Understanding the Direxion Daily COIN Bull 2X ETF (CONX)

What this ETF is trying to do

The Direxion Daily COIN Bull 2X ETF (CONX) is a specialized type of fund. It is a "leveraged" ETF, which means it aims to amplify the daily movements of a single stock. In this case, it focuses on Coinbase Global Inc (COIN). Because it is a "2X" fund, it seeks to provide twice the daily performance of that specific stock. It is also considered a crypto-related fund because it tracks a company involved in the cryptocurrency industry.

What the numbers show

As of October 5, 2026, the current price of one share is $7.08.

When looking at how the fund has performed this year, it is important to look at two different numbers:

• Year-to-Date (YTD) Price Return: This measures only the change in the share price. The YTD price return is approximately -60.06%.

• Year-to-Date (YTD) Total Return: This measures the overall return, including any cash distributions. The YTD total return is approximately -59.39%.

Because the price return and total return are different, it shows that distributions played a small role in the overall performance.

Income and distribution explanation

Some investors look for ETFs that pay out cash, known as distributions. This ETF has a distribution yield of approximately 2.93%. Over the last 12 months, it has made 4 payments. These payments usually happen on a quarterly basis, often on Tuesdays.

It is important to remember that a distribution yield is not the same as a total return. While distributions provide cash, they do not guarantee that your original investment will stay the same value.

NAV erosion explanation

"NAV erosion" is a term used to describe when the value of the underlying assets in a fund decreases. While some investors worry about this, there is no "severe erosion-risk flag" for this ETF. However, the data shows an "erosion label" stating that there is insufficient verified price history to provide a specific score at this time.

Pros

• The fund provides high exposure to Coinbase Global Inc through a single ticker.

• It offers a distribution yield of approximately 2.93%.

Cons

• This is a leveraged, single-stock ETF, which can be very volatile.

• The YTD price return has seen a significant decline of approximately 60.06%.

• The fund's income rating grade is an "F."

Beginner takeaway

This ETF is designed for specific strategies involving Coinbase. Because it uses leverage to multiply daily moves, the price can change very quickly in both directions. When looking at this fund, remember to distinguish between the share price movement (price return) and the total amount earned including cash payments (total return).

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*Disclaimer: This report is for educational purposes only. It does not provide financial advice and does not recommend buying, selling, or holding any security.*