NFXL vs PANG

NFXLCDirexion Daily NFLX Bull 2X Shares

PANGALeverage Shares 2x Long PANW Daily ETF

In short

NFXL Netflix at double speed in a single ticker. NFXL aims for 200% of NFLX's move each trading day, resets that target every day, and comes with a bear twin for traders who want the other side.

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

NFXL The fund seeks daily investment results, before fees and expenses, equal to 200% of the performance of Netflix common shares.

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

• NFXL One job, plainly stated: 200% of Netflix's daily move, built mostly from swaps with large global banks, and it has stayed close to that daily target.sec.gov
• Among hundreds of geared single-stock bull funds, it sits in the upper tier for how cleanly it delivers the objective written in its own prospectus.
• No margin account, no options chain. The gearing lives inside a registered fund that manages its own daily exposure, and the shares trade like any other stock.sec.gov
• Live since 2024 and actively traded, with a Direxion bear counterpart (NFXS) launched beside it, so both directions on Netflix exist in the same format.direxion.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

• NFXL Priced above the category median: 1.05% net, 1.06% gross, net of a waiver through September 1, 2027, versus 0.75% at peer OKTG and 0.76% at TSMG.
• The 2x target applies to one day only. Hold longer and daily compounding takes over, so the path can diverge from twice Netflix's return, especially in choppy stretches.sec.gov
• One stock, one story. An earnings night or a content headline at Netflix lands here at double size, in either direction, with no diversification to soften it.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 NFXL profile⁠

Full PANG profile⁠