ETF Evaluator:
GraniteShares 2x Long COIN Daily ETF (CONL)
Follow This ETF
(as of Aug 21)
Best Performing in Trading--Leveraged Equity Over the Last Year
| 2567.1% | Direxion Daily MU Bull 2X Shares (MUU) |
| 2419.7% | GraniteShares 2x Long MU Daily ETF (MULL) |
| 933.4% | GraniteShares 2x Long INTC Daily ETF (INTW) |
| 476.7% | GraniteShares 2x Long DELL Daily ETF (DLLL) |
| 358.1% | Direxion Daily Semicondct Bull 3X ETF (SOXL) |
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ETF Details
GraniteShares 2x Long COIN Daily ETF Overview
GraniteShares 2x Long COIN Daily ETF (CONL) is an actively managed Miscellaneous Trading--Leveraged Equity exchange-traded fund (ETF). Graniteshares launched the ETF in 2022.
The investment seeks the fund seeks daily investment results, before fees and expenses, of 2 times (200%) the daily percentage change of the common stock of Coinbase Global, Inc. Class A (NASDAQ: COIN).
The fund is an actively managed exchange traded fund that attempts to replicate 2 times (200%) the daily percentage change the underlying stock by entering into financial instruments such as swaps and options on the underlying stock as well as directly purchasing the underlying stock. The fund aims to generate 2 times the daily performance of the underlying stock for a single day. It is non-diversified.
About GraniteShares 2x Long COIN Daily ETF (CONL)
There are 2 members of the management team with an average tenure of 2.91 years: Jeff Klearman (2022) and Ryan Dofflemeyer (2024). Management tenure is more important for actively managed ETFs than passive index ETFs.
The ETF has 1 primary benchmark: S&P 500 (TR) (1970) index with a weighting of 200%. GraniteShares 2x Long COIN Daily ETF has 20 securities in its portfolio. The top 10 holdings constitute 242.8% of the ETF’s assets. The ETF meets the SEC requirement of being classified as a nondiversified fund. The ETF is not considered to have an ESG focus with its investment selection and management.
GraniteShares 2x Long COIN Daily ETF is part of the Other global asset class and is within the Miscellaneous ETF group. GraniteShares 2x Long COIN Daily ETF has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is -7.0% There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). GraniteShares 2x Long COIN Daily ETF has 107.0% of the portfolio in cash.
Assets Under Management
The fund has $413 million in total assets, which is above the $251 million average for the Trading--Leveraged Equity category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
CONL Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The GraniteShares 2x Long COIN Daily ETF expense ratio is high compared to funds in the Trading--Leveraged Equity category. GraniteShares 2x Long COIN Daily ETF has an expense ratio of 1.04%, which is 9% higher than its category average, making the fund expense ratio grade a D. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. GraniteShares 2x Long COIN Daily ETF has a portfolio turnover rate of 0%, which indicates that it holds its assets around /years. By way of comparison, the average portfolio turnover is 396% for the Trading--Leveraged Equity category.
Recently, in the month of July 2026, GraniteShares 2x Long COIN Daily ETF returned -6.3%, which earned it a grade of C, as the Trading--Leveraged Equity category had an average return of -18.2%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all ETFs in that category.
GraniteShares 2x Long COIN Daily ETF has a trailing yield of 0.00%, which is below the 5.84% category average.
The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
GraniteShares 2x Long COIN Daily ETF Grades
Year to date, the ETF has returned -72.8%, 76.6 percentage points worse than the category, which translates into a grade of F. The fund has returned -92.3% over the past year (grade of F) and -37.0% over the past three years (grade of F).
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CONL Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| CONL Return (NAV) | -6.3% | -48.6% | -92.3% | -37.0% | na | na |
| CONL Return (Price) | -6.3% | -48.5% | -92.3% | -37.0% | na | na |
| NAV +/- Price Return | -0.015% | -0.129% | -0.010% | 0.026% | na | na |
| Trading--Leveraged Equity Avg | -18.2% | -10.8% | 47.2% | 18.3% | 6.2% | 9.2% |
| CONL Grade (NAV) | C | F | F | F | na | na |
| +/- Category (NAV) | 11.9% | -37.7% | -139.6% | -55.3% | na | na |
| CONL Tax-Cost Ratio | na | na | 0.0% | 0.0% | na | na |
CONL Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| CONL Return (NAV) | -72.8% | -58.5% | 4.1% | 643.3% | na | na | na | na | na | na | na |
| CONL Return (Price) | -72.7% | -58.5% | 4.2% | 641.6% | na | na | na | na | na | na | na |
| NAV +/- Price Ret | -0.001% | 0.001% | 0.022% | -0.003% | na | na | na | na | na | na | na |
| Trading--Leveraged Equity Avg | 3.8% | 41.3% | 29.5% | 62.2% | -36.7% | 45.0% | 6.2% | 64.1% | -31.9% | 61.0% | 29.3% |
| CONL Grade (NAV) | F | F | D | A | na | na | na | na | na | na | na |
| +/- Category | -76.6% | -99.8% | -25.4% | 581.2% | na | na | na | na | na | na | na |
| Risk Measures | |
| Beta: | 8.04 |
| R-Squared: | 39% |
| Standard Deviation: | 168.0% |
| Category Risk Index: | 3.17 |
| Category Risk Rating: | High |
| Total Risk Index: | 13.70 |
| Total Risk Rating: | High |
| Portfolio Characteristics | |
| Yield: | 0.0% |
| Total Assets: | $ 414 Mil |
| Share Class Assets: | $ 414 Mil |
| Turnover: | 0.0% |
| Expense Ratio: | 1.04% |
| Index Fund: | No |
| Index Tracked: | S&P 500 (TR) (1970) |
| Index Weighting: | 200% |
| Leveraged: | Yes |
| Socially Responsible Fund: | No |
| Capital Gains Distribution Frequency: | Annually |
| Income Distribution Frequency: | Annually |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.0 years | |||
| Average Tenure: 2.9 years | |||
| Managers (Year): Klearman Jeff (2022), Dofflemeyer Ryan (2024) | |||
Portfolio Composition (as of 7/31/26)
| # of Holdings: | 20 |
| % in Top 10 Holdings: | 242.8% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | -7.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 107.0% |
Purchase Information
| Legal Structure: | Open Ended Investment Company |
| Fund Family: | Graniteshares |
| Phone Number: | 844-476-8747 |
| Website: | |
| Inception Date: | August 8, 2022 |
Expenses and Fees
| Expense Ratio (%): | 1.04% (Rating: High) |
| Category Average Expense Ratio (%): | 0.95% |
