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NOWL vs PANG

GraniteShares 2x Long NOW Daily ETF

NOWLCNasdaq

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.65pt a year

NOWL1.41%PANG0.76%

Avg volume · 30D

NOWL 267.3×the volume

NOWL11.9MPANG44.6K

NOWL vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

−83.2%NOWL+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. NOWL −83.2%. PANG +91.6%. Use the arrow keys to read each point.−50%0%50%150%Oct 2025Apr 2026Oct 2026
Expense ratio
NOWL 1.41%
PANG 0.76%, better
Fund size
NOWL $119M
PANG $9M
1Y total return
NOWL −83.2%
PANG +91.6%, better
Holdings
NOWL 2
PANG 4
Avg volume (30D)
NOWL 11.9M sh, better
PANG 44.6K sh
NAV per share
NOWL $3.97
PANG $31.31
52W range

ETF.net Grade

NOWL: Cost 20, Risk 39, Mission 97, Tradability 91, Holdings not scored, Durability 77. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for NOWL, PANG, with each pillar’s weight
PillarNOWLPANG
Cost30% weightF20A70Higher
Mission25% weightA97HigherA94
Risk15% weightD39A74Higher
Tradability15% weightA91HigherA74
Holdings10% weightNot scoredNot scored
Durability5% weightA77HigherB59

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. NOWL 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 NOWL 102nd 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 102CMULLGraniteShares 2x Long MU Daily ETFScore 45
  7. Rank 102CNOWLGraniteShares 2x Long NOW Daily ETFScore 45
  8. Rank 109CANELDefiance Daily Target 2X Long ANET ETFScore 44

Our read on each fund

ETF.net Research

NOWLCGraniteShares 2x Long NOW Daily ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

NOWL A pure trading instrument: NOWL aims to deliver twice ServiceNow's daily move via total-return swaps, reset at every close. Heavily traded for a single-stock leverage fund, and it tracks that daily target closely.

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

NOWL The Fund seeks daily investment results, before fees and expenses, equal to twice the daily percentage change of ServiceNow, Inc.'s common stock.

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

  • NOWL Day by day it has stayed close to its stated goal of twice ServiceNow's daily percentage change, with little slippage.graniteshares.com
  • Very actively traded for a single-name leverage fund, which usually means tighter spreads and easier entries and exits over short holding periods.
  • Gets its 200% exposure through total-return swaps on NOW backed by Treasury bills and cash, so there is no margin account or options chain to manage.graniteshares.comsec.gov
  • Sits in the upper half of a crowded field of leveraged single-stock funds on how well it does the job it advertises.
  • 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

  • NOWL Costs 1.50% net (1.51% gross), net of a waiver through December 31, 2026, and sits above the category median; Leverage Shares peers OKTG (0.75%) and TSMG (0.76%) charge less.
  • The 2x applies to one trading day. Hold longer and daily compounding can pull results away from twice NOW's move over the period, especially in choppy markets.graniteshares.com
  • One stock, doubled: earnings gaps land twice as hard, and the fund's own filings describe it as built for investors who monitor positions frequently.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 NOWL profile⁠

Full PANG profile⁠

NOWL 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.

NOWL vs PANG Cost

Overpaying NOWL vs PANG

$10,336

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

  • NOWL 1.41%

    $24,992

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • NOWL 1.41%
  • 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$25K051015202530NOWL $24,992PANG $14,656

Year by year

YearNOWLPANGOverpaying
10$2,444$1,353$1,091
20$9,017$5,142$3,875
30$24,992$14,656$10,336

Expense ratio

  • 1.41%NOWL
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

NOWL 257th cheapest of 315 funds

NOWL vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

NOWLAll NOWL 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

NOWL vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NOWL 135.7%since Aug 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
NOWL −0.52since Aug 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
NOWL −86.6%since Jul 2025PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
NOWL 1.47PANG 3.32

Popular comparisons

  • NOWLCvsTSMGA

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

    Expense ratio
    1.41% · 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.

  • NOWLCvsUNHGA

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

    Expense ratio
    1.41% · 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.

  • NOWLCvsOKTGA

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

    Expense ratio
    1.41% · 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.