The T-REX 2X Long IREN Daily Target ETF seeks daily investment results, before fees and expenses, of +200% (2x long) of the daily performance of Iris Energy Limited (IREN). The fund is an actively managed exchange-traded fund designed to deliver twice the daily percentage increase of IREN’s stock price.

Iris Energy Limited is a digital infrastructure company primarily focused on Bitcoin mining using renewable energy sources. The firm owns and operates data centers powered largely by renewable electricity, positioning itself as a sustainable player in the cryptocurrency mining space. Its revenue and profitability are closely tied to Bitcoin prices, mining difficulty, energy costs, and operational efficiency.

Given its direct exposure to cryptocurrency markets, IREN tends to exhibit high volatility, with price movements often amplified by fluctuations in Bitcoin, regulatory developments, and broader risk sentiment in tech and digital assets.

Traders looking to capitalize on short-term upward movements in IREN shares can use the T-REX 2X Long IREN ETF as a leveraged tool to express a bullish view.

The ETF has a focused and leveraged objective:

• To seek daily investment results, before fees and expenses, corresponding to two times (2x) the daily performance of Iris Energy Limited.

This ETF is not intended for long-term investors. It is a specialized, high-risk instrument designed for experienced traders who understand leverage and actively manage positions.

Intended Uses

1. Leveraged Bullish Exposure:
   Traders with short-term conviction that IREN stock will rise—due to increasing Bitcoin prices, improved mining efficiency, or favorable market sentiment—may use this ETF to amplify potential gains on upward moves.
2. Event-Driven Trading:
   The ETF can be used around key catalysts such as earnings releases, Bitcoin price breakouts, mining capacity updates, or regulatory developments impacting crypto markets.
3. Tactical Portfolio Allocation:
   Active traders may use T-REX to temporarily increase bullish exposure to IREN without directly purchasing large quantities of the stock, allowing for capital-efficient positioning.

Key Considerations and Risks

• Compounding Risk:
  T-REX resets leverage daily. Over periods longer than one trading day, performance may differ significantly from 2x the cumulative return of IREN stock, especially in volatile or sideways markets.
• High Volatility:
  IREN’s exposure to cryptocurrency markets can lead to sharp price swings, which are magnified in a 2x leveraged ETF—resulting in higher potential gains but also steeper losses.
• Company-Specific Risk:
  Operational efficiency, mining output, energy costs, infrastructure expansion, and Bitcoin holdings can materially impact returns.
• Cryptocurrency Market Sensitivity:
  IREN is highly correlated with Bitcoin price movements. Broader crypto sentiment, regulatory shifts, and macroeconomic factors can significantly influence ETF performance.
• Higher Costs:
  Leveraged ETFs typically have higher expense ratios than traditional ETFs, which may erode returns over longer holding periods.

Technical Price Chart

Conclusion

The T-REX 2X Long IREN Daily Target ETF is a tactical instrument for traders seeking to capitalize on short-term bullish movements in Iris Energy Limited. By offering twice the daily exposure, it allows investors to amplify gains when IREN rises.

However, due to daily leverage resets, elevated volatility, and strong dependence on cryptocurrency market trends, T-REX carries significant risk. It requires active monitoring, disciplined execution, and a clear short-term strategy, making it more suitable for experienced traders rather than long-term investors.

Note 1: Past performance is not a reliable indicator of future performance.
Note 2: Reference data for price, technical indicators, support, and resistance levels is as of April 9 , 2026 (11:45 am PDT) and partly sourced from REFINITIV.
Note 3: Investment decisions should consider an individual’s risk appetite, upside potential, holding period, and prior holdings.
Note 4: Kalkine reports are based on prices captured from NASDAQ, NYSE, and/or REFINITIV, which may have a 15-20 minute lag. Future results may not be consistent with this report, and information is subject to change without notice.