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IONL vs PANG

GraniteShares 2x Long IONQ Daily ETF

IONLDNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −1.15pt a year

IONL1.91%PANG0.76%

Avg volume · 30D

IONL 17.2×the volume

IONL768KPANG44.6K

IONL vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

−91.4%IONL+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. IONL −91.4%. PANG +91.6%. Use the arrow keys to read each point.−50%0%50%150%Oct 2025Apr 2026Oct 2026
Expense ratio
IONL 1.91%
PANG 0.76%, better
Fund size
IONL $59M
PANG $9M
1Y total return
IONL −91.4%
PANG +91.6%, better
Holdings
IONL 2
PANG 4
Avg volume (30D)
IONL 768K sh, better
PANG 44.6K sh
NAV per share
IONL $7.41
PANG $31.31
52W range

ETF.net Grade

IONL: Cost 0, Risk 33, Mission 87, Tradability 73, Holdings not scored, Durability 77. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for IONL, PANG, with each pillar’s weight
PillarIONLPANG
Cost30% weightF0A70Higher
Mission25% weightA87A94Higher
Risk15% weightD33A74Higher
Tradability15% weightA73A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB59

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 PANG 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 ›

PANG 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 5BAMDGLeverage Shares 2x Long AMD Daily ETFScore 69
  6. Rank 275DBMNUT-Rex 2x Long BMNR Daily Target ETFScore 30
  7. Rank 275DIONLGraniteShares 2x Long IONQ Daily ETFScore 30
  8. Rank 275DLITUT-REX 2X Long LITE Daily Target ETFScore 30

Our read on each fund

ETF.net Research

IONLDGraniteShares 2x Long IONQ Daily ETF

PANGALeverage Shares 2x Long PANW 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.

PANG Palo Alto Networks, doubled. PANG aims for 200% of PANW's daily move, reset every day, and it reached the market days before the only other 2x PANW fund. Flat 0.76% fee, no waiver attached.

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.

PANG The ETF seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of Palo Alto Networks, Inc. stock.

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.
  • PANG Cheaper of the two 2x PANW funds: 0.76% flat versus 1.08% for PALU, and PALU's number is net of a waiver through September 1, 2027 (1.48% gross).direxion.com
  • That 0.76% also sits below the typical fee in the single-stock leveraged category, where costs usually run higher.
  • Hits its 200% daily target closely, one of the tighter implementations among hundreds of single-stock leveraged funds.
  • Leverage arrives inside a standard 1940 Act ETF: no margin agreement, no borrowing, no overnight position to roll yourself.leverageshares.com

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
  • PANG Daily reset, not a 2x hold. Over weeks the returns compound, and a choppy stretch in PANW can leave the result far from double the move.leverageshares.com
  • One stock, twice the swing. An earnings miss or a cyber headline lands here with double the force, up or down.leverageshares.com
  • Smaller and more lightly traded than the giants of the category, so spreads can widen; limit orders earn their keep.

Full IONL profile⁠

Full PANG profile⁠

IONL vs PANG 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 PANG Cost

Overpaying IONL vs PANG

$17,122

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

  • IONL 1.91%

    $31,778

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IONL 1.91%
  • PANG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONL $31,778PANG $14,656

Year by year

YearIONLPANGOverpaying
10$3,242$1,353$1,889
20$11,705$5,142$6,563
30$31,778$14,656$17,122

Expense ratio

  • 1.91%IONL
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

IONL 312th cheapest of 315 funds

IONL vs PANG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IONL None
PANG No data
Last payment
IONL No data
PANG $1.30
Ex-dividend
IONL No data
PANG Dec 30, 2025
Paid on
IONL No data
PANG Jan 2, 2026
Frequency
IONL No data
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IONLAll IONL payments⁠

No distribution history available.

PANGIrregular · 1 paymentAll PANG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.$0$12026YTD

IONL vs PANG 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 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
IONL 0.48since Apr 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
IONL −95.3%since Mar 2025PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
IONL 0.00PANG 3.32

Popular comparisons

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

    Expense ratio
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