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AAPB vs PANG

GraniteShares 2x Long AAPL Daily ETF

AAPBBNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.45pt a year

AAPB1.21%PANG0.76%

Avg volume · 30D

AAPB 1.1×the volume

AAPB50.5KPANG44.6K

AAPB vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

+43.5%AAPB+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. AAPB +43.5%. PANG +91.6%. Use the arrow keys to read each point.−50%0%150%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPB 1.21%
PANG 0.76%, better
Fund size
AAPB $18M
PANG $9M
1Y total return
AAPB +43.5%
PANG +91.6%, better
Yield (12M)
AAPB 3.06%
PANG No data
Holdings
AAPB 2
PANG 4
Avg volume (30D)
AAPB 50.5K sh, better
PANG 44.6K sh
NAV per share
AAPB $47.21
PANG $31.31
52W range

ETF.net Grade

AAPB: Cost 37, Risk 80, Mission 78, Tradability 78, Holdings not scored, Durability 75. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for AAPB, PANG, with each pillar’s weight
PillarAAPBPANG
Cost30% weightD37A70Higher
Mission25% weightA78A94Higher
Risk15% weightA80HigherA74
Tradability15% weightA78HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherB59

Rank among Single-Stock Long Leveraged funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPB and PANG are both graded against the same 315 Single-Stock Long Leveraged funds, so their Grades compare head to head.

Single-Stock Long Leveraged⁠

Category · 315 funds
See all 315 ›

PANG ranks 3rd and AAPB 44th of 315 funds in the Single-Stock Long Leveraged Category.

  1. Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
  2. Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
  3. Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
  4. Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
  5. Rank 5BAMDGLeverage Shares 2x Long AMD Daily ETFScore 69
  6. Rank 37CUNHUDirexion Daily UNH Bull 2X ETFScore 60
  7. Rank 44BAAPBGraniteShares 2x Long AAPL Daily ETFScore 59
  8. Rank 44BARMWRoundhill ARM WeeklyPay ETFScore 59

Our read on each fund

ETF.net Research

AAPBBGraniteShares 2x Long AAPL Daily ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

AAPB A day-one member of the US single-stock leverage club: listed August 2022 at 1.75x Apple, raised to 2x in January 2024. It aims to deliver twice Apple's daily move, then resets the clock every night.

PANG Palo 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

AAPB The Fund seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of Apple’s common stock.

PANG 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

  • AAPB Aims for twice Apple's daily percentage change, then resets. The exposure you own is today's, not a stale bet left over from last month.sec.gov
  • Actively managed, building the 2x exposure from swaps, options and Apple shares themselves rather than one fixed structure.graniteshares.com
  • On the market since August 2022, one of the originals in a field that now runs to hundreds of funds, and one of the stronger implementations in that crowd.
  • The multiple is a documented, board-approved setting, not a moving target: the 1.75x to 2x change ran through an SEC prospectus supplement before it took effect.sec.gov
  • PANG 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

  • AAPB 1.15% net of a waiver through December 31, 2026 (1.31% gross), above the category median and above 2x peers such as TSMG at 0.76% and OKTG at 0.75%.
  • The daily reset means multi-day results compound and can diverge sharply from 2x Apple's move over the same stretch, and Apple's volatility widens that gap.sec.gov
  • GraniteShares frames it for holding periods measured in days, not years, and payouts are infrequent. A trading instrument, not an income one.graniteshares.com
  • PANG 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.

Full AAPB profile⁠

Full PANG profile⁠

AAPB vs PANG Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPB vs PANG Cost

Overpaying AAPB vs PANG

$7,349

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

  • AAPB 1.21%

    $22,005

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • AAPB 1.21%
  • PANG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530AAPB $22,005PANG $14,656

Year by year

YearAAPBPANGOverpaying
10$2,115$1,353$762
20$7,873$5,142$2,731
30$22,005$14,656$7,349

Expense ratio

  • 1.21%AAPB
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

AAPB 226th cheapest of 315 funds

AAPB vs PANG Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPB 3.06%
PANG No data
Payout (12M)
AAPB $1.41
PANG No data
Last payment
AAPB $1.41
PANG $1.30
Ex-dividend
AAPB Dec 29, 2025
PANG Dec 30, 2025
Paid on
AAPB Dec 31, 2025
PANG Jan 2, 2026
Frequency
AAPB Irregular
PANG Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

AAPBIrregular · 2 paymentsAll AAPB payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $4.31; Dec 29, 2025 $1.41. Use the arrow keys to read each point.$0$520232026YTD
PANGIrregular · 1 paymentAll PANG payments⁠
One bar per payment. 1 payment from 2023 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.$0$520232026YTD

AAPB vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAPB 42.5%PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
AAPB 0.83PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
AAPB −58.1%since Aug 2022PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
AAPB 1.82PANG 3.32

Popular comparisons

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