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IONL vs TSMG

GraniteShares 2x Long IONQ Daily ETF

IONLDNasdaq

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −1.15pt a year

IONL1.91%TSMG0.76%

Avg volume · 30D

IONL 11.1×the volume

IONL768KTSMG69K

IONL vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−91.4%IONL+40.8%TSMG

Oct 31, 2025 to Oct 30, 2026. IONL −91.4%. TSMG +40.8%. Use the arrow keys to read each point.−50%0%100%Oct 2025Apr 2026Oct 2026
Expense ratio
IONL 1.91%
TSMG 0.76%, better
Fund size
IONL $59M
TSMG $28M
1Y total return
IONL −91.4%
TSMG +40.8%, better
Holdings
IONL 2
TSMG 5
Avg volume (30D)
IONL 768K sh, better
TSMG 69K sh
NAV per share
IONL $7.41
TSMG $33.77
52W range

ETF.net Grade

IONL: Cost 0, Risk 33, Mission 87, Tradability 73, Holdings not scored, Durability 77. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for IONL, TSMG, with each pillar’s weight
PillarIONLTSMG
Cost30% weightF0A70Higher
Mission25% weightA87HigherA79
Risk15% weightD33A84Higher
Tradability15% weightA73A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB67

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 TSMG 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 ›

TSMG ranks 1st 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 275DBMNUT-Rex 2x Long BMNR Daily Target ETFScore 30
  4. Rank 275DIONLGraniteShares 2x Long IONQ Daily ETFScore 30
  5. Rank 275DLITUT-REX 2X Long LITE Daily Target ETFScore 30

Our read on each fund

ETF.net Research

IONLDGraniteShares 2x Long IONQ Daily ETF

TSMGALeverage Shares 2x Long TSM 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.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

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.

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, 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.
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

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
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full IONL profile⁠

Full TSMG profile⁠

IONL vs TSMG 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 TSMG Cost

Overpaying IONL vs TSMG

$17,122

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

  • IONL 1.91%

    $31,778

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IONL 1.91%
  • TSMG 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 $31,778TSMG $14,656

Year by year

YearIONLTSMGOverpaying
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%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

IONL 312th cheapest of 315 funds

IONL vs TSMG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IONL None
TSMG No data
Last payment
IONL No data
TSMG $2.73
Ex-dividend
IONL No data
TSMG Dec 30, 2025
Paid on
IONL No data
TSMG Jan 2, 2026
Frequency
IONL No data
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IONLAll IONL payments⁠

No distribution history available.

TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD

IONL vs TSMG 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 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
IONL 0.48since Apr 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
IONL −95.3%since Mar 2025TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
IONL 0.00TSMG 3.81

Popular comparisons

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

    Expense ratio
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    Category
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  • TSMGAvsUNHGA

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