Share-split context: A reverse split was recorded on Mar 20, 2026 with coefficient 0.25. A reverse split combines multiple old shares into fewer new shares and mechanically raises the quoted price per share. That mechanical increase does not restore lost investment value. The returns in this report are already split-adjusted, while reverse-split history remains a separate structural warning.

ETF Education Report: Daily Target 2X Long IREN (IREN Limited) ETF (IRE)

What this ETF is trying to do

The Daily Target 2X Long IREN (IREN Limited) ETF, trading under the ticker symbol IRE, is a leveraged ETF. This means it is designed to aim for a specific multiple of the daily performance of its target.

What the numbers show

As of October 7, 2026, the current price of this ETF is $8.08.

When looking at how the fund has performed so far this year, we look at the Year-to-Date (YTD) returns. The YTD price return is approximately -65.99%. Because there were no distributions, the YTD total return is also approximately -65.99%. The price return measures how much the share price has changed.

It is important to note that this ETF has a history of reverse splits. The most recent event happened on March 20, 2026. In a reverse split, multiple old shares are combined into fewer new shares. This causes the quoted per-share price to rise mechanically. However, this mechanical increase does not restore any lost investment value. Because this ETF has a split history, we use the supplied split-adjusted percentage returns rather than estimated prices from one year ago.

Income and distribution explanation

Some investors look for ETFs that pay them cash regularly, which is called a distribution yield. For this ETF, the distribution yield is 0%. No distributions have been detected over the last 12 months.

NAV erosion explanation

"NAV erosion" is a term used to describe a decline in the Net Asset Value (the actual value of the assets held by the fund). While a falling share price can sometimes be related to erosion, a falling market price does not automatically prove that the NAV has declined. For this ETF, the erosion score is withheld due to insufficient verified price history, and there is no severe erosion-risk flag present.

Pros

• The ETF provides exposure to a leveraged strategy targeting IREN Limited.

Cons

• The fund has experienced a significant share-price decline of approximately 65.99% so far this year.

• The fund does not currently provide any cash distributions or income.

Top Holdings

The following is the top holding for this ETF (holdings can change over time):

• FIRST AMERICAN GOVERNMENT OBLIGS X (FGXXX): 2.97%

Beginner takeaway

This is a leveraged ETF that has seen a large decline in its share price since the start of the year. It also has a history of reverse splits, which changes the number of shares held without changing the underlying value of the investment. Currently, this ETF does not pay out any cash distributions to investors.