = Number of shares held at month-end
When the green bars drop to zero, the blue/red lines also go to zero (full exit of the position).