MSTX vs PANG: Grades, Fees and Holdings Compared

Daily Target 2X Long MSTR ETF

MSTXCNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

0.0%by weight

Expense ratio

PANG −0.55pt a year

MSTX1.31%PANG0.76%

Avg volume · 30D

MSTX 181.9×the volume

MSTX8.12MPANG44.6K

MSTX vs PANG Performance

Oct 31, 2025 – Nov 2, 2026

−91.0%MSTX+76.3%PANG

Expense ratio: MSTX 1.31%; PANG 0.76%, better
Fund size: MSTX $248M; PANG $9M
1Y total return: MSTX −91.0%; PANG +76.3%, better
Yield (12M): MSTX 0.00%; PANG No data
Holdings: MSTX 9; PANG 4
Avg volume (30D): MSTX 8.12M sh, better; PANG 44.6K sh
NAV per share: MSTX $12.38; PANG $31.31
52W range

ETF.net Grade

Pillar letters and Scores for MSTX, PANG, with each pillar’s weight
Pillar	MSTX	PANG
Cost30% weight	D25	A70Higher
Mission25% weight	A87	A94Higher
Risk15% weight	D31	A74Higher
Tradability15% weight	A88Higher	A74
Holdings10% weight	Not scored	Not scored
Durability5% weight	A83Higher	B59

Rank among Single-Stock Long Leveraged funds

How we build Categories ›

Same Category. MSTX 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 MSTX 102nd of 315 funds in the Single-Stock Long Leveraged Category.

Rank 1ATSMGLeverage Shares 2x Long TSM Daily ETFScore 73
Rank 2AUNHGLeverage Shares 2x Long UNH Daily ETFScore 72
Rank 3AOKTGLeverage Shares 2x Long OKTA Daily ETFScore 70
Rank 3APANGLeverage Shares 2x Long PANW Daily ETFScore 70
Rank 5BAMDGLeverage Shares 2x Long AMD Daily ETFScore 69
Rank 102CGEVXTradr 2X Long GEV Daily ETFScore 45
Rank 102CMSTXDaily Target 2X Long MSTR ETFScore 45
Rank 102CMULLGraniteShares 2x Long MU Daily ETFScore 45

Our read on each fund

ETF.net Research

MSTXCDaily Target 2X Long MSTR ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

MSTX The first leveraged single-stock ETF on MicroStrategy, launched in 2024 at 1.75x and later dialed up to 2x. Two times the daily move of a company that is itself a bitcoin proxy: leverage stacked on leverage, reset every day.

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

MSTX The Fund seeks daily leveraged results equal to 200% of the daily percentage change in MicroStrategy Incorporated (Nasdaq: MSTR). It uses derivatives to pursue this target for a single trading 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

MSTX The original leveraged MSTR fund, trading since August 2024, and one of the most actively traded names in the leveraged single-stock crowd.globenewswire.com
Defiance lifted the target from 1.75x to 2x in October 2024, and day to day the fund has stayed close to that stated objective.defianceetfs.com
Amplified MSTR exposure inside a plain brokerage account: swaps and listed options do the work, so no margin account is required.defianceetfs.com globenewswire.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

MSTX Costs 1.31% a year, above the typical 2x single-stock fund; cohort leaders such as GGLL and AAPU charge 0.96%.
The 2x target resets each day. Hold longer and compounding takes over, so results can diverge sharply from twice MSTR's move, especially in choppy stretches.defianceetfs.com
The prospectus notes that if swaps or listed options become scarce or costly, the fund may deliver substantially less than 2x the daily move.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 MSTX profile⁠

Full PANG profile⁠

MSTX vs PANG Holdings

How MSTX and PANG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of MSTX and 0.0% of PANG.

Level by level

Asset classLeveraged/Inverse, Equity0.0%
Holdings0 in both0.0%
Countryby domicile100%

Sector

No Sector split for MSTX and PANG.

Country, concentration and asset class

Country by domicile

Country weights in MSTX and PANG, widest gap first
Country	More in MSTXMore in PANG	MSTX	PANG
United States	Same weight	100.0%	100.0%

Concentration

Weight in the 10 largest Holdings

MSTX239.8%
PANG210.1%

Securities held

MSTX2
PANG1

Asset class

MSTX: Leveraged/Inverse
PANG: Equity

Holdings

Only in MSTX2
In both0
Only in PANG1

Only in MSTX

2 securities, 39.7% of MSTX by weight

United States Treasury Bill 11/19/202639.55%
First American Government Obligations Fund 12/01/20310.14%

Only in PANG

1 security, 10.0% of PANG by weight

First American Treasury Obligations Fund 01/01/204010.04%

Weight gaps

MSTX and PANG share no securities.

All 10 MSTX holdings⁠All 4 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.

MSTX vs PANG Cost

Overpaying MSTX vs PANG

$8,863

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

MSTX 1.31%
$23,519
PANG 0.76%
$14,656

Amount$10,000

Years30 years

Cost over time

MSTX 1.31%
PANG 0.76%
Overpaying

Year by year

Year	MSTX	PANG	Overpaying
10	$2,280	$1,353	$927
20	$8,450	$5,142	$3,308
30	$23,519	$14,656	$8,863

Expense ratio

1.31%MSTX
0.76%PANG, cheaper

PANG0.76%MSTX1.31%

0.20%2.28%

Middle half of Single-Stock Long Leveraged funds
Median 0.97%

PANG 131st cheapest of 315 funds

MSTX 236th cheapest of 315 funds

MSTX vs PANG Dividends

Last 12 months to Nov 2, 2026

Yield (12M): MSTX 0.00%; PANG No data
Payout (12M): MSTX None; PANG No data
Last payment: MSTX No data; PANG $1.30
Ex-dividend: MSTX No data; PANG Dec 30, 2025
Paid on: MSTX No data; PANG Jan 2, 2026
Frequency: MSTX No data; PANG Irregular

Distribution history

Per share, 2024 to 2026, same scale for both

MSTX1 paymentAll MSTX payments⁠

PANGIrregular · 1 paymentAll PANG payments⁠

MSTX vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: MSTX 158.3%since Sep 2024PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years: MSTX 0.07since Sep 2024PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years: MSTX −99.4%since Aug 2024PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years: MSTX 4.90PANG 3.32; Market = 1

Popular comparisons

MSTXCvsTSMGA
Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long TSM Daily ETF
Expense ratio
1.31% · 0.76%
Category
PANGAvsTSMGA
Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long TSM Daily ETF
Expense ratio
0.76% · 0.76%
Category
MSTXCvsUNHGA
Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long UNH Daily ETF
Expense ratio
1.31% · 0.77%
Category
PANGAvsUNHGA
Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long UNH Daily ETF
Expense ratio
0.76% · 0.77%
Category
MSTXCvsOKTGA
Daily Target 2X Long MSTR ETF · Leverage Shares 2x Long OKTA Daily ETF
Expense ratio
1.31% · 0.75%
Category
PANGAvsOKTGA
Leverage Shares 2x Long PANW Daily ETF · Leverage Shares 2x Long OKTA Daily ETF
Expense ratio
0.76% · 0.75%
Category