diff --git a/ext/io/event/list.h b/ext/io/event/list.h
index a50f663e..635b7b1a 100644
--- a/ext/io/event/list.h
+++ b/ext/io/event/list.h
@@ -90,7 +90,7 @@ inline static size_t IO_Event_List_memory_size(const struct IO_Event_List *list)
 // Return true if the list is empty.
 inline static int IO_Event_List_empty(const struct IO_Event_List *list)
 {
-	return list->head == list->tail;
+	return list->head == list;
 }
 
 // Enumerate all items in the list, assuming the list will not be modified during iteration.
diff --git a/releases.md b/releases.md
index 25ca2631..802b7ac2 100644
--- a/releases.md
+++ b/releases.md
@@ -1,5 +1,9 @@
 # Releases
 
+## Unreleased
+
+  - Fix the `URing` completion free-list empty check so its sole entry can be reused instead of unnecessarily allocating a new completion.
+
 ## v1.20.0
 
   - Add compatibility with Ruby 4.1's fiber scheduler interface version 4. Buffered IO operations now use `(offset, length)`, perform a single transfer of at most `length` bytes, return short transfers directly, and report `-EAGAIN` without waiting. Earlier Ruby versions retain the existing minimum-progress behavior.