CONL, the GraniteShares 2x Long COIN Daily ETF, is a $549 million ETF whose main story is crypto conviction. Over the past year it returned −87.8%, 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* | |
|---|---|---|---|---|---|---|
| CONL | +2.4% | +2.2% | −62.3% | −87.8% | −18.6% | – |
| 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 August 10, 2022: −29.3% a year.
$10,000 invested August 31, 2022
Year by year
Total return in each calendar year; this year is year to date. A year appears only if CONL 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
CONL moves partly with the market. When the market has moved 1%, CONL has tended to move 5.25%.
CONL moves closely with crypto conviction. When crypto conviction has moved 1%, CONL has tended to move 2.39%.
Weekly returns over 157 weeks. The narrative is measured without CONL 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. CONL is levered or inverse, so it is shown against them but not counted among them.
Risk
How it is built
Seeks 2x the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is CONL selling?
CONL’s main story is crypto conviction, which covers bitcoin, ether and the companies around them, held through ETFs.
Which ETFs compete with CONL?
The ETFs whose weekly returns move most like CONL’s over the past 3 years are CONY (0.96), CRPT (0.84) and COYY (0.78).
How has CONL performed against its story?
Over the past year CONL returned −87.8%, the ETFs carrying crypto conviction −29.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.70 with the story. Past performance only.
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