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IRE vs UNHG

Defiance Daily Target 2X Long IREN ETF

IREDNYSE Arca

Leverage Shares 2x Long UNH Daily ETF

UNHGANasdaq

Overlap

Expense ratio

UNHG −0.58pt a year

IRE1.35%UNHG0.77%

Avg volume · 30D

IRE 13.7×the volume

IRE9.95MUNHG726K

IRE vs UNHG Performance

Oct 31, 2025 – Oct 30, 2026

−96.6%IRE+11.9%UNHG

Oct 31, 2025 to Oct 30, 2026. IRE −96.6%. UNHG +11.9%. Use the arrow keys to read each point.−75%−50%−25%50%Oct 2025Apr 2026Oct 2026
Expense ratio
IRE 1.35%
UNHG 0.77%, better
Fund size
IRE $87M
UNHG $63M
1Y total return
IRE −96.6%
UNHG +11.9%, better
Holdings
IRE 10
UNHG 5
Avg volume (30D)
IRE 9.95M sh, better
UNHG 726K sh
NAV per share
IRE $2.76
UNHG $20.57
52W range

ETF.net Grade

IRE: Cost 21, Risk 17, Mission 89, Tradability 75, Holdings not scored, Durability 74. UNHG: Cost 60, Risk 83, Mission 90, Tradability 91, Holdings not scored, Durability 66.
Pillar letters and Scores for IRE, UNHG, with each pillar’s weight
PillarIREUNHG
Cost30% weightF21B60Higher
Mission25% weightA89A90Higher
Risk15% weightF17A83Higher
Tradability15% weightA75A91Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA74HigherB66

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 UNHG 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 ›

UNHG ranks 2nd 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 258DDJTUT-Rex 2X Long DJT Daily Target ETFScore 36
  5. Rank 258DIREDefiance Daily Target 2X Long IREN ETFScore 36
  6. Rank 258DOSCXDefiance Daily Target 2X Long OSCR ETFScore 36

Our read on each fund

ETF.net Research

IREDDefiance Daily Target 2X Long IREN ETF

UNHGALeverage Shares 2x Long UNH 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.

UNHG Two times UnitedHealth's daily move, reset every night: a managed-care insurer in a category stuffed with chip and AI names. UNHG got there first, and it charges 0.77%.

Stated mandate

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

UNHG The fund seeks daily investment results equal to twice the daily performance of UnitedHealth Group Incorporated 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.
  • UNHG At 0.77%, the cheaper of the only two 2x UNH funds: Direxion's UNHU runs 0.97% net of a waiver through September 1, 2027. Both sit below the category's typical fee.
  • First to the 2x UNH trade, listed July 2025, months before Direxion's version arrived in March 2026. It trades actively for a single-stock leveraged fund.direxion.com
  • Exposure comes from total return swaps reset at each close, and day-to-day it has stayed close to its 2x target. One of the better-built funds in a crowded bull field.leverageshares.comsec.gov

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
  • UNHG Daily reset means multi-day results depend on the path UNH takes, not just its direction. Choppy stretches can erode value even if the stock ends where it started.leverageshares.com
  • Swap-based exposure carries counterparty risk, and everything rides on one managed-care company's news, from earnings to policy headlines.leverageshares.com
  • Listed in 2025, so there is little history to judge it across a full market cycle.

Full IRE profile⁠

Full UNHG profile⁠

IRE vs UNHG 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 UNHG Cost

Overpaying IRE vs UNHG

$9,284

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

  • IRE 1.35%

    $24,113

  • UNHG 0.77%

    $14,829

$10,000
30 years

Cost over time

  • IRE 1.35%
  • UNHG 0.77%
  • 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 $24,113UNHG $14,829

Year by year

YearIREUNHGOverpaying
10$2,346$1,371$975
20$8,678$5,205$3,473
30$24,113$14,829$9,284

Expense ratio

  • 1.35%IRE
  • 0.77%UNHG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

UNHG 135th cheapest of 315 funds

IRE 252nd cheapest of 315 funds

IRE vs UNHG Dividends

Last 12 months to Oct 30, 2026
Payout (12M)
IRE None
UNHG No data
Last payment
IRE No data
UNHG $1.90
Ex-dividend
IRE No data
UNHG Dec 30, 2025
Paid on
IRE No data
UNHG Jan 2, 2026
Frequency
IRE No data
UNHG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IREAll IRE payments⁠

No distribution history available.

UNHGIrregular · 1 paymentAll UNHG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.90. Use the arrow keys to read each point.$0$22026YTD

IRE vs UNHG 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 2025UNHG 98.1%since Aug 2025
Return per unit of riskSharpe ratio, 3 years
IRE −0.74since Nov 2025UNHG 0.90since Aug 2025
Worst fallMax drawdown, 5 years
IRE −97.8%since Oct 2025UNHG −57.1%since Jul 2025
Market sensitivityBeta, 5 years
IRE 9.22UNHG 5.53

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