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IONL vs UNHG

GraniteShares 2x Long IONQ Daily ETF

IONLDNasdaq

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

0.0%by weight

Expense ratio

UNHG −1.14pt a year

IONL1.91%UNHG0.77%

Avg volume · 30D

IONL 1.1×the volume

IONL768KUNHG726K

IONL vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−91.4%IONL+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. IONL −91.4%. UNHG +11.9%. Use the arrow keys to read each point.−75%−50%−25%Oct 2025Apr 2026Oct 2026
Expense ratio
IONL 1.91%
UNHG 0.77%, better
Fund size
IONL $59M
UNHG $63M
1Y total return
IONL −91.4%
UNHG +11.9%, better
Holdings
IONL 2
UNHG 5
Avg volume (30D)
IONL 768K sh, better
UNHG 726K sh
NAV per share
IONL $7.41
UNHG $20.57
52W range

ETF.net Grade

IONL: Cost 0, Risk 33, Mission 87, Tradability 73, Holdings not scored, Durability 77. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for IONL, UNHG, with each pillar’s weight
PillarIONLUNHG
Cost30% weightF0B60Higher
Mission25% weightA87A90Higher
Risk15% weightD33A83Higher
Tradability15% weightA73A91Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 275DBMNUT-Rex 2x Long BMNR Daily Target ETFScore 30
  5. Rank 275DIONLGraniteShares 2x Long IONQ Daily ETFScore 30
  6. Rank 275DLITUT-REX 2X Long LITE Daily Target ETFScore 30

Our read on each fund

ETF.net Research

IONLDGraniteShares 2x Long IONQ Daily ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

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.

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full IONL profile⁠

Full UNHG profile⁠

IONL vs UNHG Holdings

How IONL and UNHG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IONL and 0.0% of UNHG.

Level by level

  • Asset classLeveraged/Inverse, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for UNHG.

Country, concentration and asset class

Country by domicile

Country weights in IONL and UNHG, widest gap first
CountryMore in IONLMore in UNHG
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • IONL100.0%
  • UNHG212.0%

Securities held

  • IONL1
  • UNHG1

Asset class

IONL
Leveraged/Inverse
UNHG
Equity

Holdings

  • Only in IONL1
  • In both0
  • Only in UNHG1

Only in IONL

1 security, 66.6% of IONL by weight

  • Ionq66.64%

Only in UNHG

1 security, 12.0% of UNHG by weight

  • First American Treasury Obligations Fund 01/01/204011.99%

Weight gaps

IONL and UNHG share no securities.

All 2 IONL holdings⁠All 5 UNHG 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 UNHG Cost

Overpaying IONL vs UNHG

$16,949

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

  • IONL 1.91%

    $31,778

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • IONL 1.91%
  • UNHG 0.77%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONL $31,778UNHG $14,829

Year by year

YearIONLUNHGOverpaying
10$3,242$1,371$1,871
20$11,705$5,205$6,500
30$31,778$14,829$16,949

Expense ratio

  • 1.91%IONL
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

IONL 312th cheapest of 315 funds

IONL vs UNHG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IONL None
UNHG No data
Last payment
IONL No data
UNHG $1.90
Ex-dividend
IONL No data
UNHG Dec 30, 2025
Paid on
IONL No data
UNHG Jan 2, 2026
Frequency
IONL No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IONLAll IONL payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

IONL vs UNHG 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 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
IONL 0.48since Apr 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
IONL −95.3%since Mar 2025UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
IONL 0.00UNHG 5.53

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