At a glance
COIG charges 0.78% a year. It has $7.0M in assets. Over the past year it returned −90.1% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long COIN Daily ETF (COIG) aims to deliver twice the daily percentage change in Coinbase Global (COIN) stock. It does this mostly through swaps, which are contracts with major financial institutions that pass the stock's gains and losses to the fund. It resets that 2x exposure every trading day, so over longer periods its results can stray far from double Coinbase's return. As of October 27, 2026, it was down about 90% over one year.
Price history
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COIG -90.1% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| COIG price data to Oct 27, 2026 | -72.0% | -90.1% | — | — | — | -57.2% |
- Over the year to Oct 27, 2026, COIG returned -90.1%.
- The deepest fall in its price history was 94% (Jul 18, 2025 to Aug 18, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -72.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (11.62% of net assets), with its exposure coming from 3 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $4.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -3.55%, -43.28%, -6.13%.
How it works
COIG, from Themes ETF, follows no index. It is an actively managed fund built around one stock: Coinbase Global, whose revenue comes from fees on digital asset transactions. It aims for 200% of Coinbase's daily price change, before fees and expenses, one trading day at a time. The fund is concentrated in financial services, the industry Coinbase is assigned to.
The main tool is swaps. In a swap, the fund and a counterparty (a major financial institution) exchange the return on Coinbase stock, sized each day at 200% of the fund's net assets. As of July 31, 2026, it held three Coinbase swaps with different counterparties. It may also use Coinbase options listed on U.S. exchanges, lasting one week to one month, with settlement guaranteed by the Options Clearing Corporation. Between 25% and 50% of assets serve as collateral or option premiums. That money is kept in money market funds, short-term U.S. government securities and similar holdings.
At each market close, the adviser resets exposure to 2x. It adds exposure after up days and trims it after down days. Because each day's result builds on the last, returns over weeks or months can differ sharply from twice Coinbase's return. They are usually worse when the stock swings back and forth. If Coinbase fell more than 50% in one day, shareholders would lose everything.
What it really costs
- COIG charges 0.78% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $80 in the first year and $966 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| COIG | $80 | $249 | $433 | $966 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It resets 2x exposure to a single stock every day, lost about 90% in the year to October 27, 2026, and pays no income.
COIG launched on March 14, 2025, so it has no track record for the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. It fell 94% from its peak on July 18, 2025, to its low on August 18, 2026. It had not recovered as of October 27, 2026. From the start of 2026 through October 27, it lost 72%. Anyone forced to raise cash from it during that slide would have locked in a deep loss.
The fund has paid no distributions, so it offers no income. Its expense ratio, the yearly fee, is 0.78%. Under the SEC's standard example, that comes to $80 in the first year and $966 over 10 years on $10,000. The daily reset is built for short holding periods, not years. Past results don't predict future ones, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who can check the position every day, since COIG targets twice Coinbase's move for a single trading day only.
- Experienced traders who understand daily-reset compounding and can stomach swings like its 145% annualized volatility over the year to October 27, 2026.
- Traders seeking a short, amplified bet on Coinbase, whose revenue comes from digital asset transaction fees, without using margin or options themselves.
Look elsewhere if
- Long-term and retirement investors: COIG lost about 90% in the year to October 27, 2026, and fell 94% from its July 2025 peak.
- Income seekers: COIG has recorded no distributions, and its 0.78% expense ratio is charged whether the fund gains or loses.
- Anyone uneasy relying on swap counterparties or one crypto-linked stock: a single-day Coinbase drop of more than 50% would wipe out shareholders' money.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is COIG good for long-term investing?
It isn't designed for it. The prospectus says the fund does not seek twice Coinbase's return over any period longer than one trading day. Because each day's result compounds on the last, returns over months can differ sharply from double Coinbase's return, usually for the worse in choppy markets. As of October 27, 2026, COIG was down about 90% over one year and 72% for 2026 through that date.
What does COIG actually hold?
COIG gets its Coinbase exposure mainly through swap agreements, which are contracts that pass Coinbase's daily gains and losses, doubled, to the fund. As of July 31, 2026, it reported four positions, three of them Coinbase swaps, each with a different financial institution. Cash was about 11.6% of net assets. The prospectus also lets it use exchange-listed Coinbase options and hold collateral in money market funds and short-term U.S. government securities. Net assets were about $7.0 million on that date, which makes it a small fund.
Does COIG pay dividends?
No. The fund has recorded no distributions since it launched on March 14, 2025, so it provides no income. Any return comes only from changes in its share price, which aims to move twice as much as Coinbase stock each day, before fees and expenses. Holders still pay the 0.78% expense ratio. Under the SEC's standard example, that is about $80 in the first year on a $10,000 investment.
Can you lose all your money in COIG?
Yes. The prospectus warns that investors could lose all of their money. It spells out one way this could happen: if Coinbase stock falls more than 50% in a single trading day, the 2x leverage would wipe out shareholders' entire investment. Losses can also build over time. COIG fell 94% from its July 18, 2025, peak to its August 18, 2026, low, and it had not regained that peak as of October 27, 2026.
What's the difference between COIG and COIN?
COIN is the stock of Coinbase Global, Inc. COIG is a leveraged fund that aims to return twice COIN's daily percentage change, mainly through swaps. Over a single day, COIG's move is meant to be about double COIN's, before fees and expenses. Over longer periods, the daily reset means COIG's return can differ sharply from double COIN's, usually for the worse when the stock swings. COIG also charges a 0.78% expense ratio, pays no distributions and depends on swap counterparties.