# IRE (Defiance Daily Target 2X Long IREN ETF)

Defiance · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: IRE returned −63.8% where its own daily promise gave −59.8%, 4.0 points short.

## Key facts

- IRE, what IREN did: −26.7%, as of Sep 11, 2026.
- IRE, what +2 times a day gives: −59.8%, as of Sep 11, 2026.
- IRE, what the fund returned: −63.8%, as of Sep 11, 2026.
- IRE, the fund itself cost: −4.0 pts, as of Sep 11, 2026.
- IRE, net assets: $317m (source, as filed for Apr 30, 2026).
- IRE, expense ratio: 1.35% (485BPOS XBRL, Aug 26, 2026).

## IRE over each window to Sep 11, 2026

| Window | Fund | IREN | +2x the move | Difference | IREN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −7.8% | +0.4% | +0.7% | −8.6 pts | 80% |
| 3 months | −63.8% | −26.7% | −53.3% | −10.5 pts | 115% |
| 6 months | −47.3% | +5.4% | +10.8% | −58.1 pts | 109% |
| Since launch | −84.4% | −20.6% | −41.2% | −43.2 pts | 110% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of IREN, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +2.39 times, against +2 stated | ETFIQ |
| Underlying | IREN | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $317m | source, as filed for Apr 30, 2026 |
| Expense ratio | 1.35% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Oct 21, 2025 | ETFIQ |
| Underlying volatility over the window | 115% annualized | ETFIQ |

## Questions

### Did IRE return +2 times IREN?

Over the window to Sep 11, 2026, IREN moved −26.7% and IRE returned −63.8%. 2 times that move is −53.3%, so the fund came out 10.5 points short of it.

### Why does IRE not return +2 times over a year?

Because it resets daily. IRE aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x IREN ETF tracked its stated multiple most closely?

4 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, IRE, data as of Sep 11, 2026. https://etfiq.com/funds/IRE
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

HTML: https://etfiq.com/funds/IRE  ·  JSON: https://etfiq.com/funds/IRE.json