CONI -2x GraniteShares ETF Trust GraniteShares 2x Short COIN Daily ETF

BEAR ETF standard · Issuer GraniteShares · Tracks COIN · Listed 2024-09-04

Quote & options All leveraged ETFs

Implied AUM

$17.1M

shares out × price

Last close

$23.38

20261001

30-day avg volume

468,422

options listed →

CONI realized

—

what holders actually earned

Theoretical -2x

—

-2x × COIN's return

Decay gap

—

realized minus theoretical

Realized vs theoretical -2x COIN

Cumulative return of CONI against a clean -2x of COIN's return over the same window; the red line (right axis) is the gap between them.

Pair counterpart: CONL (+2x bull, GraniteShares ETF Trust GraniteShares 2x Long COIN Daily ETF)

Shorting both legs of a daily-reset bull/bear pair captures their combined decay over time. It isn't free money — the edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow shares.

Other leveraged products on COIN

Symbol	Factor	Direction	Issuer	Name	Implied AUM	30d volume	Options
CONL	+2x	BULL	GraniteShares	GraniteShares ETF Trust GraniteShares 2x Long COIN Daily ETF	$549.0M	24,554,317	✓
COIG	+2x	BULL	Leverage Shares	Leverage Shares 2X Long COIN Daily ETF	$11.0M	177,449	✓
CONX	+2x	BULL	Direxion	Direxion Daily COIN Bull 2X ETF	—	190,710	✓

How CONI works

CONI targets -2x the daily return of COIN — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -2x × the index, usually downward when the market chops around.

The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.

Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.

Not investment advice.