IONL
Quality Rating
The GraniteShares 2x Long IONQ Daily ETF (IONL) is a leveraged exchange-traded fund providing 200% daily exposure to IonQ, Inc. (IONQ) stock through FLEX options. This structure introduces significant Shariah compliance challenges due to elements of gharar (uncertainty) and potential riba (interest) in derivatives. Traditional financial ratios cannot be applied due to the absence of conventional balance sheet data for ETFs. Business activity screening reveals non-compliance from speculative leverage. Overall, IONL is deemed non-compliant across major Shariah standards and indices.
Purification Required
Minimal purification needed for dividend income
Index Inclusion
Not included in any major Shariah-compliant indices
Key Compliance Considerations
- Leveraged structure using conventional derivatives (FLEX options) introduces gharar and maysir
- Insufficient data for quantitative financial screening; qualitative assessment fails on business model
- Indirect exposure to IonQ's defense contracts requires purification
- Non-inclusion in any major Shariah indices due to prohibited financial activities
Debt Ratio
0.0%
Liquidity Ratio
0.0%
Interest Income Ratio
100.0%
Purification
0.00%