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

Defiance · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: IRE returned −39.6% where its own daily promise gave −33.1%, 6.5 points short.

## Key facts

- IRE, what IREN did: −5.6%, as of Sep 30, 2026.
- IRE, what 2 times a day gives: −33.1%, as of Sep 30, 2026.
- IRE, what the fund returned: −39.6%, as of Sep 30, 2026.
- IRE, the fund itself cost: −6.5 pts, as of Sep 30, 2026.
- IRE, net assets: $289m (the issuer’s own daily fund list, as of Sep 30, 2026).
- IRE, expense ratio: 1.35% (485BPOS XBRL, Aug 26, 2026).

## IRE over each window to Sep 30, 2026

| Window | Fund | IREN | +2x the move | Difference | IREN moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +14.0% | +10.1% | +20.3% | −6.3 pts | 64% |
| 3 months | −39.6% | −5.6% | −11.3% | −28.4 pts | 113% |
| 6 months | −29.4% | +19.9% | +39.8% | −69.3 pts | 106% |
| Since launch | −86.9% | −25.9% | −51.9% | −35.0 pts | 108% |

## 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 | +7.04 times, against +2 stated | ETFIQ |
| Underlying | IREN | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $289m | the issuer’s own daily fund list, as of Sep 30, 2026 |
| Expense ratio | 1.35% | 485BPOS XBRL, Aug 26, 2026 |
| Launched | Oct 21, 2025 | ETFIQ |
| Underlying volatility over the window | 113% annualized | ETFIQ |

## Questions

### Did IRE return +2 times IREN?

Over the window to Sep 30, 2026, IREN moved −5.6% and IRE returned −39.6%. 2 times that move is −11.3%, so the fund came out 28.4 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 figure itself.


## Cite this page

ETFIQ, IRE, data as of Sep 30, 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