Skip to content
etf.net

MRNX vs PANG

Daily Target 2X Long MRNA ETF

MRNXCNYSE Arca

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.58pt a year

MRNX1.34%PANG0.76%

Avg volume · 30D

MRNX 5.9×the volume

MRNX265KPANG44.6K

MRNX vs PANG Performance

Jul 31, 2026 – Nov 2, 2026

+567.9%MRNX−1.5%PANG

Jul 31, 2026 to Nov 2, 2026. MRNX +567.9%. PANG −1.5%. Use the arrow keys to read each point.200%400%800%Jul 2026Sep 2026Nov 2026
Expense ratio
MRNX 1.34%
PANG 0.76%, better
Fund size
MRNX $31M
PANG $9M
1Y total return
MRNX No data
PANG +76.3%
Holdings
MRNX 9
PANG 4
Avg volume (30D)
MRNX 265K sh, better
PANG 44.6K sh
NAV per share
MRNX $163.35
PANG $31.31
52W range

ETF.net Grade

MRNX: Cost 22, Risk 72, Mission 90, Tradability 73, Holdings not scored, Durability 66. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for MRNX, PANG, with each pillar’s weight
PillarMRNXPANG
Cost30% weightF22A70Higher
Mission25% weightA90A94Higher
Risk15% weightA72A74Higher
Tradability15% weightA73A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB66HigherB59

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. MRNX 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 MRNX 92nd 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 92CLLYXDaily Target 2X Long LLY ETFScore 48
  7. Rank 92CMRNXDaily Target 2X Long MRNA ETFScore 48
  8. Rank 92CTSMUGraniteShares 2x Long TSM Daily ETFScore 48

Our read on each fund

ETF.net Research

MRNXCDaily Target 2X Long MRNA ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

MRNX Most 2x single-stock ETFs point at megacap tech. MRNX aims the same machinery at Moderna, a biotech that moves on trial data and FDA headlines, targeting two times MRNA's daily move. Built as a short-term trading tool, priced at 1.34%.

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

MRNX The Fund seeks daily leveraged results equal to two times the daily percentage change in Moderna, Inc.'s share price, 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

  • MRNX Does one job with a published number attached: two times the daily percentage change in Moderna's share price, before fees and expenses, reset at the close each trading day.defianceetfs.com
  • Delivers that exposure through swaps, with listed options as backup, inside a 1940 Act ETF you buy like any share. No margin account, no options chain to manage.defianceetfs.com
  • Has tracked its stated 2x daily target closely since its February 2026 launch, and stands in the upper half of a crowded field of leveraged single-stock bull 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

  • MRNX At 1.34% it costs above the typical leveraged single-stock fund, and above peers such as TSMG (0.76%) and OKTG (0.75%).
  • Hold past a day and compounding takes over: longer-run returns can differ from 2x MRNA, and the prospectus warns of losses even if MRNA is flat or up over the span.sec.gov
  • One stock, one storyline. Non-diversified by design, so a trial readout or regulatory decision on Moderna lands here at double the daily force.defianceetfs.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 MRNX profile⁠

Full PANG profile⁠

MRNX 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.

MRNX vs PANG Cost

Overpaying MRNX vs PANG

$9,309

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

  • MRNX 1.34%

    $23,965

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • MRNX 1.34%
  • 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$25K051015202530MRNX $23,965PANG $14,656

Year by year

YearMRNXPANGOverpaying
10$2,329$1,353$976
20$8,621$5,142$3,479
30$23,965$14,656$9,309

Expense ratio

  • 1.34%MRNX
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

MRNX 250th cheapest of 315 funds

MRNX vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

MRNXAll MRNX 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

MRNX vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MRNX No dataPANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
MRNX No dataPANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
MRNX No dataPANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
MRNX −1.97PANG 3.32

Popular comparisons

  • MRNXCvsTSMGA

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

    Expense ratio
    1.34% · 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.

  • MRNXCvsUNHGA

    Daily Target 2X Long MRNA ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.34% · 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.

  • MRNXCvsOKTGA

    Daily Target 2X Long MRNA ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.34% · 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.