(CONL) GraniteShares Trust - Overview

The GraniteShares 1.5x Long COIN Daily ETF (NASDAQ: CONL) is an actively managed, non-diversified ETF that seeks to deliver **150% of the daily percentage change** of Coinbase Global Inc. (COIN) by using a combination of swaps, options, and direct equity purchases. Because the fund resets its leverage each trading day, its performance compounds over longer horizons, which can diverge significantly from 1.5× the cumulative return of the underlying stock.

Key identifiers: Ticker CONL; ETF type; U.S.-based; Category “Trading – Leveraged Equity.” Note: the product name advertises 1.5× leverage, while the provided description mentions a 2× target; investors should verify the prospectus to confirm the exact leverage ratio.

Coinbase’s stock is driven primarily by **cryptocurrency market dynamics** (e.g., Bitcoin and Ethereum price trends), **regulatory developments** in the U.S. and abroad, and **transaction volume** on its platform. As of Q3 2024, Coinbase reported **$1.2 billion in quarterly revenue** and a **net income of $210 million**, with daily active users reaching **29 million**, indicating a sizable but still volatile revenue base.

Leveraged ETFs like CONL are subject to **daily reset risk** and **volatility decay**, meaning that in a highly volatile crypto environment-where COIN can swing >10% in a single day-the ETF’s long-term return may underperform the simple multiple of the underlying’s cumulative return. Additionally, any adverse regulatory action (e.g., tighter AML rules) could sharply impact COIN’s fundamentals and, by extension, CONL’s performance.

For a deeper quantitative breakdown of CONL’s risk-adjusted metrics, you might explore ValueRay’s analytics platform.