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IREZ

GradeCChicago Board Options Exchange

Tradr 2X Short IREN Daily ETF

Leveraged · Single-Stock Leveraged · Tradr · Inception 2026-01-21 · SEC filings

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.

$7.15+0.11 (+1.56%)

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

History starts Jan 22, 2026.History starts Jan 22, 2026.
Intraday session: up, 58 prints from 7.04 to 7.15. Range 6.87 to 7.30. Use the arrow keys to read each point.$6.90$7.00$7.3010 AM12 PM2 PM4 PM
Expense ratio
1.49%
Fund size
$9M
1Y return
—
Yield · Last 12 months
—
Volume · 30D
2.2M sh
NAV per share
$7.07
52W range
low $6.82high $119.01

The ETF.net IREZ Grade

C

51/ 100

Rank 24 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for IREZ. Scores out of 100: Cost 31, Risk 34, Mission 96, Tradability 43, Holdings not scored, Durability 37. Strongest: Mission (96). Weakest: Cost (31). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 51 of 100 sits in the C 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.
    DScore 31
    Category rank41/58 · mid-pack

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 96
    Category rank12/31 · top 39%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    DScore 34
    Category rank36/48 · bottom quartile

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 43
    Category rank33/58 · mid-pack

  • 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.
    DScore 37
    Category rank41/58 · mid-pack

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on IREZ

ETF.net Research

CA one-ticker way to lean against IREN Limited. IREZ aims for two times the inverse of the stock's daily move, no margin agreement and no borrowing shares. Daily reset, built around short holding periods.

Stated mandate

The fund seeks daily investment results corresponding to two times the inverse of the daily performance of IREN Limited.

Why people hold it

  1. 01Targets -2x IREN Limited's daily move from a plain brokerage account: no margin agreement, no locating shares to borrow, and no exposure beyond the money you put in.
  2. 02One job, done tightly. Day to day the fund has landed very close to its stated inverse target, which is the whole ballgame for a leveraged trading vehicle.
  3. 03Actively traded for a fund of its size, so entering and exiting a short-term position is generally the easy part.

Worth knowing

  1. 01The -2x goal resets daily. Hold through a choppy stretch and compounding pulls your result away from twice the stock's move over that span, sometimes sharply.
  2. 02The 1.49% expense ratio sits above several rival inverse single-stock funds, such as MSTZ at 1.05% and TSDD at 1.13%.
  3. 03Launched in 2026 and small, so it carries a short operating history next to the longer-running bear funds in its category.

IREZ Holdings

As of Sep 20, 2026, 6:39 AM
Asset class
Other
Holdings
—
Top-10 weight
209%
Largest holding
CASHUSD208.5%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASHUSD208.53%16,341,847$16M49

Showing 1–1 of 1 holdings

IREZ Performance

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

IREZ$4,346
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$10,415
Jun 22, 2026 to Sep 22, 2026. IREZ $4,346. SPY $10,415. Use the arrow keys to read each point.$2,757$14,278$25,799Jun 2026Aug 2026Sep 2026

Jun 22, 2026 – 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 IREZ. Periods over one year show the average yearly return.
PeriodIREZ
Year to dateFund launched this year—
1 month−37.3%
3 months−56.5%
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 IREZ
YearReturn barIREZ
2026 YTD−91.2%

History from Jan 22, 2026

IREZ in the news

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

IREZ 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 Jan 2026. No distributions yet.

IREZ 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 Jan 2026; 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 Jan 2026; 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 Jan 2026; 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.
−6.21
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.

IREZ Cost

Expense ratio1.49%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

27 of the 43 Single-Stock Inverse funds charge less.

IREZ costs $149.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.