🔴 CONY is trading 3.34% down today as Coinbase was indicated lower before the open

CONY is trading at $16.78, down 3.34%, as Coinbase was indicated lower before the open; COIN weakness can weigh on the fund, designed to generate income from Coinbase exposure.

• Bernstein cut its Coinbase price target to $250 from $330 on October 26; available sources do not establish that the action directly caused CONY’s decline.
• CONY’s $0.1931 distribution went ex-dividend October 22, before today’s move. Major indices were higher, so broad-market weakness does not explain the decline.