IONL, the GraniteShares 2x Long IONQ Daily ETF, is a $85 million ETF whose main story is the quantum frontier. Over the past year it returned −85.9%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
The quantum frontier →
Quantum computing developers and the chip companies beside them, and the distance from milestone to revenue.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | QTUM | 92.7% | $5.64bn | +44.6% | 0.40% |
| 2 | WQTM | 5.8% | $352.2m | – | 0.45% |
| 3 | CHPX | 0.5% | $116.1m | +98.8% | 0.50% |
| 4 | QTUP | 0.5% | $20.6m | – | 0.77% |
| 5 | CQTM | 0.4% | $16.8m | – | 0.35% |
| 20 other ETFs | 0.1% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 25 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| IONL | +29.3% | −34.5% | −54.5% | −85.9% | – | – |
| The quantum frontierits narrative | +7.8% | +0.2% | +42.2% | – | – | – |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on March 26, 2025: −23.4% a year.
$10,000 invested March 31, 2025
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
IONL moves partly with the market. When the market has moved 1%, IONL has tended to move 6.25%.
IONL moves partly with the quantum frontier. When the quantum frontier has moved 1%, IONL has tended to move 4.74%.
Weekly returns over 79 weeks. The narrative is measured without IONL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Risk
How it is built
Seeks 2x the daily return of its exposure. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is IONL selling?
IONL’s main story is the quantum frontier, which covers quantum computing developers and the chip companies beside them, and the distance from milestone to revenue.
Run an ETF in the quantum frontier? StoryVector shows issuers where their ETFs stand against the closest rivals, every week.
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