Defiance Daily Target 2X Long IREN ETF is trading 6.4% down today, giving back part of yesterday’s outsized rebound as underlying Iris Energy (IREN) undergoes intraday consolidation.
- The decline follows a period of significant volatility where IREN recovered sharply from a selloff initially triggered by U.S. jobs report data.
- Because the fund targets 2x daily exposure to IREN, relatively modest pullbacks in the underlying stock are translating into an amplified decline for the ETF despite broadly firmer U.S. equities.