What Is CONL? GraniteShares 2x Long COIN Daily ETF
Short answer
CONL is a 2x leveraged single-stock ETF that seeks to return twice the daily price move of Coinbase (COIN) using swaps and options. It resets daily, so it is intended for short-term trading only. Coinbase is already a very volatile stock, and 2x leverage amplifies that volatility, while daily compounding (decay) can erode returns over time. It is not meant to be held long term, and it can lose money even if COIN rises over a multi-day period.
CONL is issued by GraniteShares and tracks 2x daily Coinbase (COIN). It charges a 1.04% expense ratio, holds approximately ~$670 million in assets under management, yields about Minimal; the fund targets leveraged price exposure rather than income, so any distributions are small and irregular, and launched in August 9, 2022.
What is CONL?
CONL is a 2x leveraged single-stock ETF that seeks to return twice the daily price move of Coinbase (COIN) using swaps and options. It resets daily, so it is intended for short-term trading only. Coinbase is already a very volatile stock, and 2x leverage amplifies that volatility, while daily compounding (decay) can erode returns over time. It is not meant to be held long term, and it can lose money even if COIN rises over a multi-day period.
CONL is issued by GraniteShares and tracks 2x daily Coinbase (COIN), so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
CONL holdings: what's actually inside
CONL is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of CONL | |
|---|---|---|---|---|
| 1 | COIN | Coinbase Global | ~200% notional via swaps |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
The bottom line on CONL
CONL is a high-risk, short-term trading instrument, not a long-term investment. It targets 2x the daily move of an already-volatile stock, Coinbase, so losses can be severe and fast. Daily reset and compounding mean returns over more than one day can diverge sharply from 2x COIN's move, and the fund can decay in value during sideways or whipsawing markets even if COIN goes nowhere or rises. The 1.04% expense ratio adds a further drag. Only experienced traders who actively watch their positions and can accept large, rapid losses should consider it. Walnut is informational, not investment advice.
More on CONL
Whether CONL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is CONL a buy?
CONL yields Minimal; the fund targets leveraged price exposure rather than income, so any distributions are small and irregular as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see CONL dividend: yield and schedule.
Build a portfolio around CONL with Walnut
Use CONL as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is CONL?
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CONL is the GraniteShares 2x Long COIN Daily ETF, a 2x leveraged single-stock exchange-traded fund issued by GraniteShares. It seeks to deliver, before fees and expenses, twice (200%) the daily percentage move of Coinbase Global (COIN) using total return swaps, options, and direct stock holdings. It resets daily and is designed for short-term trading, not long-term investing.
What is CONL's expense ratio?
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CONL has an expense ratio of about 1.04%, which is high relative to broad index ETFs. That cost reflects the actively managed, leveraged structure, including the swaps and options used to obtain 2x exposure. Over time these fees act as a continuous drag on returns, on top of the effects of daily compounding.
What does CONL track?
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CONL does not track a broad index. It targets 2 times (200%) the daily price move of a single stock, Coinbase Global (COIN). Its goal applies to one trading day at a time, so over longer periods its return can differ significantly from twice COIN's cumulative move because of daily resets and compounding.
Should I hold CONL long term?
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No. CONL is built for short-term trading, not long-term holding. Because it resets its 2x exposure every day, daily compounding (often called volatility decay or leverage decay) can erode value over time, especially in choppy or sideways markets. You can lose money over a multi-day period even if Coinbase stock ends higher. Combined with Coinbase's already extreme volatility and the 1.04% fee, holding CONL for weeks or months exposes you to large, fast losses. Walnut is informational, not investment advice.
How does 2x leverage work?
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On a single trading day, CONL aims to move about twice as much as Coinbase stock: if COIN rises 5% in a day, CONL targets roughly +10%, and if COIN falls 5%, CONL targets roughly -10%, before fees. It achieves this with derivatives such as total return swaps and options. Crucially, the 2x objective is a daily target that resets each day, so multi-day returns are driven by compounding and will usually not equal exactly twice COIN's longer-term move.
Is CONL a good investment?
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CONL is a high-risk, short-term trading tool rather than a typical investment. It amplifies the moves of an already-volatile stock, Coinbase, by 2x daily, so gains and losses can both be severe, and daily compounding plus the 1.04% fee can erode value over time. It may suit experienced traders who actively monitor positions and accept the risk of large, rapid losses, but it is unsuitable for buy-and-hold investors. Walnut is informational, not investment advice, so consider your own risk tolerance and consult a professional.
What are the main risks of CONL?
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The biggest risks are amplified volatility, daily leverage decay, and single-stock concentration. Coinbase is closely tied to crypto prices and trading volumes, so it swings sharply, and 2x leverage doubles those daily swings. Daily resets and compounding can cause CONL to lose value in sideways or whipsawing markets even if COIN is flat. The fund is non-diversified, holding exposure to just one company, and uses derivatives, which add counterparty and liquidity risk.
What is the difference between CONL and buying Coinbase (COIN) stock?
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Buying COIN gives you direct, unleveraged ownership of Coinbase shares that you can hold indefinitely. CONL instead seeks 2x the daily price move of COIN using derivatives, with no ownership benefits and a daily reset. CONL magnifies short-term moves and carries a 1.04% fee plus decay risk over longer periods, making it a tactical trading vehicle rather than a substitute for owning the stock outright.
How do I compare CONL to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. CONL's figures are above; the full method is in Walnut's guide on how to compare ETFs.
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Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against GraniteShares's fund page or your broker before investing.