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GraniteShares 2x Long COIN Daily ETF

CONLNasdaqGraniteSharesCThis 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.

$2.97−0.26 (−8.05%)

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

C51/ 100

Rank 3 of 5 in 2x Long Coinbase (COIN)

C51/100Rank 3 of 5in2x Long Coinbase (COIN)
Intraday session: down, 79 prints from 3.23 to 2.97. Range 2.87 to 3.21. Use the arrow keys to read each point.2.903.1010 AM12 PM2 PM4 PM
Expense ratio
1.06%*
Fund size
$459M
1Y total return
−91.3%
Yield · Last 12 months
0.00%
Holdings
2
Avg volume · 30D
20.6M sh
52W range
low $2.89high $36.69
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.08%.

The ETF.net CONL Grade

Based on 5 of 6 pillars

C

Score 51 out of 100

Category
2x Long Coinbase (COIN)⁠
Rank
3 of 5
Six-pillar profile for CONL. Scores out of 100: Cost 20, Risk 32, Mission 85, Tradability 75, Holdings not scored, Durability 73. Strongest: Mission (85). Weakest: Cost (20). Based on 5 of 6 pillars.

Score 51 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.
    F20 out of 100
    Rank 5 of 5

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A85 out of 100
    Rank 3 of 4

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D32 out of 100
    Rank 3 of 5

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A75 out of 100
    Rank 1 of 5

  • 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.
    A73 out of 100
    Rank 1 of 5

Our read on CONL

ETF.net Research

In short

CThe 2x Coinbase trade, in one ticker. CONL aims to double COIN's daily percentage move, resets that clock every session, and has been running since 2022 as one of the most actively traded ways to express a short-term bullish view on the exchange.

Stated mandate

The Fund seeks daily leveraged investment results equal to two times the daily percentage change of Coinbase Global Inc. It is intended for traders with a short-term bullish view on COIN.

Why people hold it

  • No mystery in the mechanics: the fund targets two times Coinbase's daily percentage change, and the objective is spelled out in its own documents.graniteshares.com
  • Live since 2022 and very actively traded, so entering and exiting the position is rarely the hard part.
  • It has hit its stated daily 2x target closely, putting it among the stronger implementations in the 2x single-stock crowd.

Worth knowing

  • The leverage resets daily. Hold longer than a day and compounding takes over, so a choppy stretch in COIN can leave the fund short of twice the move.graniteshares.com
  • Two times a crypto-linked stock is a rough ride: drawdowns can be severe and fast. The issuer frames it as a tool for short-term traders.graniteshares.com
  • At 1.04% a year it sits near the middle of the COIN 2x lineup (COIA 1.08%, CONX 0.99%), while some 2x single-stock funds elsewhere charge 0.75%.

CONL Holdings

Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
COIN66.7%

Sectors

  • Financials100.0%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1COINCoin66.69%5,706,020$916M275
2No dataUS Dollars33.31%457,758,153$458M85

Showing 1–2 of 2 holdings

CONL Performance

Launched Aug 9, 2022

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.
CONL$875
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. CONL $875. SPY $11,199. Use the arrow keys to read each point.$2,500$5,000$7,500$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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 CONL. Periods over one year show the average yearly return.
PeriodCONL
Year to date−78.0%
1 month−43.7%
3 months−19.2%
1 year−91.3%
3 yearsper year−32.3%
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 CONL
YearReturn barCONL
2026 YTD−78.0%
2025−58.5%
2024+4.2%
2023+641.0%
2022−78.3%

Since listing, Aug 9, 2022

CONL in the news

CONL 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 Oct 30, 2026.
0.00%Last 12 months
Payout per share
NoneLast 12 months

No distributions in the last 12 months.

Distribution history

Payments through 2024

One bar per payment. 1 payment in 2024. Feb 27, 2024 $0.11. Use the arrow keys to read each point.2024
Ex-datePay dateAmount per share
Feb 27, 2024Feb 29, 2024$0.11

$10,000 in CONL 3 years ago paid $89.11 in dividends.

CONL Risk

Risk pillarD32 out of 100Rank 3 of 5 in 2x Long Coinbase (COIN)

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.
171.5%
Annualised · 36 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.
0.42
vs 3-month T-bills · 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%
50 months · trough Oct 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.
6.10
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.

CONL Cost

Compare CONL and COIX

Overpaying vs COIX, cheapest in 2x Long Coinbase (COIN)

$15,500

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

  • CONL 1.06%

    $19,655

  • COIX 0.20% Cheapest

    $4,155

$10,000
30 years

Cost over time

  • CONL 1.06%
  • COIX 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530CONL $19,655COIX $4,155

Year by year

YearCONLCOIXOverpaying
10$1,864$365$1,499
20$6,987$1,421$5,566
30$19,655$4,155$15,500
How the 1.06% is worked out

Full fee 1.08%− waiver 0.02%= you pay 1.06%

The waiver ends Dec 31, 2027. After that the fee is 1.08% unless GraniteShares renews it. Source: prospectus, Oct 2026.

Other funds in 2x Long Coinbase (COIN)

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