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Launched

Defiance Daily Target 2X Long IREN ETF

IRENYSE ArcaDThis 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.

$6.44−0.02 (−0.31%)

At close: Oct 13, 2026, 4:00 PM

D39/ 100

Rank 273 of 380 in Single-Stock Long Leveraged

D39/100Rank 273 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 6.46 to 6.44. Range 5.68 to 6.45. Use the arrow keys to read each point.5.806.006.2010 AM12 PM2 PM4 PM
Expense ratio
1.35%
Fund size
$202M
1Y total return
—
Yield · Last 12 months
—
Holdings
10
Avg volume · 30D
7.3M sh
NAV per share
$6.60
52W range
low $5.70high $124.68
Launched

The ETF.net IRE Grade

Based on 5 of 6 pillars

D

Score 39 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
273 of 380
Six-pillar profile for IRE. Scores out of 100: Cost 22, Risk 22, Mission 89, Tradability 79, Holdings not scored, Durability 75. Strongest: Mission (89). Weakest: Risk (22). Based on 5 of 6 pillars.

Score 39 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.
    F22 out of 100
    Rank 294 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A89 out of 100
    Rank 89 of 148

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    F22 out of 100
    Rank 327 of 363

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A79 out of 100
    Rank 45 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.
    A75 out of 100
    Rank 40 of 380

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 Oct 13, 2026
Asset class
Other
Holdings
10
Top-10 weight
276%
Largest holding
United States Treasury Bill 11/19/202671.3%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—United States Treasury Bill 11/19/202671.31%148,500,000$148M56
002—Iren Limited Swap Jnst-L32.88%1,959,476$68M1
003—Iren Limited-Swap-Mscs-L31.19%1,858,646$65M1
004—Iren Limited Swap Nbc-L31.04%1,850,214$64M1
005—Iren Ltd Swap Cs-L30.39%1,811,219$63M1
006—Iren Ltd Swap Mar-L28.00%1,668,503$58M1
007—Iren Ltd Swap Cantor-L25.68%1,530,782$53M1
008—Iren Limited Swap Bmob-L12.42%740,000$26M1
009—Iren Limited Swap Nm8.58%511,362$18M1
010—First American Government Obligations Fund 12/01/20314.68%9,704,113$10M529

Showing 1–10 of 10 holdings

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.Not enough history yet.
IRE$2,719
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,500
Dec 31, 2025 to Oct 12, 2026. IRE $2,719. SPY $11,500. Use the arrow keys to read each point.$876$12,529$24,183Dec 2025May 2026Oct 2026

Dec 31, 2025 – Oct 12, 2026

Returns run to the Oct 12, 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−72.8%
1 month−40.3%
3 months−49.7%
1 yearFund is under 1 year old—
3 yearsFund is under 3 years oldper year—
5 yearsFund is under 5 years oldper year—
10 yearsFund is under 10 years oldper 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−72.8%
2025−65.8%

History from Oct 21, 2025

IRE in the news

Filtered to IRE · Single-Stock Long Leveraged

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 Oct 12, 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.
9.22
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.

IRE Cost

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

263 of the 333 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.

Other funds in Single-Stock Long Leveraged

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