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IONL

GradeDNASDAQ Global Select

GraniteShares 2x Long IONQ Daily ETF

Leveraged · Single-Stock Leveraged · GraniteShares · Inception 2025-03-25

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$14.39+1.22 (+9.26%)

As of Sep 23, 2026, 3:05 PM EDT

History starts Mar 25, 2025.
Intraday session: up, 68 prints from 13.17 to 14.39. Range 14.11 to 16.28. Use the arrow keys to read each point.$14.00$15.00$16.0010 AM12 PM2 PM4 PM
Expense ratio
3.63%
Fund size
$73M
1Y return
−88.7%
Yield · Last 12 months
—
Holdings
2
Volume · 30D
0.7M sh
NAV per share
$13.05
52W range
low $8.76high $148.84

The ETF.net IONL Grade

D

28/ 100

Rank 275 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for IONL. Scores out of 100: Cost 0, Risk 25, Mission 85, Tradability 70, Holdings not scored, Durability 76. Strongest: Mission (85). Weakest: Cost (0). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 28 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 0
    Category rank377/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 85
    Category rank105/147 · mid-pack

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 25
    Category rank245/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 70
    Category rank84/380 · top 22%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 76
    Category rank35/380 · top 9%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on IONL

ETF.net Research

DOnly a couple of ETFs aim for twice IonQ's daily move, and this is one of them: a geared, single stock play on a quantum computing name, reset every session, at a 3.63% expense ratio.

Stated mandate

The Fund seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of IonQ, Inc.'s common stock.

Why people hold it

  1. 01Does exactly what it says: seeks twice IonQ's daily percentage change before fees, and it has hit that daily target closely in practice.
  2. 02Geared exposure inside a plain brokerage account. No margin agreement, no options approval, no rolling your own position.graniteshares.com
  3. 03Actively traded for a young, narrow product, which matters when the holding period is measured in hours rather than years.

Worth knowing

  1. 01The 3.63% expense ratio sits near the top of the leveraged single stock aisle, and the rival 2x IonQ fund (IONX) charges less for the same daily objective.
  2. 02The 2x target resets each day. Hold longer and results can drift well away from twice IonQ's move, especially through choppy stretches.graniteshares.com
  3. 03Everything rides on one volatile quantum computing stock, doubled. This is a trading vehicle, not an income one.

IONL Holdings

As of Sep 21, 2026, 4:07 AM
Asset class
Other
Holdings
2
Top-10 weight
100%
Largest holding
IONQ SWAP66.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—IONQ SWAP66.67%3,539,375$143M1
002—US Dollars33.33%71,369,513$71M85

Showing 1–2 of 2 holdings

IONL Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

IONL$1,129
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. IONL $1,129. SPY $11,723. Use the arrow keys to read each point.$-91$6,274$12,640Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for IONL. Periods over one year show the average yearly return.
PeriodIONL
Year to date−60.0%
1 month−21.9%
3 months−60.5%
1 year−88.7%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for IONL
YearReturn barIONL
2026 YTD−60.0%
2025+38.6%

Since listing, Mar 25, 2025

IONL in the news

ETF.net Research hasn’t filed on IONL yet — coverage lands here as it’s written.

IONL Dividends

This fund pays no distributions.
—Last 12 months
Payout per share
—Last 12 months

No distributions in the last 12 months.

IONL Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
209.5%
Annualised · 17 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
0.65
vs 3-month T-bills · 17 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−93.5%
17 months · trough Jul 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
0.00
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

IONL Cost

Expense ratio3.63%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

325 of the 329 Single-Stock Long Leveraged funds charge less.

IONL costs $363.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.