GraniteShares 2x Long COIN Daily ETF (CONL) Covered Calls

The GraniteShares 2x Long COIN Daily ETF is a leveraged exchange-traded fund that seeks to provide two times (2x) the daily percentage change of the common stock of Coinbase Global, Inc. (COIN). By utilizing financial derivatives like swap agreements, the fund allows sophisticated investors to amplify their short-term bullish outlook on the leading U.S. crypto exchange. As a daily-resetting vehicle, it is subject to the effects of compounding and volatility decay over longer holding periods.

You can sell covered calls on GraniteShares 2x Long COIN Daily ETF to lower risk and earn monthly income. Born To Sell's covered call screener gives you customized search capabilities across all possible covered calls but here are a couple of examples for CONL (prices last updated Tue 1:15 PM ET):

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GraniteShares 2x Long COIN Daily ETF is a leveraged single-stock ETF that provides amplified exposure to Coinbase Global, Inc. (COIN). The fund is designed for traders who wish to express a high-conviction bullish view on the performance of the primary regulated gateway for the U.S. crypto economy. Unlike traditional ETFs, CONL does not aim to achieve its stated investment objective over a period of time greater than a single day, making it a specialized instrument for active market participants.

Core Strategy and Operations

1. Leveraged Swap Agreements: The fund primarily achieves its 2x target by entering into swap agreements with major financial institutions. These swaps are rebalanced daily to ensure the notional exposure remains at approximately 200% of the fund’s net asset value. This structure provides a capital-efficient way to gain double the moves of COIN stock without using a margin account.
2. Synthetic Exposure: While the fund can hold shares of COIN directly, it mainly utilizes a combination of standardized and FLEX options alongside swaps to manage its leverage. This flexible approach allows the fund to maintain its target exposure even during periods of extreme market volatility or limited liquidity in the underlying stock.
3. Daily Reset and Compounding: Because the fund resets its 2x leverage at the end of each trading day, its performance over weeks or months can diverge significantly from 2x the cumulative return of Coinbase. In volatile "sideways" markets, the daily reset mechanism can lead to "volatility drag," reducing the net asset value even if the underlying stock price remains flat.

Competitive Landscape

CONL is a cornerstone of the "high-beta" crypto equity market. Its most direct competitor is the GraniteShares YieldBOOST COIN ETF, which trades some upside for high income. For investors seeking similar leveraged plays on crypto-correlated stocks, it is often compared to the T-Rex 2X Long MSTR Daily Target ETF or the Defiance Daily Target 1.75X Long MSTR. It also competes for tactical volume with leveraged sector products like the 2x Bitcoin Strategy ETF and its inverse counterpart, the GraniteShares 2x Short COIN Daily ETF.

Strategic Outlook and Innovation

Entering 2026, CONL remains a primary vehicle for capturing the "reflexivity" of the crypto market. As Coinbase expands its international footprint and broadens its "Base" layer-2 ecosystem, CONL is increasingly used as a proxy for the operational success of the decentralized finance (DeFi) industry. A key strategic focus for the fund in 2026 is maintaining tight bid-ask spreads and deep liquidity to accommodate the massive institutional "risk-on" flows typical of bull market cycles. Innovation is centered on the maturity of the CONL options market, which now allows for sophisticated multi-leg strategies. Furthermore, GraniteShares has committed to maintaining a competitive expense structure, with a fee waiver in place through late 2026 to ensure CONL remains the benchmark for leveraged COIN exposure. By providing a regulated, exchange-traded path to 2x leverage, CONL serves as a foundational tool for aggressive traders navigating the highly volatile digital asset infrastructure sector.

Want more examples? CONI Covered Calls | CONY Covered Calls