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ONG vs PANG

Leverage Shares 2X Long ON Daily ETF

ONGCCboe

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Overlap

7.3%by weight

Expense ratio

ONG −0.01pt a year

ONG0.75%PANG0.76%

Avg volume · 30D

ONG 1.3×the volume

ONG57.8KPANG44.6K

ONG vs PANG Performance

Jul 31, 2026 – Oct 30, 2026

−31.2%ONG+7.0%PANG

Jul 31, 2026 to Oct 30, 2026. ONG −31.2%. PANG +7.0%. Use the arrow keys to read each point.−20%20%40%Jul 2026Sep 2026Oct 2026
Expense ratio
ONG 0.75%, better
PANG 0.76%
Fund size
ONG $1M
PANG $9M
1Y total return
ONG No data
PANG +91.6%
Holdings
ONG 3
PANG 4
Avg volume (30D)
ONG 57.8K sh, better
PANG 44.6K sh
NAV per share
ONG $3.77
PANG $31.31
52W range

ETF.net Grade

ONG: Cost 70, Risk 34, Mission not scored, Tradability 53, Holdings not scored, Durability 36. PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59.
Pillar letters and Scores for ONG, PANG, with each pillar’s weight
PillarONGPANG
Cost30% weightA70A70
Mission25% weightNot scoredA94
Risk15% weightD34A74Higher
Tradability15% weightC53A74Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD36B59Higher

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. ONG 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 ONG 123rd 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 123CONDCCorgi ONDS 2x Daily ETFScore 40
  7. Rank 123CONGLeverage Shares 2X Long ON Daily ETFScore 40
  8. Rank 123CONTXCorgi ONTO 2x Daily ETFScore 40

Our read on each fund

ETF.net Research

ONGCLeverage Shares 2X Long ON Daily ETF

PANGALeverage Shares 2x Long PANW Daily ETF

In short

ONG A one-stock lever on onsemi, the power-chip and silicon carbide name behind EVs and industrial gear. ONG aims for 200% of ON's daily move, reset every session, at a fee that undercuts most 2x single-stock bulls.

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

ONG The fund seeks daily investment results equal to 200% of the daily performance of ON Semiconductor Corporation stock, before fees and expenses.

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

  • ONG The mandate is blunt: 200% of ON Semiconductor's daily move, before fees. No index, no basket, no stock picking.leverageshares.com
  • A 0.75% expense ratio sits below the median for 2x single-stock bull funds and undercuts highly ranked peers like GGLL on cost.
  • onsemi makes power and sensing chips, with a large silicon carbide business aimed at vehicles and industrial systems, so the ride tracks a different chip cycle than AI GPU names.onsemi.comsec.gov
  • It is a registered 1940 Act fund with a full prospectus, not a note or a swap contract you hold directly.leverageshares.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

  • ONG Leverage resets daily. Hold past a single session and the path of ON's moves, not just the direction, shapes the outcome, and choppy stretches work against it.leverageshares.com
  • Small asset base, light trading. Spreads can run wider than on the heavily traded mega-cap leveraged wrappers, which matters most on fast days.
  • Launched in 2026 with no distributions, so there is little history yet to study across a full semiconductor cycle.
  • 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 ONG profile⁠

Full PANG profile⁠

ONG vs PANG Holdings

How ONG and PANG differ

Overlap by weight

7.3%

Shared holdings make up 8.4% of PANG and 7.3% of ONG.

Level by level

  • Holdings1 in both7.3%
  • Asset classEquity100%
  • Countryby domicile100%

Sector

No Sector split for ONG and PANG.

Country, concentration and asset class

Country by domicile

Country weights in ONG and PANG, widest gap first
CountryMore in ONGMore in PANG
United StatesSame weight

Concentration

Weight in the 10 largest Holdings

  • ONG207.3%
  • PANG208.4%

Securities held

  • ONG1
  • PANG1

Asset class

ONG
Equity
PANG
Equity

Holdings

  • Only in ONG0
  • In both1
  • Only in PANG0

Only in ONG

0 securities, 0.0% of ONG by weight

Only in PANG

0 securities, 0.0% of PANG by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in ONG and PANG, widest gap first
HoldingMore in ONGMore in PANG
First American Treasury Obligations Fund 01/01/2040PANG +1.17 points

All 3 ONG 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.

ONG vs PANG Cost

Overpaying PANG vs ONG

$174

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

  • ONG 0.75%

    $14,482

  • PANG 0.76%

    $14,656

$10,000
30 years

Cost over time

  • ONG 0.75%
  • 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$15K051015202530PANG $14,656ONG $14,482

Year by year

YearONGPANGOverpaying
10$1,336$1,353$17
20$5,078$5,142$64
30$14,482$14,656$174

Expense ratio

  • 0.75%ONG, cheaper
  • 0.76%PANG
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

ONG 87th cheapest of 315 funds

PANG 131st cheapest of 315 funds

ONG vs PANG Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

ONGAll ONG 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

ONG vs PANG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
ONG No dataPANG 128.2%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
ONG No dataPANG 0.90since Apr 2025
Worst fallMax drawdown, 5 years
ONG No dataPANG −62.4%since Mar 2025
Market sensitivityBeta, 5 years
ONG −3.69PANG 3.32

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