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IRE vs PANG

Defiance Daily Target 2X Long IREN ETF

IREDNYSE Arca

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

0.0%by weight

Expense ratio

PANG −0.59pt a year

IRE1.35%PANG0.76%

Avg volume · 30D

IRE 223.1×the volume

IRE9.95MPANG44.6K

IRE vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

−96.6%IRE+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. IRE −96.6%. PANG +91.6%. Use the arrow keys to read each point.−50%0%50%150%Oct 2025Apr 2026Oct 2026
Expense ratio
IRE 1.35%
PANG 0.76%, better
Fund size
IRE $87M
PANG $9M
1Y total return
IRE −96.6%
PANG +91.6%, better
Holdings
IRE 10
PANG 4
Avg volume (30D)
IRE 9.95M sh, better
PANG 44.6K sh
NAV per share
IRE $2.76
PANG $31.31
52W range

ETF.net Grade

IRE: Cost 21, Risk 17, Mission 89, Tradability 75, Holdings not scored, Durability 74. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for IRE, PANG, with each pillar’s weight
PillarIREPANG
Cost30% weightF21A70Higher
Mission25% weightA89A94Higher
Risk15% weightF17A74Higher
Tradability15% weightA75HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherB59

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 PANG 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 ›

PANG 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 5BAMDGLeverage Shares 2x Long AMD Daily ETFScore 69
  6. Rank 258DDJTUT-Rex 2X Long DJT Daily Target ETFScore 36
  7. Rank 258DIREDefiance Daily Target 2X Long IREN ETFScore 36
  8. Rank 258DOSCXDefiance Daily Target 2X Long OSCR ETFScore 36

Our read on each fund

ETF.net Research

IREDDefiance Daily Target 2X Long IREN ETF

PANGALeverage Shares 2x Long PANW 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.

PANG Palo Alto Networks, doubled. PANG aims for 200% of PANW's daily move, reset every day, and it reached the market days before the only other 2x PANW fund. Flat 0.76% fee, no waiver attached.

Stated mandate

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

PANG The ETF seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of Palo Alto Networks, Inc. stock.

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.
  • PANG Cheaper of the two 2x PANW funds: 0.76% flat versus 1.08% for PALU, and PALU's number is net of a waiver through September 1, 2027 (1.48% gross).direxion.com
  • That 0.76% also sits below the typical fee in the single-stock leveraged category, where costs usually run higher.
  • Hits its 200% daily target closely, one of the tighter implementations among hundreds of single-stock leveraged funds.
  • Leverage arrives inside a standard 1940 Act ETF: no margin agreement, no borrowing, no overnight position to roll yourself.leverageshares.com

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
  • PANG Daily reset, not a 2x hold. Over weeks the returns compound, and a choppy stretch in PANW can leave the result far from double the move.leverageshares.com
  • One stock, twice the swing. An earnings miss or a cyber headline lands here with double the force, up or down.leverageshares.com
  • Smaller and more lightly traded than the giants of the category, so spreads can widen; limit orders earn their keep.

Full IRE profile⁠

Full PANG profile⁠

IRE vs PANG Holdings

How IRE and PANG differ

Overlap by weight

0.0%

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

Level by level

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

Sector

No Sector split for IRE and PANG.

Country, concentration and asset class

Country by domicile

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

Concentration

Weight in the 10 largest Holdings

  • IRE279.5%
  • PANG208.4%

Securities held

  • IRE2
  • PANG1

Asset class

IRE
Leveraged/Inverse
PANG
Equity

Holdings

  • Only in IRE2
  • In both0
  • Only in PANG1

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 PANG

1 security, 8.4% of PANG by weight

  • First American Treasury Obligations Fund 01/01/20408.43%

Weight gaps

IRE and PANG share no securities.

All 11 IRE holdings⁠All 4 PANG 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 PANG Cost

Overpaying IRE vs PANG

$9,457

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

  • IRE 1.35%

    $24,113

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IRE 1.35%
  • PANG 0.76%
  • 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 $24,113PANG $14,656

Year by year

YearIREPANGOverpaying
10$2,346$1,353$993
20$8,678$5,142$3,536
30$24,113$14,656$9,457

Expense ratio

  • 1.35%IRE
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

IRE 252nd cheapest of 315 funds

IRE vs PANG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IRE None
PANG No data
Last payment
IRE No data
PANG $1.30
Ex-dividend
IRE No data
PANG Dec 30, 2025
Paid on
IRE No data
PANG Jan 2, 2026
Frequency
IRE No data
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IREAll IRE payments⁠

No distribution history available.

PANGIrregular · 1 paymentAll PANG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.$0$12026YTD

IRE vs PANG 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 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
IRE −0.74since Nov 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
IRE −97.8%since Oct 2025PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
IRE 9.22PANG 3.32

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