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IONX vs PANG

Defiance Daily Target 2X Long IONQ ETF

IONXDNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.62pt a year

IONX1.38%PANG0.76%

Avg volume · 30D

IONX 25.2×the volume

IONX1.13MPANG44.6K

IONX vs PANG Performance

Oct 31, 2025 – Nov 2, 2026

−93.3%IONX+76.3%PANG

Oct 31, 2025 to Nov 2, 2026. IONX −93.3%. PANG +76.3%. Use the arrow keys to read each point.−50%0%150%Oct 2025May 2026Nov 2026
Expense ratio
IONX 1.38%
PANG 0.76%, better
Fund size
IONX $94M
PANG $9M
1Y total return
IONX −93.3%
PANG +76.3%, better
Holdings
IONX 10
PANG 4
Avg volume (30D)
IONX 1.13M sh, better
PANG 44.6K sh
NAV per share
IONX $11.79
PANG $31.31
52W range

ETF.net Grade

IONX: Cost 20, Risk 28, Mission 85, Tradability 70, Holdings not scored, Durability 79. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for IONX, PANG, with each pillar’s weight
PillarIONXPANG
Cost30% weightF20A70Higher
Mission25% weightA85A94Higher
Risk15% weightD28A74Higher
Tradability15% weightA70A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherB59

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. IONX 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 IONX 252nd 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 252DFLYTTradr 2X Long FLY Daily ETFScore 38
  7. Rank 252DIONXDefiance Daily Target 2X Long IONQ ETFScore 38
  8. Rank 252DONDLDaily Target 2X Long ONDS ETFScore 38

Our read on each fund

ETF.net Research

IONXDDefiance Daily Target 2X Long IONQ ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

IONX A pure trading instrument: swaps on IonQ, the trapped-ion quantum computing company, aiming for twice its daily move with no margin account needed. The target resets every day, so this is a day-trade tool by design.

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

IONX The Fund seeks daily leveraged investment results equal to two times the daily percentage change in the share price of IonQ, Inc.

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

  • IONX Simple job, clearly stated: total return swaps on IonQ shares plus Treasury bill collateral, targeting 2x IonQ's daily percentage change. No margin account, no options chain.defianceetfs.comsec.gov
  • Day to day, it has stayed close to its stated 2x target, and it changes hands actively, which matters when your holding period is measured in hours.
  • At 1.38%, it is the cheaper of the two 2x IonQ ETFs: IONL charges 1.50% net of a waiver through December 31, 2026, on a 3.63% gross fee.
  • Live since March 2025 inside Defiance's single-stock lineup, so it has a real operating record rather than a launch-week one.
  • 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

  • IONX The 2x target resets daily. Hold longer and your result tracks IonQ's path, not just its endpoint; choppy stretches can grind value down even if the stock ends flat.defianceetfs.com
  • Double the daily move of a single volatile quantum computing stock, with no buffer or downside cushion in the structure. Drawdowns arrive at double speed too.defianceetfs.com
  • The fee sits above the category median, and other issuers' 2x single-stock funds charge less (TSMG, 0.76%). Leverage and swap financing costs stack on top.sec.gov
  • 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 IONX profile⁠

Full PANG profile⁠

IONX 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.

IONX vs PANG Cost

Overpaying IONX vs PANG

$9,898

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

  • IONX 1.38%

    $24,554

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • IONX 1.38%
  • 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$25K051015202530IONX $24,554PANG $14,656

Year by year

YearIONXPANGOverpaying
10$2,395$1,353$1,042
20$8,848$5,142$3,706
30$24,554$14,656$9,898

Expense ratio

  • 1.38%IONX
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

IONX 255th cheapest of 315 funds

IONX vs PANG Dividends

Last 12 months to Nov 2, 2026
Last payment
IONX $1.66
PANG $1.30
Ex-dividend
IONX Dec 30, 2025
PANG Dec 30, 2025
Paid on
IONX Dec 31, 2025
PANG Jan 2, 2026
Frequency
IONX Irregular
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

IONXIrregular · 1 paymentAll IONX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $1.66. 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

IONX vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IONX 204.5%since Apr 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
IONX 0.45since Apr 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
IONX −96.4%since Mar 2025PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
IONX 10.15PANG 3.32

Popular comparisons

  • IONXDvsTSMGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.38% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PANGAvsTSMGA

    Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    0.76% · 0.76%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONXDvsUNHGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.38% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PANGAvsUNHGA

    Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    0.76% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • IONXDvsOKTGA

    Defiance Daily Target 2X Long IONQ ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.38% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • PANGAvsOKTGA

    Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    0.76% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.