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IRE vs TSMG

Defiance Daily Target 2X Long IREN ETF

IREDNYSE Arca

Leverage Shares 2x Long TSM Daily ETF

TSMGANasdaq

Overlap

Expense ratio

TSMG −0.59pt a year

IRE1.35%TSMG0.76%

Avg volume · 30D

IRE 144.3×the volume

IRE9.95MTSMG69K

IRE vs TSMG Performance

Oct 31, 2025 – Oct 30, 2026

−96.6%IRE+40.8%TSMG

Oct 31, 2025 to Oct 30, 2026. IRE −96.6%. TSMG +40.8%. Use the arrow keys to read each point.−50%0%100%Oct 2025Apr 2026Oct 2026
Expense ratio
IRE 1.35%
TSMG 0.76%, better
Fund size
IRE $87M
TSMG $28M
1Y total return
IRE −96.6%
TSMG +40.8%, better
Holdings
IRE 10
TSMG 5
Avg volume (30D)
IRE 9.95M sh, better
TSMG 69K sh
NAV per share
IRE $2.76
TSMG $33.77
52W range

ETF.net Grade

IRE: Cost 21, Risk 17, Mission 89, Tradability 75, Holdings not scored, Durability 74. TSMG: Cost 70, Risk 84, Mission 79, Tradability 74, Holdings not scored, Durability 67.
Pillar letters and Scores for IRE, TSMG, with each pillar’s weight
PillarIRETSMG
Cost30% weightF21A70Higher
Mission25% weightA89HigherA79
Risk15% weightF17A84Higher
Tradability15% weightA75HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherB67

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 TSMG 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 ›

TSMG ranks 1st 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 258DDJTUT-Rex 2X Long DJT Daily Target ETFScore 36
  4. Rank 258DIREDefiance Daily Target 2X Long IREN ETFScore 36
  5. Rank 258DOSCXDefiance Daily Target 2X Long OSCR ETFScore 36

Our read on each fund

ETF.net Research

IREDDefiance Daily Target 2X Long IREN ETF

TSMGALeverage Shares 2x Long TSM 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.

TSMG Two times TSM, one day at a time. TSMG aims for 200% of Taiwan Semiconductor's daily move, no margin account required, at 0.75% a year, below what most leveraged single-stock funds charge.

Stated mandate

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

TSMG The fund seeks daily investment results equal to 200% of the daily performance of Taiwan Semiconductor Manufacturing Company Ltd stock, 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.
  • TSMG Charges 0.75% a year, undercutting the 0.96% on Direxion's 2x single-stock funds such as AAPU and GGLL.leverageshares.com
  • The milder gear on the leveraged shelf: it targets double TSM's daily move, not triple.leverageshares.com
  • Leverage arrives inside a regular 1940 Act ETF. No margin agreement, no lender, and your exposure is capped at what you put in.leverageshares.com
  • Hits its stated daily target tightly, and rates among the stronger builds in a crowded field of 2x and 3x single-stock funds.

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
  • TSMG The leverage resets every day. Hold longer and compounding takes over, so multi-day results can drift well away from twice TSM's move, especially in choppy markets.leverageshares.com
  • One stock, one industry. Everything rides on Taiwan Semiconductor, doubled, so company-specific news lands twice as hard.
  • Young and small: launched in January 2025, and it sits among the smaller, less heavily traded names on the leveraged shelf, which can widen spreads.

Full IRE profile⁠

Full TSMG profile⁠

IRE vs TSMG 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 TSMG Cost

Overpaying IRE vs TSMG

$9,457

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

  • IRE 1.35%

    $24,113

  • TSMG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IRE 1.35%
  • TSMG 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 $24,113TSMG $14,656

Year by year

YearIRETSMGOverpaying
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%TSMG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

TSMG 131st cheapest of 315 funds

IRE 252nd cheapest of 315 funds

IRE vs TSMG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IRE None
TSMG No data
Last payment
IRE No data
TSMG $2.73
Ex-dividend
IRE No data
TSMG Dec 30, 2025
Paid on
IRE No data
TSMG Jan 2, 2026
Frequency
IRE No data
TSMG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IREAll IRE payments⁠

No distribution history available.

TSMGIrregular · 1 paymentAll TSMG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $2.73. Use the arrow keys to read each point.$0$2.502026YTD

IRE vs TSMG 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 2025TSMG 77.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
IRE −0.74since Nov 2025TSMG 0.97since Feb 2025
Worst fallMax drawdown, 5 years
IRE −97.8%since Oct 2025TSMG −63.7%since Jan 2025
Market sensitivityBeta, 5 years
IRE 9.22TSMG 3.81

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