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IRE

GradeDNew York Stock Exchange Arca

Defiance Daily Target 2X Long IREN ETF

Leveraged · Single-Stock Leveraged · Defiance · Inception 2025-10-20

This 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.

$12.91−0.15 (−1.15%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Oct 21, 2025.History starts Oct 21, 2025.
Intraday session: down, 59 prints from 13.06 to 12.91. Range 12.63 to 13.41. Use the arrow keys to read each point.$12.60$12.80$13.20$13.4010 AM12 PM2 PM4 PM
Expense ratio
1.35%
Fund size
$350M
1Y return
—
Yield · Last 12 months
—
Holdings
11
Volume · 30D
7.1M sh
NAV per share
$12.39
52W range
low $5.70high $124.68

The ETF.net IRE Grade

D

39/ 100

Rank 214 of 380 in Single-Stock Long Leveraged⁠

Confidence Medium

Six-pillar profile for IRE. Scores out of 100: Cost 22, Risk 30, Mission not scored, Tradability 70, Holdings not scored, Durability 76. Strongest: Durability (76). Weakest: Cost (22). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 39 of 100 sits in the D band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    FScore 22
    Category rank294/380 · bottom quartile

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 30
    Category rank231/285 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 70
    Category rank85/380 · top 22%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 76
    Category rank36/380 · top 9%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on IRE

ETF.net Research

DTwo times IREN Limited's daily move, in one ticker. Leveraged exposure to a bitcoin miner rebuilt as an AI data center landlord, with a daily reset and a fee above its peer group's middle.

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

  1. 01Simple mandate: it seeks 2x the daily percentage change in IREN Limited's share price. No margin account, no options ticket.defianceetfs.com
  2. 02The underlying is a vertically integrated data center operator running Bitcoin mining and AI cloud on renewable power in the US and Canada.sec.gov
  3. 03Among the more actively traded names in the leveraged single-stock crowd, which tends to keep spreads workable for in-and-out trading.

Worth knowing

  1. 01At 1.31%, the fee sits above the roughly 1.01% median for 2x single-stock bulls, and rival IREG targets the same IREN exposure at 0.75%.
  2. 02The 2x target resets daily. Hold longer than a day and choppy markets can push results away from twice the period's move, up or down.defianceetfs.com
  3. 03Launched in 2025 on a single volatile stock, so there is little history and no diversification to cushion a bad day.

IRE Holdings

As of Sep 20, 2026, 5:08 AM
Asset class
Other
Holdings
11
Top-10 weight
249%
Largest holding
United States Treasury Bill 11/19/202643.1%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202643.14%148,500,000$148M48
002—IREN LTD SWAP CS-L36.76%2,693,461$126M1
003—IREN LIMITED SWAP NBC-L31.78%2,328,625$109M1
004—IREN LTD SWAP CANTOR-L31.77%2,327,951$109M1
005—IREN LTD SWAP MAR-L30.52%2,236,164$104M1
006—IREN LIMITED SWAP JNST-L30.44%2,230,613$104M1
007—IREN LIMITED-SWAP-MSCS-L20.18%1,478,646$69M1
008—IREN LIMITED SWAP BMOB-L11.61%850,500$40M1
009—IREN LIMITED SWAP NM6.98%511,362$24M1
010—First American Government Obligations Fund 12/01/20315.77%19,732,698$20M625

Showing 1–10 of 10 holdings

IRE Performance

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

IRE$5,497
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,430
Dec 31, 2025 to Sep 22, 2026. IRE $5,497. SPY $11,430. Use the arrow keys to read each point.$321$13,466$26,611Dec 2025May 2026Sep 2026

Dec 31, 2025 – Sep 22, 2026

Returns run to the Sep 22, 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−45.0%
1 month+23.1%
3 months−51.0%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, 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−45.0%
2025−65.8%

History from Oct 21, 2025

IRE in the news

ETF.net Research hasn’t filed on IRE yet — coverage lands here as it’s written.

IRE Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
—Last 12 months
Payout per share
—Last 12 months

Listed Oct 2025. No distributions yet.

IRE Risk

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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
—
Launched Oct 2025; fills in after 12 months
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.
9.60
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.

IRE Cost

Expense ratio1.35%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

259 of the 329 Single-Stock Long Leveraged funds charge less.

IRE costs $135.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.