At a glance
IONL charges 1.91% a year. It has $87.0M in assets. Over the past year it returned −89.9% with distributions reinvested.
The short version
GraniteShares 2x Long IONQ Daily ETF (IONL) seeks twice the daily percentage change of a single stock, IonQ, Inc. (NYSE: IONQ), mainly through swap agreements. It is built for traders making short-term bets. Its exposure resets every day, so returns over longer periods can stray far from 2x the stock. It charges 1.91% a year and fell 95% from its October 13, 2025 peak through October 26, 2026.
Price history
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IONL -89.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IONL price data to Oct 27, 2026 | -75.6% | -89.9% | — | — | — | -49.5% |
- Over the year to Oct 27, 2026, IONL returned -89.9%.
- The deepest fall in its price history was 95% (Oct 13, 2025 to Oct 26, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -75.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 371.46% |
By country
United States 371.46%By issuer
US Treasury 371.46%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $20.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +120.95%, +130.12%, -50.77%.
How it works
IONL does not track an index. It is an actively managed fund. Its goal is to return twice (200%) the daily percentage change of IonQ common stock, before fees, measured from one day's market close to the next. At the end of each trading day, it aims to hold notional exposure equal to about 200% of its net assets. Notional exposure is the dollar amount of stock its contracts are tied to. The fund gets this mainly through swaps, which are contracts where a financial firm pays the fund IonQ's return on a set dollar amount. As of June 30, 2026, it held two swaps: one with Marex equal to about 185% of net assets and one with BofA Securities equal to about 15%.
If it cannot add more swap exposure, the fund may purchase deep in-the-money call options, pair a purchased call with a written put (a "synthetic forward"), or own IonQ shares directly. It uses only exchange-listed options, including FLEX options, lasting one week to one month. It posts 25% to 50% of its assets as swap collateral. The rest sits in short-term holdings such as Treasury bills, money market funds or the GraniteShares Short Term Box ETF (LBOX). As of June 30, 2026, those holdings were US Treasury bills averaging about 0.1 years to maturity.
Because the fund resets to 2x every day, gains and losses compound. Over weeks or months, its returns can differ sharply from twice IonQ's return.
What it really costs
- IONL charges 1.91% a year.
- Of that, 1.3% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.04% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $194 in the first year and $2,268 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IONL | $194 | $608 | $1,048 | $2,268 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
It offers daily-reset, 2x leveraged exposure to one stock, pays no income and fell 95% from its peak, so it was designed for short-term trading, not long-term holding.
IONL launched on March 25, 2025. It has no record through the 2008, 2020 or 2022 downturns and no full calendar year of results. The history it does have is severe. The fund fell 95% from its peak on October 13, 2025 to October 26, 2026 and had not recovered. It lost 75.6% in 2026 through October 27. A fund down that far must grow many times over just to break even, which leaves little room for someone who may need to raise cash in a bad year. Its one-year volatility was 181.3%. It recorded no distributions, so it provides no income. It charges 1.91% a year, or $194 in the first year on $10,000 in the SEC's standard example. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on IonQ stock and can check their positions daily.
- Traders who accept swap-based exposure and the counterparty risk of firms such as Marex and BofA Securities.
- Speculators who can absorb swings like the fund's 95% drop between October 2025 and October 2026, using money they can afford to lose.
Look elsewhere if
- Retirees and savers seeking income, since the fund recorded no distributions.
- Long-term holders, since daily-reset compounding can wreck multi-month returns; the fund lost 89.9% in the year through October 27, 2026.
- Cost-conscious or diversification-minded investors, given the 1.91% expense ratio and exposure to a single stock.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is IONL good for retirement?
IONL is not designed for retirement portfolios. GraniteShares built it to deliver twice IonQ's daily move, and its prospectus says returns over longer periods are very likely to differ from that because of compounding. The fund lost 89.9% over the year through October 27, 2026, and fell 95% from its October 13, 2025 peak. It pays no distributions and charges 1.91% a year. It is a short-term trading tool focused on one stock.
What happens if you hold IONL longer than a day?
Your result can stray far from twice IonQ's return. IONL resets to about 200% exposure at the end of each trading day, so each day's gain or loss compounds on a new starting point. When the stock swings up and down, this usually pulls returns below 2x the stock's move over the same period, and losses can pile up quickly. Over longer periods, the path IonQ takes matters as much as where it ends up.
Does IONL pay dividends?
No. IONL has recorded no distributions. The fund holds swap contracts tied to IonQ stock, plus Treasury bills and other short-term holdings that back those contracts, rather than a portfolio of dividend-paying companies. It offers no regular income, and any return comes only from changes in its share price. Investors looking for cash payouts from a holding will not find them here.
What is the IONL expense ratio?
IONL's expense ratio is 1.91%, according to its prospectus filed October 28, 2026. That figure includes a 1.30% management fee and reflects a 0.04% fee waiver. In the SEC's standard example, which assumes $10,000 invested, a 5% yearly return and shares cashed out at the end of each period, total costs come to about $194 after one year, $608 after three, $1,048 after five and $2,268 after ten.
IONL vs IONQ stock: what's the difference?
Owning IonQ shares gives you the stock's return one-for-one, with no fund fee and no daily reset. IONL aims for twice the stock's daily move, mainly through swaps with firms such as Marex and BofA Securities. That magnifies gains and losses, adds counterparty risk and can make long-term results differ sharply from 2x. As of October 27, 2026, IONL's one-year volatility was 181.3%. Its beta, a measure of how strongly it moves with the overall stock market, was 7.51.