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

CONI

ETF -2x BEAR standard
GraniteShares ETF Trust GraniteShares 2x Short COIN Daily ETF
Issuer: GraniteShares · Tracks: COIN · Listed: 2024-09-04
Implied AUM
$12.5M
Last Close
$49.96
20260720
30d Avg Vol
130,839
Options
available
Realized return vs theoretical -2x COIN
Pair counterpart found: CONL (+2x bull, GraniteShares ETF Trust GraniteShares 2x Long COIN Daily ETF)
Shorting both legs of a daily-reset bull/bear pair captures combined decay drift over time. Theoretical "free money" — actual edge depends on borrow rates (often punitive on the bear leg) and assignment risk on hard-to-borrow products.
Other leveraged products tracking COIN
Symbol Factor Direction Issuer Name Implied AUM 30d Vol Options
CONL +2x BULL GraniteShares GraniteShares ETF Trust GraniteShares 2x Long COIN Daily ETF $532.1M 19,181,509
COIG +2x BULL Leverage Shares Leverage Shares 2X Long COIN Daily ETF $7.9M 137,907
CONX +2x BULL Direxion Direxion Daily COIN Bull 2X ETF $4.4M 96,642

How CONI works

CONI targets -2x the daily return of COIN — not the cumulative return over multi-day windows. The fund rebalances at the close each day using swaps or futures, which is what creates the volatility drag the chart above visualizes.

Mathematical headline: drag ≈ −0.5 × N × (N−1) × σ² per period. For a -2x product on an underlying with 25% annualized vol, expected annual drag is around 6.2%. Add expense ratio and the realized number is typically worse.

  • Short-term tactical: daily and intraday holds are where these products were designed to live.
  • Premium selling: options on CONI carry very rich IV — see the quote page for IV rank and straddle pricing.
  • Multi-day directional: works in strong trends; gets eaten alive in chop. Use the chart above to gauge the realized vs theoretical track record.