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CONL

GradeBNASDAQ Global Market

GraniteShares 2x Long COIN Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2022-08-09

This 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.

$6.54−0.17 (−2.46%)

As of Sep 23, 2026, 3:05 PM EDT

History starts Aug 9, 2022.
Intraday session: down, 68 prints from 6.70 to 6.54. Range 6.38 to 6.89. Use the arrow keys to read each point.$6.40$6.60$6.8010 AM12 PM2 PM4 PM
Expense ratio
1.04%
Fund size
$649M
1Y return
−81.7%
Yield · Last 12 months
0.00%
Holdings
2
Volume · 30D
21.9M sh
NAV per share
$6.71
52W range
low $3.56high $52.40

The ETF.net CONL Grade

B

56/ 100

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

Confidence Medium

Six-pillar profile for CONL. Scores out of 100: Cost 35, Risk 34, Mission 85, Tradability 70, Holdings not scored, Durability 73. Strongest: Mission (85). Weakest: Risk (34). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 56 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    DScore 35
    Category rank4/5 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 85
    Category rank3/4 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank5/5 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 70
    Category rank2/5 · top 40%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 73
    Category rank1/5 · top 20%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on CONL

ETF.net Research

BThe 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

  1. 01No 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
  2. 02Live since 2022 and very actively traded, so entering and exiting the position is rarely the hard part.
  3. 03It has hit its stated daily 2x target closely, putting it among the stronger implementations in the 2x single-stock crowd.

Worth knowing

  1. 01The 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
  2. 02Two 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
  3. 03At 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

As of Sep 21, 2026, 4:06 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
COIN SWAP66.6%

Sectors

  • Financials100.0%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—COIN SWAP66.65%5,905,623$1.0B2
002—US Dollars33.35%514,092,469$514M85

Showing 1–2 of 2 holdings

CONL Performance

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

CONL$1,829
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. CONL $1,829. SPY $11,723. Use the arrow keys to read each point.$98$7,168$14,238Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−54.3%
1 month+7.2%
3 months+22.0%
1 year−81.7%
3 years−10.6%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−54.3%
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 Sep 22, 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

CONL Risk

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.
169.0%
Annualised · 36 months to Aug 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.
0.51
vs 3-month T-bills · to Aug 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.
−95.4%
49 months · trough Aug 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.
8.16
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.

CONL Cost

Expense ratio1.04%
  • The middle half of 2x Long Coinbase (COIN) funds
  • Median 0.99%

3 of the 5 2x Long Coinbase (COIN) funds charge less.

CONL costs $104.00 a year on $10,000. The median 2x Long Coinbase (COIN) fund costs $99.00.