AMALY — SHARIAH COMPLIANCE REPORT ================================== Symbol: IONL Report Date: 2026-04-14 Full Report: https://amaly.io/stock/IONL EXECUTIVE SUMMARY ------------------ Compliance Status: NON_COMPLIANT Quality Rating: B Description: 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. Primary Compliance Concerns: - 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 Purification Requirement: 0.00% Index Inclusion: Not included in any major Shariah-compliant indices KEY FINANCIAL METRICS ---------------------- Debt Ratio: 0.0% Liquidity Ratio: 0.0% Interest Income Ratio: 100.0% Purification Required: 0.00% INDEX INCLUSION STATUS ----------------------- S&P Shariah: EXCLUDED MSCI Islamic: EXCLUDED DJIM: EXCLUDED FTSE Shariah: EXCLUDED Total: 0 of 4 Last Verified: 2025-12-31 REPORTING PERIOD ----------------- Latest Annual Report: FY 2025 Latest Quarterly Data: Q4 2025 Trend Period: FY 2020 to FY 2025 Data Retrieved: 2026-03-01T00:00:00Z --- Full interactive report: https://amaly.io/stock/IONL Provided by Amaly (https://amaly.io) — Shariah Compliant Stock Screener Disclaimer: This data is for informational purposes only and does not constitute financial or religious advice.