Defiance Daily Target 2X Long IREN ETF is trading 3.8% up today as it extends a sharp rebound following a three-day selloff in its underlying asset, Iris Energy (IREN), which was triggered by a hawkish jobs report.
- The ETF provides 2x daily long exposure to IREN, resulting in mechanically amplified gains as the underlying stock recovers from its recent macro-driven lows.
- Broader U.S. equities are seeing a modest lift as risk appetite improves, supporting high-beta and crypto-linked names that were pressured by the prior week's employment data.