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BTCU vs PANG

Direxion Daily Bitcoin Bull 2X ETF

BTCUCNYSE Arca

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.37pt a year

BTCU1.13%PANG0.76%

Avg volume · 30D

PANG 1.6×the volume

BTCU27.2KPANG44.6K

BTCU vs PANG Performance

Jul 31, 2026 – Nov 2, 2026

+38.6%BTCU−1.5%PANG

Jul 31, 2026 to Nov 2, 2026. BTCU +38.6%. PANG −1.5%. Use the arrow keys to read each point.20%60%80%Jul 2026Sep 2026Nov 2026
Expense ratio
BTCU 1.13%
PANG 0.76%, better
Fund size
BTCU $5M
PANG $9M
1Y total return
BTCU No data
PANG +76.3%
Holdings
BTCU 8
PANG 4
Avg volume (30D)
BTCU 27.2K sh
PANG 44.6K sh, better
NAV per share
BTCU $22.44
PANG $31.31
52W range

ETF.net Grade

BTCU: Cost 38, Risk 82, Mission not scored, Tradability 50, Holdings not scored, Durability 55. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for BTCU, PANG, with each pillar’s weight
PillarBTCUPANG
Cost30% weightD38A70Higher
Mission25% weightNot scoredA94
Risk15% weightA82HigherA74
Tradability15% weightC50A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB55B59Higher

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. BTCU 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 BTCU 78th 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 78CBABXGraniteShares 2x Long BABA Daily ETFScore 52
  7. Rank 78CBTCUDirexion Daily Bitcoin Bull 2X ETFScore 52
  8. Rank 78CLMTLDirexion Daily LMT Bull 2X ETFScore 52

Our read on each fund

ETF.net Research

BTCUCDirexion Daily Bitcoin Bull 2X ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

BTCU What if you could get 2x daily bitcoin without touching futures? That's BTCU: swaps written on a spot bitcoin ETF, targeting 200% of bitcoin's daily move. 1.13% net of a waiver through September 1, 2027.

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

BTCU BTCU seeks daily investment results equal to 200% of Bitcoin's price performance before fees and expenses.

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

  • BTCU The spot angle. Direxion built this on swaps referencing IBIT, the iShares spot bitcoin ETF, rather than CME futures, so the reference is bitcoin's price, not a futures curve.direxion.com
  • One job, stated plainly: daily results of 200% of bitcoin's price performance before fees and expenses. No stock picking, no discretion, no hedge overlay.direxion.com
  • 2x is the milder rung on the leverage ladder. The daily-reset math that chews up 3x products in choppy tape bites less hard at double.
  • On risk measures, it sits in the stronger part of a crowded leveraged-bull field of hundreds of funds.
  • 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

  • BTCU This is a one-day tool. Leverage resets daily, so returns over longer stretches can diverge meaningfully from 2x bitcoin, and volatile sideways markets widen that gap.sec.gov
  • Cost runs above the category median: 1.13% net of a waiver through September 1, 2027, 1.15% gross. The cheapest-run 2x names (OKTG 0.75%, TSMG 0.76%) charge less, unwaived.
  • Young and small. It launched in 2026 with a modest asset base and light trading, which can mean wider spreads for anyone sizing a position quickly.
  • 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 BTCU profile⁠

Full PANG profile⁠

BTCU 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.

BTCU vs PANG Cost

Overpaying BTCU vs PANG

$6,108

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

  • BTCU 1.13%

    $20,764

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • BTCU 1.13%
  • 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$25K051015202530BTCU $20,764PANG $14,656

Year by year

YearBTCUPANGOverpaying
10$1,981$1,353$628
20$7,403$5,142$2,261
30$20,764$14,656$6,108

Expense ratio

  • 1.13%BTCU
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

BTCU 221st cheapest of 315 funds

BTCU vs PANG Dividends

Last 12 months to Nov 2, 2026
Last payment
BTCU $0.16
PANG $1.30
Ex-dividend
BTCU Sep 22, 2026
PANG Dec 30, 2025
Paid on
BTCU Sep 29, 2026
PANG Jan 2, 2026
Frequency
BTCU Quarterly
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

BTCUQuarterly · 2 paymentsAll BTCU payments⁠
One bar per payment. 2 payments from 2025 to 2026 YTD. Jun 23, 2026 $0.04; Sep 22, 2026 $0.16. Use the arrow keys to read each point.$0$12026YTD
PANGIrregular · 1 paymentAll PANG payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.30. Use the arrow keys to read each point.$0$12026YTD

BTCU vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
BTCU No dataPANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
BTCU No dataPANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
BTCU No dataPANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
BTCU 0.00PANG 3.32

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