Skip to content
etf.net

IONL vs OKTG

GraniteShares 2x Long IONQ Daily ETF

IONLDNasdaq

Leverage Shares 2x Long OKTA Daily ETF

OKTGANasdaq

Overlap

Expense ratio

OKTG −1.16pt a year

IONL1.91%OKTG0.75%

Avg volume · 30D

IONL 20.0×the volume

IONL768KOKTG38.5K

IONL vs OKTG Performance

Dec 31, 2025 – Oct 30, 2026

−79.9%IONL+247.6%OKTG

Dec 31, 2025 to Oct 30, 2026. IONL −79.9%. OKTG +247.6%. Use the arrow keys to read each point.0%100%300%Dec 2025Jun 2026Oct 2026
Expense ratio
IONL 1.91%
OKTG 0.75%, better
Fund size
IONL $59M
OKTG $8M
1Y total return
IONL −91.4%
OKTG No data
Holdings
IONL 2
OKTG 5
Avg volume (30D)
IONL 768K sh, better
OKTG 38.5K sh
NAV per share
IONL $7.41
OKTG $53.95
52W range

ETF.net Grade

IONL: Cost 0, Risk 33, Mission 87, Tradability 73, Holdings not scored, Durability 77. OKTG: Cost 70, Risk 76, Mission 94, Tradability 73, Holdings not scored, Durability 51.
Pillar letters and Scores for IONL, OKTG, with each pillar’s weight
PillarIONLOKTG
Cost30% weightF0A70Higher
Mission25% weightA87A94Higher
Risk15% weightD33A76Higher
Tradability15% weightA73A73
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherC51

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. IONL and OKTG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

OKTG ranks 3rd and IONL 275th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 275DBMNUT-Rex 2x Long BMNR Daily Target ETFScore 30
  6. Rank 275DIONLGraniteShares 2x Long IONQ Daily ETFScore 30
  7. Rank 275DLITUT-REX 2X Long LITE Daily Target ETFScore 30

Our read on each fund

ETF.net Research

IONLDGraniteShares 2x Long IONQ Daily ETF

OKTGALeverage Shares 2x Long OKTA Daily ETF

In short

IONL Quantum 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.

OKTG A 2x daily amplifier on Okta, the identity-security stock, in an ETF wrapper. Leverage Shares prices it at 0.75%, under the typical leveraged single-stock fund, in a corner of the market built mostly around mega-caps.

Stated mandate

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

OKTG The fund seeks daily leveraged investment results equal to 200% of the daily performance of the publicly traded common stock identified as OKTA, before fees and expenses.

Why people hold it

  • IONL 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.
  • OKTG Costs 0.75% a year, below the roughly 1.01% median for leveraged single-stock funds, and matches the fee on Leverage Shares' other 2x products like UNHG and ASMG.
  • Mechanically simple: it aims for 200% of Okta's daily move before fees and expenses, no margin account, options chain or share borrow involved.leverageshares.com
  • Unusual target. Most 2x single-stock ETFs point at mega-caps such as AAPU and GGLL; this one puts the same machinery on a cybersecurity name.

Worth knowing

  • IONL 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
  • OKTG The leverage resets every day. Hold past that and returns compound, so a choppy stretch can leave you far from 2x Okta's move over the period.
  • One company, doubled. An earnings gap or a breach headline at Okta hits the fund at twice the size, with no other holdings to soften it.
  • Launched in November 2025 and still small and thinly traded, so spreads can run wider than on the long-established mega-cap leveraged funds.

Full IONL profile⁠

Full OKTG profile⁠

IONL vs OKTG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IONL vs OKTG Cost

Overpaying IONL vs OKTG

$17,296

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

  • IONL 1.91%

    $31,778

  • OKTG 0.75%

    $14,482

$10,000
30 years

Cost over time

  • IONL 1.91%
  • OKTG 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONL $31,778OKTG $14,482

Year by year

YearIONLOKTGOverpaying
10$3,242$1,336$1,906
20$11,705$5,078$6,627
30$31,778$14,482$17,296

Expense ratio

  • 1.91%IONL
  • 0.75%OKTG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

OKTG 87th cheapest of 315 funds

IONL 312th cheapest of 315 funds

IONL vs OKTG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IONL None
OKTG None

Distribution history

IONLAll IONL payments⁠

No distribution history available.

OKTGAll OKTG payments⁠

No distribution history available.

IONL vs OKTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IONL 205.0%since Apr 2025OKTG No data
Return per unit of riskSharpe ratio, 3 years
IONL 0.48since Apr 2025OKTG No data
Worst fallMax drawdown, 5 years
IONL −95.3%since Mar 2025OKTG No data
Market sensitivityBeta, 5 years
IONL 0.00OKTG 2.39

Popular comparisons

  • IONLDvsTSMGA

    GraniteShares 2x Long IONQ Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.91% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsTSMGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONLDvsUNHGA

    GraniteShares 2x Long IONQ Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.91% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsUNHGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.75% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONLDvsPANGA

    GraniteShares 2x Long IONQ Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    1.91% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • OKTGAvsPANGA

    Leverage Shares 2x Long OKTA Daily ETF · Leverage Shares 2x Long PANW Daily ETF

    Expense ratio
    0.75% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.