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Launched

GraniteShares 2x Long IONQ Daily ETF

IONLNasdaqGraniteSharesDThis 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.

$5.81−0.81 (−12.24%)

At close: Nov 2, 2026, 4:00 PM ET

D30/ 100

Rank 323 of 380 in Single-Stock Long Leveraged

D30/100Rank 323 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 6.62 to 5.81. Range 5.69 to 6.87. Use the arrow keys to read each point.6.006.256.7510 AM12 PM2 PM4 PM
Expense ratio
1.91%*
Fund size
$59M
1Y total return
−91.4%
Yield · Last 12 months
No data
Holdings
2
Avg volume · 30D
768K sh
52W range
low $5.93high $76.71
Launched

*After a fee waiver that ends Dec 31, 2027. Without it: 1.95%.

The ETF.net IONL Grade

Based on 5 of 6 pillars

D

Score 30 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
323 of 380
Six-pillar profile for IONL. Scores out of 100: Cost 0, Risk 33, Mission 87, Tradability 73, Holdings not scored, Durability 77. Strongest: Mission (87). Weakest: Cost (0). Based on 5 of 6 pillars.

Score 30 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F0 out of 100
    Rank 377 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A87 out of 100
    Rank 90 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    D33 out of 100
    Rank 268 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A73 out of 100
    Rank 73 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A77 out of 100
    Rank 30 of 380

Our read on IONL

ETF.net Research

In short

DQuantum computing is volatile enough on its own. IONL straps a 2x daily multiplier onto IonQ stock through swaps, reset every session, at 1.50% net of a waiver through December 31, 2026.

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

  • Pure mechanics: 200% notional swap exposure to IonQ, collateralized by T-bills and cash, rebalanced daily to reset the 2x target.graniteshares.com
  • Only one other US ETF runs the same 2x daily IonQ mandate, so the shelf for this specific trade is short.graniteshares.com
  • Day-to-day tracking of the 2x target has been tight since the March 2025 launch, and the shares trade actively, which matters for same-session trips.

Worth knowing

  • Daily reset brings path dependency: hold longer than a day and results can diverge from 2x the stock's move, and IonQ's swings widen that gap.graniteshares.com
  • 1.50% (net of a waiver through December 31, 2026) sits above the category median, with a 3.63% gross ratio underneath. IONX runs the same mandate at 1.38%, no waiver.
  • GraniteShares rates it top-of-scale risk and states on its own fund page that it is not a buy-and-hold investment.graniteshares.com

IONL Performance

Launched Mar 25, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
IONL$865
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. IONL $865. SPY $11,199. Use the arrow keys to read each point.$2,500$5,000$7,500$10,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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−79.9%
1 month−56.4%
3 months−43.5%
1 year−91.4%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−79.9%
2025+38.6%

Since listing, Mar 25, 2025

IONL in the news

IONL Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

IONL Risk

Risk pillarD33 out of 100Rank 268 of 368 in Single-Stock Long Leveraged

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.
205.0%
Annualised · 19 months to Oct 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.
0.48
vs 3-month T-bills · 19 months to Oct 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.
−95.3%
19 months · trough Oct 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.

FMP measures it over up to five years of monthly returns.

IONL Cost

Compare IONL and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$27,623

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • IONL 1.91%

    $31,778

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • IONL 1.91%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONL $31,778GOGL $4,155

Year by year

YearIONLGOGLOverpaying
10$3,242$365$2,877
20$11,705$1,421$10,284
30$31,778$4,155$27,623
How the 1.91% is worked out

Full fee 1.95%− waiver 0.04%= you pay 1.91%

The waiver ends Dec 31, 2027. After that the fee is 1.95% unless GraniteShares renews it. Source: prospectus, Oct 2026.

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