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Launched

Defiance Daily Target 2X Long IREN ETF

IRENYSE ArcaDefianceDThis fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$2.32−0.44 (−15.94%)

At close: Nov 2, 2026, 4:00 PM ET

D36/ 100

Rank 295 of 380 in Single-Stock Long Leveraged

D36/100Rank 295 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 2.76 to 2.32. Range 2.30 to 2.80. Use the arrow keys to read each point.2.402.502.602.7010 AM12 PM2 PM4 PM
Expense ratio
1.35%
Fund size
$87M
1Y total return
−96.6%
Yield · Last 12 months
No data
Holdings
10
Avg volume · 30D
9.95M sh
52W range
low $2.53high $124.68
Launched

The ETF.net IRE Grade

Based on 5 of 6 pillars

D

Score 36 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
295 of 380
Six-pillar profile for IRE. Scores out of 100: Cost 21, Risk 17, Mission 89, Tradability 75, Holdings not scored, Durability 74. Strongest: Mission (89). Weakest: Risk (17). Based on 5 of 6 pillars.

Score 36 of 100 falls in the D band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    F21 out of 100
    Rank 300 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A89 out of 100
    Rank 86 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F17 out of 100
    Rank 347 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A75 out of 100
    Rank 58 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    A74 out of 100
    Rank 48 of 380

Our read on IRE

ETF.net Research

In short

DThe first ETF built to double IREN's daily move, launched in 2025: two times the daily percentage change in a Bitcoin miner turned AI data center builder, reset every session, at a 1.35% expense ratio.

Stated mandate

The Fund seeks daily investment results equal to two times the daily percentage change in IREN Limited's share price.

Why people hold it

  • First out of the gate: Defiance launched it in October 2025 as the first 2x long ETF dedicated to IREN, and it trades heavily for a fund its size.manilatimes.net
  • One ticker, no margin account: the fund aims for 200% of IREN's daily percentage change and resets that exposure each session.defianceetfs.com
  • Since launch it has tracked its stated daily 2x target closely, which is the entire job of a fund like this.

Worth knowing

  • The 1.35% fee sits above the typical cost in this category, and IREG targets the same 2x IREN daily exposure at 0.75%. Neither fee is cut by a waiver.
  • Daily reset means compounding. Hold past one session and a choppy stretch can leave returns far from 2x IREN's move over that span.
  • One stock sits underneath it: IREN, a Bitcoin miner pushing into AI data centers. The fund doubles each day's swing in both directions.manilatimes.net

IRE Performance

Launched Oct 20, 2025

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

Not enough history yet.Not enough history yet.Not enough history yet.
IRE$343
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. IRE $343. SPY $11,199. Use the arrow keys to read each point.$0$5,000$10,000$15,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for IRE. Periods over one year show the average yearly return.
PeriodIRE
Year to date−88.4%
1 month−69.7%
3 months−68.3%
1 year−96.6%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

With distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for IRE
YearReturn barIRE
2026 YTD−88.4%
2025−65.8%

History from Oct 21, 2025

IRE in the news

IRE Dividends

This fund pays no distributions.
No dataLast 12 months
Payout per share
No dataLast 12 months

No distributions in the last 12 months.

IRE Risk

Risk pillarF17 out of 100Rank 347 of 368 in Single-Stock Long Leveraged

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
186.4%
Annualised · 12 months to Oct 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.74
vs 3-month T-bills · 12 months to Oct 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−97.8%
12 months · trough Oct 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
9.22
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

FMP measures it over up to five years of monthly returns.

IRE Cost

Compare IRE and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$19,958

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • IRE 1.35%

    $24,113

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • IRE 1.35%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530IRE $24,113GOGL $4,155

Year by year

YearIREGOGLOverpaying
10$2,346$365$1,981
20$8,678$1,421$7,257
30$24,113$4,155$19,958

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