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Launched

GraniteShares 2x Short COIN Daily ETF

CONINasdaqGraniteSharesCThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$39.49+2.90 (+7.93%)

At close: Nov 2, 2026, 4:00 PM ET

C50/ 100

Rank 23 of 58 in Single-Stock Inverse

C50/100Rank 23 of 58inSingle-Stock Inverse
Intraday session: up, 79 prints from 36.59 to 39.49. Range 36.52 to 40.72. Use the arrow keys to read each point.38.0039.0040.0010 AM12 PM2 PM4 PM
Expense ratio
1.71%*
Fund size
$10M
1Y total return
+11.2%
Yield · Last 12 months
1.51%
Holdings
1
Avg volume · 30D
263K sh
52W range
low $19.30high $141.65
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.91%.

The ETF.net CONI Grade

Based on 5 of 6 pillars

C

Score 50 out of 100

Category
Single-Stock Inverse⁠
Rank
23 of 58
Six-pillar profile for CONI. Scores out of 100: Cost 7, Risk 56, Mission 95, Tradability 55, Holdings not scored, Durability 57. Strongest: Mission (95). Weakest: Cost (7). Based on 5 of 6 pillars.

Score 50 of 100 falls in the C band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F7 out of 100
    Rank 54 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A95 out of 100
    Rank 17 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    B56 out of 100
    Rank 15 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    B55 out of 100
    Rank 21 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B57 out of 100
    Rank 20 of 58

Our read on CONI

ETF.net Research

In short

CThe heavier short on Coinbase. CONI aims for -2 times COIN's move each day, where most single-stock bear funds stop at -1x. Cost is 1.15% net of a waiver through December 31, 2026, and the exposure resets daily.

Stated mandate

The Fund seeks daily inverse results equal to -2 times the daily percentage change of Coinbase Global Inc.

Why people hold it

  • Aims for -2 times Coinbase's daily move, double the inverse exposure of the 1x bear funds that fill most of the single-stock shelf (AAPD, TSLS, SKHZ).
  • 1.15% net of a waiver through December 31, 2026, below the typical fee in its category. Gross is 2.11%.
  • Short Coinbase exposure inside a 1940 Act ETF: no margin account, no shares to locate and borrow, bought and sold like any stock.graniteshares.com
  • Has hewn closely to its stated daily -2x target since launching in 2024, one of the stronger implementations in its peer group.

Worth knowing

  • The -2x applies to a single day. Hold longer and compounding can push results well away from -2x COIN's move over that stretch.
  • The waiver runs out December 31, 2026; gross is 2.11%, so the cost picture hinges on renewal.
  • A small fund and only moderately traded, so spreads and order timing matter more here than with the busiest bear funds.

CONI Performance

Launched Sep 3, 2024

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
CONI$11,118
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,146
Oct 31, 2025 to Nov 2, 2026. CONI $11,118. SPY $11,146. Use the arrow keys to read each point.$10,000$20,000$30,000$40,000Oct 2025May 2026Nov 2026

Oct 31, 2025 – Nov 2, 2026

Returns run to the Nov 2, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for CONI. Periods over one year show the average yearly return.
PeriodCONI
Year to date−42.1%
1 month+58.3%
3 months−27.2%
1 year+11.2%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for CONI
YearReturn barCONI
2026 YTD−42.1%
2025−70.8%
2024−53.7%

History from Sep 4, 2024

CONI in the news

CONI Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Nov 2, 2026.
1.51%Last 12 months
Payout per share
$0.60Last 12 months
Last payment
$0.60 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2024–2026

One bar per payment. 2 payments from 2024 to 2026 YTD. Dec 27, 2024 $3.29; Dec 29, 2025 $0.60. Use the arrow keys to read each point.202420252026YTD
Ex-datePay dateAmount per share
Dec 29, 2025Dec 31, 2025$0.60
Dec 27, 2024Dec 31, 2024$3.29

$10,000 in CONI 1 year ago paid $155 in dividends.

CONI Risk

Risk pillarB56 out of 100Rank 15 of 54 in Single-Stock Inverse

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
112.3%
Annualised · 25 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.46
vs 3-month T-bills · 25 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−96.2%
25 months · trough Sep 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−4.23
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

CONI Cost

Compare CONI and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$14,693

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • CONI 1.71%

    $29,175

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • CONI 1.71%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530CONI $29,175SKHZ $14,482

Year by year

YearCONISKHZOverpaying
10$2,927$1,336$1,591
20$10,659$5,078$5,581
30$29,175$14,482$14,693
How the 1.71% is worked out

Full fee 1.91%− waiver 0.20%= you pay 1.71%

The waiver ends Dec 31, 2027. After that the fee is 1.91% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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