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LNOK vs PANG

Daily Target 2X Long NOK ETF

LNOKCCboe

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.54pt a year

LNOK1.30%PANG0.76%

Avg volume · 30D

LNOK 5.9×the volume

LNOK265KPANG44.6K

LNOK vs PANG Performance

Jul 31, 2026 – Nov 2, 2026

−30.3%LNOK−1.5%PANG

Jul 31, 2026 to Nov 2, 2026. LNOK −30.3%. PANG −1.5%. Use the arrow keys to read each point.−40%−20%20%40%Jul 2026Sep 2026Nov 2026
Expense ratio
LNOK 1.30%
PANG 0.76%, better
Fund size
LNOK $14M
PANG $9M
1Y total return
LNOK No data
PANG +76.3%
Holdings
LNOK 9
PANG 4
Avg volume (30D)
LNOK 265K sh, better
PANG 44.6K sh
NAV per share
LNOK $10.59
PANG $31.31
52W range

ETF.net Grade

LNOK: Cost 32, Risk 57, Mission 66, Tradability 43, Holdings not scored, Durability 62. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for LNOK, PANG, with each pillar’s weight
PillarLNOKPANG
Cost30% weightD32A70Higher
Mission25% weightB66A94Higher
Risk15% weightB57A74Higher
Tradability15% weightC43A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB62HigherB59

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. LNOK 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 LNOK 116th 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 111CSMCLGraniteShares 2x Long SMCI Daily ETFScore 43
  7. Rank 116CLNOKDaily Target 2X Long NOK ETFScore 42
  8. Rank 116CPURDefiance Daily Target 2X Long PURR ETFScore 42

Our read on each fund

ETF.net Research

LNOKCDaily Target 2X Long NOK ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

LNOK The first 2x daily long ETF on Nokia, a 5G and network-gear name in a field crowded with AI chip tickers. Swaps plus short-dated options, reset every day, 1.30% a year, no margin account to open.

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

LNOK The fund seeks leveraged long exposure to NOK, targeting twice the underlying's daily performance.

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

  • LNOK The original Nokia leverage play: Defiance launched it in January 2026 as the first daily 2X long ETF on Nokia Oyj, so the exposure is a one-ticker trade instead of a margin account and borrowed shares.globenewswire.comdefianceetfs.com
  • Mechanically plain: it aims for 200% of the daily percentage change in Nokia's ADR share price, using swap agreements and options contracts rather than an index.globenewswire.com
  • A telecom-infrastructure target in a category stacked with semis and megacaps, and it rates in the upper half of that several-hundred-fund bull-leverage group.defianceetfs.com
  • 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

  • LNOK The leverage resets daily. Hold longer than a day and returns compound, so the result can drift well away from 2x Nokia's move over that stretch, most of all in choppy markets.globenewswire.com
  • Cost sits above the category median: 1.30% a year, with no waiver in place, versus 0.76% at TSMG and 0.75% at OKTG, two of the best-rated 2x single-stock funds, also unwaived.
  • Everything rides on one company's stock, delivered synthetically through swap counterparties, and this is a small fund with a short track record behind it.globenewswire.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 LNOK profile⁠

Full PANG profile⁠

LNOK 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.

LNOK vs PANG Cost

Overpaying LNOK vs PANG

$8,713

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

  • LNOK 1.30%

    $23,369

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • LNOK 1.30%
  • 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$25K051015202530LNOK $23,369PANG $14,656

Year by year

YearLNOKPANGOverpaying
10$2,263$1,353$910
20$8,393$5,142$3,251
30$23,369$14,656$8,713

Expense ratio

  • 1.30%LNOK
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

LNOK 229th cheapest of 315 funds

LNOK vs PANG Dividends

Last 12 months to Nov 2, 2026
Payout (12M)
LNOK None
PANG No data
Last payment
LNOK No data
PANG $1.30
Ex-dividend
LNOK No data
PANG Dec 30, 2025
Paid on
LNOK No data
PANG Jan 2, 2026
Frequency
LNOK No data
PANG Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

LNOKAll LNOK payments⁠

No distribution history available.

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

LNOK vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
LNOK No dataPANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
LNOK No dataPANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
LNOK No dataPANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
LNOK 9.37PANG 3.32

Popular comparisons

  • LNOKCvsTSMGA

    Daily Target 2X Long NOK ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.30% · 0.76%
    Category
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  • PANGAvsTSMGA

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

    Expense ratio
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  • LNOKCvsUNHGA

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  • LNOKCvsOKTGA

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  • PANGAvsOKTGA

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

    Expense ratio
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    Category
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