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NVOX vs PANG

Defiance Daily Target 2X Long NVO ETF

NVOXCNYSE Arca

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.55pt a year

NVOX1.31%PANG0.76%

Avg volume · 30D

NVOX 9.0×the volume

NVOX403KPANG44.6K

NVOX vs PANG Performance

Oct 31, 2025 – Oct 30, 2026

−53.1%NVOX+91.6%PANG

Oct 31, 2025 to Oct 30, 2026. NVOX −53.1%. PANG +91.6%. Use the arrow keys to read each point.0%50%150%Oct 2025Apr 2026Oct 2026
Expense ratio
NVOX 1.31%
PANG 0.76%, better
Fund size
NVOX $39M
PANG $9M
1Y total return
NVOX −53.1%
PANG +91.6%, better
Holdings
NVOX 9
PANG 4
Avg volume (30D)
NVOX 403K sh, better
PANG 44.6K sh
NAV per share
NVOX $10.30
PANG $31.31
52W range

ETF.net Grade

NVOX: Cost 25, Risk 59, Mission 97, Tradability 70, Holdings not scored, Durability 77. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for NVOX, PANG, with each pillar’s weight
PillarNVOXPANG
Cost30% weightD25A70Higher
Mission25% weightA97HigherA94
Risk15% weightB59A74Higher
Tradability15% weightA70A74Higher
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. NVOX 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 NVOX 95th 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 95CAEHGLeverage Shares 2X Long AEHR Daily ETFScore 47
  7. Rank 95CNVOXDefiance Daily Target 2X Long NVO ETFScore 47
  8. Rank 97CHYNXT-REX 2X Long SK Hynix Daily Target ETFScore 46

Our read on each fund

ETF.net Research

NVOXCDefiance Daily Target 2X Long NVO ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

NVOX The first 2x leveraged single-stock ETF on Novo Nordisk: a one-ticker, daily-reset amplifier on the weight-loss drug giant's US-listed shares, built from swaps and priced at 1.31%.

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

NVOX The Fund seeks daily leveraged results equal to twice the daily percentage change in the share price of NOVO Nordisk A/S - ADR.

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

  • NVOX Aims for twice NVO's daily percentage move and resets each day. One ticker, no margin account, no options chain to manage.defianceetfs.com
  • Launched December 2024 as the first 2x leveraged single-stock fund on Novo Nordisk, the company at the center of the weight-loss drug market.yahoo.com
  • The leverage lives inside the fund, assembled from total return swaps with bank counterparties rather than borrowed cash in your brokerage account.defianceetfs.comsec.gov
  • Day to day it has stayed close to its stated 2x target, and it stands in the upper half of a crowded leveraged single-stock field.
  • 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

  • NVOX At 1.31%, the fee sits above the category median and above 2x peers such as TSMG (0.76%) and UNHG (0.77%), with swap financing costs layered on top.
  • The daily reset makes multi-day results path-dependent: a choppy stretch can grind value down even if NVO finishes where it started.defianceetfs.com
  • Small, young, and hitched to one drugmaker, so trial data or guidance lands at double size. It has also already run a reverse share split.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 NVOX profile⁠

Full PANG profile⁠

NVOX 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.

NVOX vs PANG Cost

Overpaying NVOX vs PANG

$8,863

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

  • NVOX 1.31%

    $23,519

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • NVOX 1.31%
  • 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$25K051015202530NVOX $23,519PANG $14,656

Year by year

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

Expense ratio

  • 1.31%NVOX
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

NVOX 236th cheapest of 315 funds

NVOX vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

NVOXAll NVOX 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

NVOX vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
NVOX 92.6%since Jan 2025PANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
NVOX −0.69since Jan 2025PANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
NVOX −94.6%since Dec 2024PANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
NVOX 2.49PANG 3.32

Popular comparisons

  • NVOXCvsTSMGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.31% · 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
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  • NVOXCvsUNHGA

    Defiance Daily Target 2X Long NVO ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.31% · 0.77%
    Category
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  • PANGAvsUNHGA

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    Expense ratio
    0.76% · 0.77%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • NVOXCvsOKTGA

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    Expense ratio
    1.31% · 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
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