Defiance Daily Target 2X Long IREN ETF
IRE
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- Tidal Trust II - Defiance Daily Target 2X Long IREN ETF (IRE) is an actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, equal to two times (200%) the daily percentage change in the share price of IREN Limited (NASDAQ: IREN), a global data center operator and Bitcoin mining company focused on energy-efficient infrastructure powered by renewable energy. The fund achieves this leveraged exposure primarily through swap agreements with financial institutions, such as Iren Ltd Swap Cs-l, Iren Ltd Swap Cantor-l, Iren Ltd Swap Mar-l, and Iren Limited Swap Nm; short-dated listed call options; and collateral holdings including U.S. Treasury bills, money market funds, short-term bond ETFs, and investment-grade corporate debt securities. It is designed strictly for short-term tactical use by sophisticated investors who actively monitor positions, as compounding effects and volatility may cause returns to deviate significantly from 2X the underlying security's performance over periods longer than one trading day. Launched on October 20, 2025, and listed on NYSE Arca, Inc., the ETF operates within the information technology sector, specifically targeting single-issuer leveraged exposure to software and services companies like IREN, which provides high-performance computing for Bitcoin mining and AI cloud services. Tidal Trust II, the issuer, is headquartered in Wilmington, Delaware, with addresses c/o The Corporation Trust Company, 1209 Orange Street, and maintains operational ties to Tidal Investments LLC in Milwaukee, Wisconsin. The fund's net expense ratio stands at 1.31%, reflecting a management fee of 1.29% and minimal other expenses, with high portfolio turnover anticipated due to daily rebalancing. In a recent major development, Defiance ETFs announced the launch of IRE on October 21, 2025, as the first 2X long ETF dedicated to IREN Limited, expanding its suite of single-stock leveraged products for active traders seeking amplified short-term upside exposure. Concurrently, Tidal Financial Group, the parent entity behind Tidal Investments LLC (the adviser), entered a strategic partnership with FundVantage Trust in late October 2025 to streamline ETF creation and accelerate product launches for investment advisers. Tidal Investments LLC also underwent a recapitalization with Insignia earlier in 2025, enhancing resources for talent, service improvements, and platform expansion amid growing demand for innovative ETF solutions. These initiatives position the fund within Tidal Trust II's broader operations across U.S. markets, serving institutional and retail traders focused on high-growth, volatile sectors without direct affiliation to IREN Limited.