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PANG

GradeBNASDAQ Global Select

Leverage Shares 2x Long PANW Daily ETF

Leveraged · Single-Stock Leveraged · LeverageShares · Inception 2025-03-21

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$36.99+2.57 (+7.46%)

As of Sep 23, 2026, 2:22 PM EDT

History starts Mar 21, 2025.
Intraday session: up, 56 prints from 34.43 to 36.99. Range 34.80 to 37.08. Use the arrow keys to read each point.$35.00$35.50$36.00$36.5010 AM12 PM2 PM4 PM
Expense ratio
0.75%
Fund size
$10M
1Y return
+130.9%
Yield · Last 12 months
Data unavailable
Holdings
4
Volume · 30D
0.1M sh
NAV per share
$34.01
52W range
low $6.05high $41.59

The ETF.net PANG Grade

B

68/ 100

Rank 10 of 380 in Single-Stock Long Leveraged⁠

Confidence High

Six-pillar profile for PANG. Scores out of 100: Cost 67, Risk 74, Mission 94, Tradability 70, Holdings not scored, Durability 58. Strongest: Mission (94). Weakest: Durability (58). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 68 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 67
    Category rank146/380 · top 38%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 94
    Category rank64/147 · top 44%

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 74
    Category rank44/285 · top 15%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 70
    Category rank94/380 · top 25%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    BScore 58
    Category rank147/380 · top 39%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on PANG

ETF.net Research

BA 2x daily bet on Palo Alto Networks, the cybersecurity heavyweight. PANG aims to deliver 200% of PANW's daily move, and it does that job at half the fee of the only other US fund built on the same stock.

Stated mandate

The ETF seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of Palo Alto Networks, Inc. stock.

Why people hold it

  1. 010.75% expense ratio versus 1.48% for PALU, the other 2x PANW fund, and below the typical charge in the leveraged single-stock crowd.leverageshares.com
  2. 02Hits its stated 2x daily target closely, one of the stronger implementations among leveraged single-stock funds.
  3. 03One job, stated plainly: 200% of Palo Alto Networks' daily move, inside a 1940 Act fund. No index quirks, no basket to decode.leverageshares.com

Worth knowing

  1. 01The 2x target resets daily. Hold longer and returns compound, so a choppy stretch can leave you far from twice PANW's move over that period.
  2. 02Everything rides on one cybersecurity stock. Earnings gaps and single-company headlines land with double the force.
  3. 03Launched in 2025, so the history is short, and it's a smaller, moderately traded fund, which can show up in spreads.

PANG Holdings

As of Sep 21, 2026, 6:58 PM
Asset class
Stocks
Holdings
4
Top-10 weight
208%
Largest holding
PALO ALTO NETWORKS INC SWAP - L - CLEARSTREET143.8%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—PALO ALTO NETWORKS INC SWAP - L - CLEARSTREET143.76%32,750$12M1
002—PALO ALTO NETWORKS INC SWAP - L - CANTOR43.08%9,815$4M1
003—PALO ALTO NETWORKS INC SWAP - L - MAREX13.12%2,990$1M1
004—First American Treasury Obligations Fund 01/01/20408.43%687,686$688K147

Showing 1–4 of 4 holdings

PANG Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

PANG$23,088
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. PANG $23,088. SPY $11,723. Use the arrow keys to read each point.$2,471$15,965$29,460Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for PANG. Periods over one year show the average yearly return.
PeriodPANG
Year to date+211.0%
1 month+3.4%
3 months+50.6%
1 year+130.9%
3 yearsFund is under 3 years old—per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for PANG
YearReturn barPANG
2026 YTD+211.0%
2025−16.2%

Since listing, Mar 21, 2025

PANG in the news

ETF.net Research hasn’t filed on PANG yet — coverage lands here as it’s written.

PANG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
Data unavailableLast 12 months
Payout per share
Data unavailableLast 12 months
Last payment
$1.30 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Irregular

Distribution data unavailable.

Distribution history

2025–2026

One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.20252026YTD
Ex-datePay dateAmount per share
Dec 30, 2025Jan 2, 2026$1.30

PANG Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
133.4%
Annualised · 17 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
1.05
vs 3-month T-bills · 17 months to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−62.4%
18 months · trough Feb 2026
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
3.32
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

PANG Cost

Expense ratio0.75%
  • The middle half of Single-Stock Long Leveraged funds
  • Median 0.98%

85 of the 329 Single-Stock Long Leveraged funds charge less.

PANG costs $75.00 a year on $10,000. The median Single-Stock Long Leveraged fund costs $98.00.