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ONDL vs PANG

Daily Target 2X Long ONDS ETF

ONDLDCboe

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

Expense ratio

PANG −0.56pt a year

ONDL1.32%PANG0.76%

Avg volume · 30D

ONDL 32.7×the volume

ONDL1.46MPANG44.6K

ONDL vs PANG Performance

Dec 31, 2025 – Nov 2, 2026

−88.8%ONDL+160.8%PANG

Dec 31, 2025 to Nov 2, 2026. ONDL −88.8%. PANG +160.8%. Use the arrow keys to read each point.0%100%300%Dec 2025Jun 2026Nov 2026
Expense ratio
ONDL 1.32%
PANG 0.76%, better
Fund size
ONDL $21M
PANG $9M
1Y total return
ONDL No data
PANG +76.3%
Holdings
ONDL 9
PANG 4
Avg volume (30D)
ONDL 1.46M sh, better
PANG 44.6K sh
NAV per share
ONDL $3.61
PANG $31.31
52W range

ETF.net Grade

ONDL: Cost 25, Risk 32, Mission 66, Tradability 62, Holdings not scored, Durability 65. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for ONDL, PANG, with each pillar’s weight
PillarONDLPANG
Cost30% weightD25A70Higher
Mission25% weightB66A94Higher
Risk15% weightD32A74Higher
Tradability15% weightB62A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB65HigherB59

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. ONDL 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 ONDL 252nd 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 252DIONXDefiance Daily Target 2X Long IONQ ETFScore 38
  7. Rank 252DONDLDaily Target 2X Long ONDS ETFScore 38
  8. Rank 255DGMEUT-Rex 2X Long GME Daily Target ETFScore 37

Our read on each fund

ETF.net Research

ONDLDDaily Target 2X Long ONDS ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

ONDL Twice the daily move of Ondas Holdings, the drone and counter-drone outfit, in a single ticker, and the cheaper of the 2x ONDS pair at 1.32%. Daily reset means compounding, not just direction, drives anything held past a 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

ONDL The fund seeks daily investment results, before fees and expenses, equal to two times the daily percentage change in Ondas Holdings Inc. and therefore provides amplified long exposure to that company.

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

  • ONDL Does one job: derivative exposure aiming for 200% of the daily percentage change in ONDS, no margin account or options chain required.defianceetfs.com
  • The cheaper of the two 2x ONDS funds: 1.32% versus ONDU's 1.49%, neither propped up by a fee waiver.
  • Actively traded for a fund of its size, so getting in and out is usually the easy part of the trade.
  • The underlying business is a real defense-adjacent story: Ondas owns American Robotics and Airobotics, autonomous drone and counter-drone operations, plus a private wireless arm.ondas.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

  • ONDL The 1.32% fee sits above the typical leveraged single-stock fund, and the category's cheapest implementations (OKTG 0.75%, TSMG 0.76%) ride far larger companies.
  • Leverage resets daily. In choppy stretches, two times the daily move can compound into something well short of twice the stock's longer-run move.defianceetfs.com
  • Everything rides on one small-cap drone company, doubled. No diversification, and leveraged swap exposure isn't built to throw off income.
  • 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 ONDL profile⁠

Full PANG profile⁠

ONDL 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.

ONDL vs PANG Cost

Overpaying ONDL vs PANG

$9,012

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

  • ONDL 1.32%

    $23,668

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • ONDL 1.32%
  • 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$25K051015202530ONDL $23,668PANG $14,656

Year by year

YearONDLPANGOverpaying
10$2,296$1,353$943
20$8,507$5,142$3,365
30$23,668$14,656$9,012

Expense ratio

  • 1.32%ONDL
  • 0.76%PANG, cheaper
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

ONDL 243rd cheapest of 315 funds

ONDL vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

ONDLAll ONDL 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

ONDL vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ONDL No dataPANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
ONDL No dataPANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
ONDL No dataPANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
ONDL 4.81PANG 3.32

Popular comparisons

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    Daily Target 2X Long ONDS ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
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