Aims for the opposite of the daily return of COIN shares, through swap agreements with large banks. It rises on days COIN falls, and because it resets daily, longer-term returns can differ a lot from the opposite.
CONI, the GraniteShares 2x Short COIN Daily ETF, is a $13 million ETF whose main story is crypto conviction. Over the past year it returned −24.9%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Crypto conviction →
Bitcoin, ether and the companies around them, held through ETFs.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | IBIT | 49.5% | $67.06bn | −30.6% | 0.25% |
| 2 | FBTC | 11.4% | $15.45bn | −30.5% | 0.25% |
| 3 | GBTC | 7.8% | $10.61bn | −31.4% | 1.50% |
| 4 | ETHA | 7.2% | $9.83bn | −40.9% | 0.25% |
| 5 | BTC | 3.9% | $5.27bn | −30.5% | 0.15% |
| 171 other ETFs | 20.2% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 176 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| CONI | −23.7% | −48.0% | −63.4% | −24.9% | – | – |
| Crypto convictionits narrative | +9.5% | +39.0% | −2.9% | −29.5% | +50.5% | +10.3% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on September 4, 2024: −76.5% a year.
$10,000 invested September 30, 2024
Year by year
Total return in each calendar year; this year is year to date. A year appears only if CONI traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
CONI tends to move against the market. When the market has moved 1%, CONI has tended to move 3.78% the other way.
CONI tends to move against crypto conviction. When crypto conviction has moved 1%, CONI has tended to move 1.90% the other way.
Weekly returns over 108 weeks. The narrative is measured without CONI in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Crypto conviction
Each dot is one of 62 unlevered ETFs whose main narrative is crypto conviction, placed by its return (up) and how much it swung (right) over the last year. CONI is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
CONI is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the inverse of the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because inverse exposure is excluded.
Narrative exposure
Common questions
What story is CONI selling?
CONI’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs.
Which ETFs compete with CONI?
The ETFs whose weekly returns move most like CONI’s over the past 3 years are BTAL (0.45), VIXM (0.36) and VIXY (0.35).
How has CONI performed against its story?
Over the past year CONI returned −24.9%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of -0.68 with the story. Past performance only.
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