At a glance
CONI charges 1.71% a year. It has $39.3M in assets; it paid 2.0% of its price in distributions over the past 12 months, annual. Over the past year it returned −8.2% with distributions reinvested (S&P 500: +11.5%).
The short version
GraniteShares 1x Short COIN Daily ETF (CONI) is a single-stock inverse fund. Its prospectus filed October 28, 2026 says it aims for -2 times the daily percentage change of Coinbase Global (COIN) shares, mainly through swaps. Because it resets every day, it is built for short-term bets against Coinbase, not long-term holding. Its 1.71% expense ratio and its price swings are far above those of a typical stock fund.
Price history
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CONI -8.2% 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 | |
|---|---|---|---|---|---|---|
| CONI price data to Oct 27, 2026 | -56.0% | -8.2% | — | — | — | -75.1% |
- Over the year to Oct 27, 2026, CONI returned -8.2%.
- The deepest fall in its price history was 91.5% (May 9, 2025 to Sep 22, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -56.0% |
| 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 |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jun 30, 2026, the fund held 2 securities; the ten largest made up 43.05% of assets.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 32.99% | |
| Treasury Bill Bonds and notes | 10.05% |
By country
United States 43.05%By issuer
US Treasury 43.05%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $16.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +4.84%, +3.65%, -2.67%.
How it works
GraniteShares manages the fund actively, and it does not follow an index. It targets one stock: Coinbase Global Class A. The prospectus filed October 28, 2026 says the fund seeks daily results, before fees and expenses, of -2 times (-200%) Coinbase's daily percentage change. That makes it a leveraged inverse fund, even though its name says "1x." At the close of each trading day, its exposure against Coinbase is reset to about -200% of net assets. A "day" runs from one market close to the next.
Most of this exposure comes from swaps. A swap is a contract with a large bank that pays the fund when Coinbase falls and costs it money when Coinbase rises. The fund expects to post 25% to 50% of its assets as collateral for these swaps. If it can't add more swaps, it may use exchange-listed put and call options on Coinbase that last one week to one month. The rest of its money sits in cash-like assets. As of June 30, 2026, two US Treasury bills made up about 43% of net assets.
Because the exposure resets daily, returns over longer periods compound. They can end up far from -2 times Coinbase's move over the same stretch. When the stock swings up and down, the fund can lose money even if Coinbase ends lower. A sharp rise in Coinbase hurts twice as much.
What it really costs
- CONI charges 1.71% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.2% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $174 in the first year and $2,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CONI | $174 | $580 | $1,012 | $2,213 |
In a retirement portfolio
It targets -2 times one stock's daily move and resets every day, so results over longer holding periods can stray far from that target, and it has already lost 91.5% from its peak.
CONI's price history starts May 8, 2025, so it has no record through the 2008, 2020 or 2022 downturns. What it does show is extreme swings. Its annualized volatility was about 149% over the year to October 27, 2026. Its worst quarter, ending June 30, 2025, lost about 84%. From May 9, 2025 to September 22, 2026 it fell 91.5%, and it had not recovered as of October 27, 2026. An investor forced to sell during a bad stretch could lock in near-total losses. It paid about 2% over the past 12 months in one annual distribution, which is not a steady income stream. Costs are high: 1.71% a year. Under the SEC's standard example, that is $174 in the first year and $2,213 over 10 years on $10,000. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet against Coinbase shares and can check the position every day.
- Traders hedging a Coinbase stock position for a short time who accept a 1.71% expense ratio and the risk that a swap bank fails to pay.
- Experienced investors who understand daily resets and compounding, and can absorb drops like the 91.5% fall from May 2025 to September 2026.
Look elsewhere if
- Retirees and long-term savers: because of the daily reset, returns over months can stray far from -2 times Coinbase's move.
- Income seekers: its roughly 2% trailing yield came from one annual payout, and its price swings dwarf that income.
- Anyone who wants diversification: it targets a single stock, Coinbase, and its annualized volatility was near 149% over the year to October 27, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is CONI 1x or 2x short Coinbase?
CONI's prospectus filed October 28, 2026 says the fund seeks -2 times (-200%) the daily percentage change of Coinbase Global Class A stock, before fees and expenses, even though its name says "1x." If Coinbase falls 5% in a day, the fund aims to rise about 10%. If Coinbase rises 5%, it aims to fall about 10%. The target applies only to single days, measured from one market close to the next.
Can you hold CONI long term?
You can, but long holding periods carry large risks. The fund resets its exposure every day, so over weeks or months its returns compound. They can end up far from -2 times Coinbase's move, especially when the stock swings back and forth. From May 9, 2025 to September 22, 2026 the fund lost 91.5%, and it had not recovered as of October 27, 2026. Its design targets one-day results.
What is CONI's expense ratio?
CONI's expense ratio is 1.71%, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. Under the SEC's standard example, a $10,000 investment earning 5% a year would pay about $174 in costs after one year, $580 after three years, $1,012 after five years and $2,213 after 10 years. That is far more than a typical index fund charges.
Does CONI pay dividends?
CONI has made distributions, but they are not a reliable source of income. Over the 12 months to October 27, 2026, it paid about $0.60 per share, a trailing yield of about 2%, on an annual schedule. The fund does not own Coinbase shares. Its value depends on swaps and options tied to the stock. Price moves of a few percent in a single day can outweigh a full year's payout.
How has CONI performed?
CONI's results have been mostly negative and very volatile. As of October 27, 2026, it was down about 56% for 2026 through that date, down 8.2% over one year, and down 75.1% since May 8, 2025, when its price history starts. Its prospectus shows a best quarter of +65.7% (ended December 31, 2025) and a worst quarter of -84.0% (ended June 30, 2025). Past results don't predict future returns.