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MSTP vs PANG

GraniteShares 2x Long MSTR Daily ETF

MSTPDNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.91pt a year

MSTP1.67%PANG0.76%

Avg volume · 30D

MSTP 1.5×the volume

MSTP66.2KPANG44.6K

MSTP vs PANG Performance

Oct 31, 2025 – Nov 2, 2026

−90.1%MSTP+76.3%PANG

Oct 31, 2025 to Nov 2, 2026. MSTP −90.1%. PANG +76.3%. Use the arrow keys to read each point.−50%0%150%Oct 2025May 2026Nov 2026
Expense ratio
MSTP 1.67%
PANG 0.76%, better
Fund size
MSTP $12M
PANG $9M
1Y total return
MSTP −90.1%
PANG +76.3%, better
Holdings
MSTP 2
PANG 4
Avg volume (30D)
MSTP 66.2K sh, better
PANG 44.6K sh
NAV per share
MSTP $19.15
PANG $31.31
52W range

ETF.net Grade

MSTP: Cost 2, Risk 31, Mission 90, Tradability 67, Holdings not scored, Durability 66. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for MSTP, PANG, with each pillar’s weight
PillarMSTPPANG
Cost30% weightF2A70Higher
Mission25% weightA90A94Higher
Risk15% weightD31A74Higher
Tradability15% weightB67A74Higher
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. MSTP 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 MSTP 283rd 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 283DKEEXDefiance Daily Target 2X Long BITF ETFScore 28
  7. Rank 283DMSTPGraniteShares 2x Long MSTR Daily ETFScore 28
  8. Rank 283DPENUT-REX 2X Long PENG Daily Target ETFScore 28

Our read on each fund

ETF.net Research

MSTPDGraniteShares 2x Long MSTR Daily ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

MSTP MicroStrategy is already a leveraged bet on bitcoin. MSTP stacks 2x the daily move on top of that, using swaps instead of shares and resetting every session. Built for day-trade horizons, by its own prospectus.

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

MSTP The Fund seeks daily investment results equal to twice the daily percentage change of MicroStrategy Inc.'s common stock, before fees and expenses. It is intended as a daily, short-term leveraged exposure and is not expected to deliver twice the cumulative return over periods longer than one day.

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

  • MSTP Doubles MicroStrategy's daily move through total-return swaps collateralized by T-bills and cash, so the exposure arrives without a margin account or a loan to maintain.graniteshares.com
  • Day to day it has stayed close to its stated 2x goal, which is the entire job of a daily-reset fund.
  • Launched in 2025 onto GraniteShares' existing 2x single-stock shelf, which runs the same daily-reset plumbing across names like TSM and MU.graniteshares.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

  • MSTP The 2x applies to one day only. Hold longer and compounding plus MicroStrategy's swings can push results well away from twice the stock's move, in either direction.
  • Costs 1.50% net of a waiver through December 31, 2026, against a 39.17% gross ratio, and sits above the category median. MSTU tracks the same stock for 1.05%, no waiver.
  • A small fund that has not paid distributions, and its exposure sits in swaps with counterparties rather than in the shares, so counterparty terms matter.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 MSTP profile⁠

Full PANG profile⁠

MSTP 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.

MSTP vs PANG Cost

Overpaying MSTP vs PANG

$13,981

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

  • MSTP 1.67%

    $28,637

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • MSTP 1.67%
  • PANG 0.76%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530MSTP $28,637PANG $14,656

Year by year

YearMSTPPANGOverpaying
10$2,863$1,353$1,510
20$10,445$5,142$5,303
30$28,637$14,656$13,981

Expense ratio

  • 1.67%MSTP
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

MSTP 308th cheapest of 315 funds

MSTP vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

MSTPAll MSTP 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

MSTP vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MSTP 144.2%since Jul 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
MSTP −0.86since Jul 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
MSTP −98.4%since Jun 2025PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
MSTP 6.34PANG 3.32

Popular comparisons

  • MSTPDvsTSMGA

    GraniteShares 2x Long MSTR Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.67% · 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.

  • MSTPDvsUNHGA

    GraniteShares 2x Long MSTR Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.67% · 0.77%
    Category
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  • 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.

  • MSTPDvsOKTGA

    GraniteShares 2x Long MSTR Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.67% · 0.75%
    Category
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  • 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.