At a glance
CONL charges 1.06% a year. It has $549.4M in assets. Over the past year it returned −90.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −23.4% a year.
The short version
GraniteShares 2x Long COIN Daily ETF (CONL) aims to return twice the daily percentage move of one stock, Coinbase Global Class A (COIN). It gets that exposure mainly through swaps with large banks and brokers. It is leveraged and resets every day, so over weeks or months its results can drift far from twice Coinbase's return. It costs 1.06% a year, and it lost 90% in the year to October 27, 2026.
Price history
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CONL -90.0% 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 | |
|---|---|---|---|---|---|---|
| CONL price data to Oct 27, 2026 | -71.8% | -90.0% | -23.4% | — | — | -33.6% |
- Over the year to Oct 27, 2026, CONL returned -90.0%.
- Its worst full calendar year was 2025 (-58.5%); its best was 2023 (+641.6%).
- The deepest fall in its price history was 95.4% (Mar 25, 2024 to Aug 6, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -71.8% |
| 2025 | -58.5% |
| 2024 | +4.2% |
| 2023 | +641.6% |
| 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
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2024 | $0.1100 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 3.64% |
By country
United States 3.64%By asset type
Bonds and notes 3.64%What changed recently
- Over the three months to Jun 30, 2026, investors added a net $318.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +10.70%, -3.35%, -43.20%.
How it works
CONL does not track an index. GraniteShares manages it actively toward a narrow goal: each trading day, from one market close to the next, it tries to return 200% of Coinbase stock's percentage change, before fees. At the end of each day it adjusts its positions so its exposure stays near 200% of its net asset value (the value of everything the fund owns).
Most of that exposure comes from swaps. A swap is a contract in which a bank or broker agrees to pay the fund Coinbase's return on a set dollar amount. As of June 30, 2026, CONL had swaps with Clear Street (about 61% of net assets), TD Cowen (33%), Nomura (30%), Goldman Sachs (30%) and BMO Capital Markets (22%). Together, its derivatives came to roughly 200% exposure. The fund expects to post 25% to 50% of its assets as collateral. If it can't add more swaps, it may use exchange-listed Coinbase options or buy the shares directly. Its cash goes into short-term holdings such as Treasury bills, which made up 3.6% of assets.
The daily reset matters most. Gains and losses compound day by day, so over longer periods returns can differ sharply from twice Coinbase's, and they usually come out worse when the stock swings up and down. Swaps also bring counterparty risk: a bank that fails to pay could cause losses.
What it really costs
- CONL charges 1.06% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.02% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $108 in the first year and $1,314 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| CONL | $108 | $341 | $593 | $1,314 |
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
Its prospectus targets 2× Coinbase's return for a single day only, and daily compounding has produced deep, lasting losses over longer holding periods.
CONL offers little of what a retirement portfolio usually needs. It made no distributions in the year to October 27, 2026. It costs 1.06% a year, which is $108 in the first year on $10,000 under the SEC's standard example. It launched in August 2022, so it has no record through the 2008, 2020 or 2022 market crashes. Its own history is harsh. It fell 95.4% from March 25, 2024, to August 6, 2026, and had not recovered by October 27, 2026. It lost 58.5% in 2025 and 90% in the year to October 27, 2026, after gaining 641.6% in 2023. An investor who had to sell in a bad stretch could lock in most of a loss. 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 twice Coinbase's daily move for a day or a few days and can watch the position closely.
- Investors who understand swaps and daily-reset compounding and accept that one-year volatility of 142% can mean swift, deep losses.
- Traders seeking leveraged Coinbase exposure without a margin account who accept the 1.06% expense ratio and risk from swap counterparties such as Clear Street.
Look elsewhere if
- Retirees seeking income: CONL made no distributions in the year to October 27, 2026.
- Buy-and-hold investors: it lost 90% in the year to October 27, 2026, and its 95.4% drop since March 2024 had not recovered.
- Anyone seeking diversification: all its exposure is to one stock, Coinbase, which carries the regulatory and market risks of digital assets.
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 CONL a good long-term investment?
CONL is built for short-term trading, not long-term holding. Its prospectus targets twice Coinbase's return for a single day only. Over longer periods, daily compounding can pull results far from 2×. As of October 27, 2026, the fund was down 90% over one year and had lost 23.4% a year over three years, even after gaining 641.6% in 2023. Its deepest drop, 95.4%, had not been recovered.
Does CONL pay dividends?
No. CONL made no distributions in the year to October 27, 2026, and its trailing yield was 0%. Its returns come almost entirely from price changes in its swap positions on Coinbase stock. That makes it a poor fit for anyone seeking regular income from a portfolio. Investors seeking cash payouts may want to compare dividend-focused or bond funds instead.
What's the difference between CONL and buying COIN stock?
Owning Coinbase shares directly gives 1× the stock's moves, with no fund fee, and the result over any period matches the stock. CONL aims for 2× Coinbase's daily move, charges 1.06% a year and resets its leverage every day. Over weeks or months its return can differ sharply from twice Coinbase's, usually for the worse in choppy markets. CONL also depends on swap counterparties such as Clear Street, TD Cowen and Goldman Sachs.
What is CONL's expense ratio?
CONL's expense ratio is 1.06% a year, according to its prospectus filed October 28, 2026. That includes a 0.99% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return, and shares sold at the end of each period. On that basis, total costs would be about $108 after one year, $341 after three, $593 after five and $1,314 after ten.
How much has CONL dropped from its high?
CONL fell 95.4% from its peak on March 25, 2024, to its low on August 6, 2026, and had not recovered as of October 27, 2026. Leverage doubles Coinbase's daily declines, and daily compounding in a very volatile stock wears down value over time. Its one-year volatility was 142.3%. The fund lost 58.5% in 2025 and 71.8% in 2026 through October 27. Its worst quarter, ended December 31, 2025, was a 60.88% loss.