# IONL (GraniteShares 2x Long IONQ Daily ETF)

GraniteShares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: IONL returned −67.3% where its own daily promise gave −65.6%, 1.7 points short.

## Key facts

- IONL, what IONQ did: −36.5%, as of Sep 11, 2026.
- IONL, what +2 times a day gives: −65.6%, as of Sep 11, 2026.
- IONL, what the fund returned: −67.3%, as of Sep 11, 2026.
- IONL, the fund itself cost: −1.7 pts, as of Sep 11, 2026.
- IONL, net assets: $87m (source, as filed for Jun 30, 2026).
- IONL, expense ratio: 1.50% (485BPOS XBRL, Oct 24, 2025).

## IONL over each window to Sep 11, 2026

| Window | Fund | IONQ | +2x the move | Difference | IONQ moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −37.7% | −18.7% | −37.4% | −0.3 pts | 68% |
| 3 months | −67.3% | −36.5% | −72.9% | +5.6 pts | 80% |
| 6 months | −25.6% | +11.4% | +22.9% | −48.4 pts | 94% |
| 1 year | −78.9% | −21.9% | −43.8% | −35.1 pts | 96% |
| Since launch | −54.2% | +43.8% | +87.7% | −141.9 pts | 96% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of IONQ, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.85 times, against +2 stated | ETFIQ |
| Underlying | IONQ | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $87m | source, as filed for Jun 30, 2026 |
| Expense ratio | 1.50% | 485BPOS XBRL, Oct 24, 2025 |
| Launched | Mar 25, 2025 | ETFIQ |
| Underlying volatility over the window | 80% annualized | ETFIQ |

## Questions

### Did IONL return +2 times IONQ?

Over the window to Sep 11, 2026, IONQ moved −36.5% and IONL returned −67.3%. 2 times that move is −72.9%, so the fund came out 5.6 points ahead of it.

### Why does IONL not return +2 times over a year?

Because it resets daily. IONL aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x IONQ ETF tracked its stated multiple most closely?

3 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, IONL, data as of Sep 11, 2026. https://etfiq.com/funds/IONL
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/IONL  ·  JSON: https://etfiq.com/funds/IONL.json