CONL ETF: What Is It? A Complete Guide to Returns, Expense Ratio, Holdings, and Alternative ETFs
A short-term, leveraged ETF that aggressively captures shifts in the crypto exchange market by tracking twice the daily performance of Coinbase's stock price.
SubscribeWhat is this ETF?
This product is designed to replicate, at a high multiple, the daily performance of Coinbase Global's (COIN) common stock. By combining deep concentration in a single name with leverage, it offers return opportunities tied to the growth of the crypto ecosystem.
It reflects a strong conviction that Coinbase's stock will rise in the short term and is best suited for sophisticated investors who can tolerate the heightened risks inherent to leveraged products.
The fund was launched in 2022 by GraniteShares as an actively managed ETF.
How does it invest?
| Item | Details |
|---|---|
| Underlying | Coinbase Global, Inc. (COIN) |
| Leverage Multiple | Fixed multiple |
| Rebalancing Frequency | Daily |
| Management Style | Active (using derivatives) |
| Total Expense Ratio | 1.04% |
The fund combines Coinbase stock with derivatives such as swaps and options to achieve a high multiple of the daily return. The portfolio is rebalanced every day to maintain the target multiple, making it more effective for capturing short-term price moves than for long-term holding.
- Provides leveraged exposure to the leading US-listed crypto exchange
- Efficient daily return replication through derivatives
Assets under management (AUM) stand at $455.0M, with a total expense ratio of 1.04% per year.
Because the underlying asset, Coinbase itself, is extremely volatile, investors should note that CONL, with leverage applied, can experience dramatic price swings.
Performance and Flows
1-Year Price Performance
Dividend & Yield
52-Week Price RangeAlternative ETFs and Related Products
Products such as TQQQ, SOXL, QLD, and SSO are well-known index-based leveraged funds, but CONL is differentiated by its single-name focus on COIN. Comparable single-stock leveraged products include NVDL (Nvidia) and TSLL (Tesla), while BITX, which applies leverage to bitcoin futures, can also be compared in terms of strategic characteristics.
Peer Comparison ETFs| Ticker | Name | Price | Change | AUM | Total Expense Ratio | Dividend Yield | 1Y |
|---|---|---|---|---|---|---|---|
 TQQQ | ProShares UltraPro QQQ 3x Shares | $71.04 | +3.8% | $35.5B | 0.78% | 0.68% | +22.0% |
 SOXL | Direxion Daily Semiconductor Bull 3X ETF | $101.08 | +11.7% | $23.1B | 0.75% | 0.09% | +115.8% |
 QLD | ProShares Ultra QQQ 2x Shares | $90.29 | +2.6% | $14.3B | 0.89% | 0.14% | +21.1% |
 SSO | ProShares Ultra S&P500 2x Shares | $70.28 | +1.1% | $8.6B | 0.84% | 0.68% | +19.1% |
 SPXL | Direxion Daily S&P 500 Bull 3X ETF | $286.21 | +1.7% | $7.0B | 0.84% | 0.51% | +25.6% |
Top Holdings| Ticker | Name | Weight | Price | Change | Market Cap | P/E | Dividend Yield |
|---|---|---|---|---|---|---|---|
 CLRS | Clear Street Group Inc | 1.43% | $0.00 | +0.0% | $0.0M | - | - |
 GTOP | Goldman Sachs Technology Opportunities ETF | 0.32% | $49.31 | +1.5% | $0.0M | - | - |
 GSWO | Goldman Sachs ActiveBeta World Equity ETF | 0.30% | $64.92 | +0.5% | $0.0M | - | 1.44% |
 USLM | United States Lime & Minerals Inc | 0.04% | $110.12 | +0.4% | $3.2B | 23.6 | 0.22% |
Investor Checklist
CONL carries a risk profile that is in a different league from that of a typical ETF. Before making any investment decision, carefully review the following key cautions.
| Checkpoint | What to Confirm | Current Status |
|---|---|---|
| ⏱️ Holding Period | Adherence to a short-term trading approach and awareness of long-term holding risks | Required |
| 📈 Coinbase Outlook | Conviction on the direction of COIN's stock price | Important |
| ⚖️ Portfolio Allocation | Limit exposure to a small portion of total assets that you can afford to lose | Recommended |
Because leveraged products reset their daily returns, the gap between the targeted multiple return and the actual performance widens as the holding period lengthens. Bear this in mind.
In conclusion, CONL is a useful tool for experienced traders aiming to capitalize on short-term surges in Coinbase, but it is an extremely high-risk product unsuitable for investors who cannot withstand its volatility.
SubscribeDisclaimer: This content is for informational purposes only and does not constitute investment advice. All investment responsibility lies with the investor.
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