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Launched · SEC filings

Leverage Shares 2x Long PANW Daily ETF

PANGNasdaqLeverageSharesAThis 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.

$28.87−2.50 (−7.97%)

At close: Nov 2, 2026, 4:00 PM ET

A70/ 100

Rank 3 of 380 in Single-Stock Long Leveraged

A70/100Rank 3 of 380inSingle-Stock Long Leveraged
Intraday session: down, 79 prints from 31.37 to 28.87. Range 28.69 to 31.30. Use the arrow keys to read each point.29.5030.0030.5031.0010 AM12 PM2 PM4 PM
Expense ratio
0.76%
Fund size
$9M
1Y total return
+91.6%
Yield · Last 12 months
No data
Holdings
4
Avg volume · 30D
44.6K sh
52W range
low $6.05high $45.20
Launched
Filings
SEC EDGAR

The ETF.net PANG Grade

Based on 5 of 6 pillars

A

Score 70 out of 100

Category
Single-Stock Long Leveraged⁠
Rank
3 of 380
Six-pillar profile for PANG. Scores out of 100: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59. Strongest: Mission (94). Weakest: Durability (59). Based on 5 of 6 pillars.

Score 70 of 100 falls in the A band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    A70 out of 100
    Rank 87 of 380

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A94 out of 100
    Rank 47 of 150

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    A74 out of 100
    Rank 59 of 368

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    A74 out of 100
    Rank 68 of 380

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B59 out of 100
    Rank 137 of 380

Our read on PANG

ETF.net Research

In short

APalo Alto Networks, doubled. PANG aims for 200% of PANW's daily move, reset every day, and it reached the market days before the only other 2x PANW fund. Flat 0.76% fee, no waiver attached.

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

  • Cheaper of the two 2x PANW funds: 0.76% flat versus 1.08% for PALU, and PALU's number is net of a waiver through September 1, 2027 (1.48% gross).direxion.com
  • That 0.76% also sits below the typical fee in the single-stock leveraged category, where costs usually run higher.
  • Hits its 200% daily target closely, one of the tighter implementations among hundreds of single-stock leveraged funds.
  • Leverage arrives inside a standard 1940 Act ETF: no margin agreement, no borrowing, no overnight position to roll yourself.leverageshares.com

Worth knowing

  • Daily reset, not a 2x hold. Over weeks the returns compound, and a choppy stretch in PANW can leave the result far from double the move.leverageshares.com
  • One stock, twice the swing. An earnings miss or a cyber headline lands here with double the force, up or down.leverageshares.com
  • Smaller and more lightly traded than the giants of the category, so spreads can widen; limit orders earn their keep.

PANG Holdings

Asset class
Stocks
Holdings
4
Top-10 weight
208%
Largest holding
Palo Alto Networks Inc Swap - L - Clearstreet143.8%

Geography

  • United States100.00%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueHeld by ETFs
1No dataPalo Alto Networks Inc Swap - L - Clearstreet143.76%32,750$11.7M1
2No dataPalo Alto Networks Inc Swap - L - Cantor43.08%9,815$3.51M1
3No dataPalo Alto Networks Inc Swap - L - Marex13.12%2,990$1.07M1
4No dataFirst American Treasury Obligations Fund 01/01/20408.43%687,686$688K136

Showing 1–4 of 4 holdings

PANG Performance

Launched Mar 21, 2025

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

Not enough history yet.Not enough history yet.Not enough history yet.
PANG$19,159
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,199
Oct 31, 2025 to Oct 30, 2026. PANG $19,159. SPY $11,199. Use the arrow keys to read each point.$10,000$20,000Oct 2025Apr 2026Oct 2026

Oct 31, 2025 – Oct 30, 2026

Returns run to the Oct 30, 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+183.4%
1 month−18.8%
3 months+7.0%
1 year+91.6%
3 yearsFund is under 3 years oldper yearNo data
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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+183.4%
2025−16.2%

Since listing, Mar 21, 2025

PANG in the news

PANG Dividends

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

$10,000 in PANG 1 year ago paid $711 in dividends.

PANG Risk

Risk pillarA74 out of 100Rank 59 of 368 in Single-Stock Long Leveraged

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.
128.2%
Annualised · 19 months to Oct 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.
0.90
vs 3-month T-bills · 19 months to Oct 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%
19 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.

FMP measures it over up to five years of monthly returns.

PANG Cost

Compare PANG and GOGL

Overpaying vs GOGL, tied cheapest in Single-Stock Long Leveraged

$10,501

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • PANG 0.76%

    $14,656

  • GOGL 0.20% Tied cheapest

    $4,155

$10,000
30 years

Cost over time

  • PANG 0.76%
  • GOGL 0.20%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K051015202530PANG $14,656GOGL $4,155

Year by year

YearPANGGOGLOverpaying
10$1,353$365$988
20$5,142$1,421$3,721
30$14,656$4,155$10,501

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