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IRE vs OKTG

Defiance Daily Target 2X Long IREN ETF

IREDNYSE Arca

Leverage Shares 2x Long OKTA Daily ETF

OKTGANasdaq

Overlap

0.0%by weight

Expense ratio

OKTG −0.60pt a year

IRE1.35%OKTG0.75%

Avg volume · 30D

IRE 258.7×the volume

IRE9.95MOKTG38.5K

IRE vs OKTG Performance

Dec 31, 2025 – Oct 30, 2026

−88.4%IRE+247.6%OKTG

Dec 31, 2025 to Oct 30, 2026. IRE −88.4%. OKTG +247.6%. Use the arrow keys to read each point.0%100%300%Dec 2025Jun 2026Oct 2026
Expense ratio
IRE 1.35%
OKTG 0.75%, better
Fund size
IRE $87M
OKTG $8M
1Y total return
IRE −96.6%
OKTG No data
Holdings
IRE 10
OKTG 5
Avg volume (30D)
IRE 9.95M sh, better
OKTG 38.5K sh
NAV per share
IRE $2.76
OKTG $53.95
52W range

ETF.net Grade

IRE: Cost 21, Risk 17, Mission 89, Tradability 75, Holdings not scored, Durability 74. OKTG: Cost 70, Risk 76, Mission 94, Tradability 73, Holdings not scored, Durability 51.
Pillar letters and Scores for IRE, OKTG, with each pillar’s weight
PillarIREOKTG
Cost30% weightF21A70Higher
Mission25% weightA89A94Higher
Risk15% weightF17A76Higher
Tradability15% weightA75HigherA73
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherC51

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. IRE and OKTG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

OKTG ranks 3rd and IRE 258th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 258DDJTUT-Rex 2X Long DJT Daily Target ETFScore 36
  6. Rank 258DIREDefiance Daily Target 2X Long IREN ETFScore 36
  7. Rank 258DOSCXDefiance Daily Target 2X Long OSCR ETFScore 36

Our read on each fund

ETF.net Research

IREDDefiance Daily Target 2X Long IREN ETF

OKTGALeverage Shares 2x Long OKTA Daily ETF

In short

IRE The 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.

OKTG A 2x daily amplifier on Okta, the identity-security stock, in an ETF wrapper. Leverage Shares prices it at 0.75%, under the typical leveraged single-stock fund, in a corner of the market built mostly around mega-caps.

Stated mandate

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

OKTG The fund seeks daily leveraged investment results equal to 200% of the daily performance of the publicly traded common stock identified as OKTA, before fees and expenses.

Why people hold it

  • IRE 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.
  • OKTG Costs 0.75% a year, below the roughly 1.01% median for leveraged single-stock funds, and matches the fee on Leverage Shares' other 2x products like UNHG and ASMG.
  • Mechanically simple: it aims for 200% of Okta's daily move before fees and expenses, no margin account, options chain or share borrow involved.leverageshares.com
  • Unusual target. Most 2x single-stock ETFs point at mega-caps such as AAPU and GGLL; this one puts the same machinery on a cybersecurity name.

Worth knowing

  • IRE 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
  • OKTG The leverage resets every day. Hold past that and returns compound, so a choppy stretch can leave you far from 2x Okta's move over the period.
  • One company, doubled. An earnings gap or a breach headline at Okta hits the fund at twice the size, with no other holdings to soften it.
  • Launched in November 2025 and still small and thinly traded, so spreads can run wider than on the long-established mega-cap leveraged funds.

Full IRE profile⁠

Full OKTG profile⁠

IRE vs OKTG Holdings

How IRE and OKTG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of IRE and 0.0% of OKTG.

Level by level

  • Asset classLeveraged/Inverse, Equity0.0%
  • Holdings0 in both0.0%
  • Countryby domicile100%

Sector

No Sector split for IRE and OKTG.

Country, concentration and asset class

Country by domicile

Country weights in IRE and OKTG, widest gap first
CountryMore in IREMore in OKTG
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • IRE279.5%
  • OKTG200.3%

Securities held

  • IRE2
  • OKTG1

Asset class

IRE
Leveraged/Inverse
OKTG
Equity

Holdings

  • Only in IRE2
  • In both0
  • Only in OKTG1

Only in IRE

2 securities, 79.1% of IRE by weight

  • United States Treasury Bill 11/19/202677.52%
  • First American Government Obligations Fund 12/01/20311.59%

Only in OKTG

1 security, 0.3% of OKTG by weight

  • First American Treasury Obligations Fund 01/01/20400.32%

Weight gaps

IRE and OKTG share no securities.

All 11 IRE holdings⁠All 6 OKTG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

IRE vs OKTG Cost

Overpaying IRE vs OKTG

$9,631

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

  • IRE 1.35%

    $24,113

  • OKTG 0.75%

    $14,482

$10,000
30 years

Cost over time

  • IRE 1.35%
  • OKTG 0.75%
  • 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 $24,113OKTG $14,482

Year by year

YearIREOKTGOverpaying
10$2,346$1,336$1,010
20$8,678$5,078$3,600
30$24,113$14,482$9,631

Expense ratio

  • 1.35%IRE
  • 0.75%OKTG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

OKTG 87th cheapest of 315 funds

IRE 252nd cheapest of 315 funds

IRE vs OKTG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IRE None
OKTG None

Distribution history

IREAll IRE payments⁠

No distribution history available.

OKTGAll OKTG payments⁠

No distribution history available.

IRE vs OKTG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IRE 186.4%since Nov 2025OKTG No data
Return per unit of riskSharpe ratio, 3 years
IRE −0.74since Nov 2025OKTG No data
Worst fallMax drawdown, 5 years
IRE −97.8%since Oct 2025OKTG No data
Market sensitivityBeta, 5 years
IRE 9.22OKTG 2.39

Popular comparisons

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    Defiance Daily Target 2X Long IREN ETF · Leverage Shares 2x Long TSM Daily ETF

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  • OKTGAvsTSMGA

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  • OKTGAvsPANGA

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