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PANG vs QCML

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

GraniteShares 2x Long QCOM Daily ETF

QCMLCNasdaq

Overlap

Expense ratio

PANG −0.77pt a year

PANG0.76%QCML1.53%

Avg volume · 30D

QCML 37.7×the volume

PANG44.6KQCML1.68M

PANG vs QCML Performance

Oct 31, 2025 – Oct 30, 2026

+91.6%PANG−41.9%QCML

Oct 31, 2025 to Oct 30, 2026. PANG +91.6%. QCML −41.9%. Use the arrow keys to read each point.0%50%150%Oct 2025Apr 2026Oct 2026
Expense ratio
PANG 0.76%, better
QCML 1.53%
Fund size
PANG $9M
QCML $45M
1Y total return
PANG +91.6%, better
QCML −41.9%
Holdings
PANG 4
QCML 2
Avg volume (30D)
PANG 44.6K sh
QCML 1.68M sh, better
NAV per share
PANG $31.31
QCML $18.17
52W range

ETF.net Grade

PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59. QCML: Cost 3, Risk 63, Mission 79, Tradability 94, Holdings not scored, Durability 77.
Pillar letters and Scores for PANG, QCML, with each pillar’s weight
PillarPANGQCML
Cost30% weightA70HigherF3
Mission25% weightA94HigherA79
Risk15% weightA74HigherB63
Tradability15% weightA74A94Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB59A77Higher

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. PANG and QCML 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 QCML 111th 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 111CPURDefiance Daily Target 2X Long PURR ETFScore 43
  7. Rank 111CQCMLGraniteShares 2x Long QCOM Daily ETFScore 43
  8. Rank 111CSKUUGraniteShares 2x Long SK Hynix Daily ETFScore 43

Our read on each fund

ETF.net Research

PANGALeverage Shares 2x Long PANW Daily ETF

QCMLCGraniteShares 2x Long QCOM Daily ETF

In short

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.

QCML Two times Qualcomm's move, one day at a time. QCML never owns a QCOM share: it rents the exposure through swaps, resets every night, and costs 1.50% net of a waiver through December 31, 2026 (7.39% gross).

Stated mandate

PANG The ETF seeks daily investment results, before fees and expenses, equal to 200% of the daily performance of Palo Alto Networks, Inc. stock.

QCML The fund seeks daily investment results equal to twice the daily percentage change of Qualcomm Inc.'s common stock, before fees and expenses.

Why people hold it

  • 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
  • QCML One job, stated plainly: it aims for twice QCOM's daily percentage change, before fees. No basket, no index committee, no mystery holdings.graniteshares.com
  • Small fund, busy tape. It trades actively, which is what matters when the holding period is measured in hours rather than years.
  • Day to day it has tracked its 2x target closely, and it sits in the upper half of a crowded leveraged single-stock field.
  • Part of one of the deepest single-stock leverage lineups on the market, so the plumbing here is well worn rather than experimental.graniteshares.com

Worth knowing

  • 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.
  • QCML The daily reset compounds. Hold longer than a day and the result can drift well away from 2x QCOM's move, and choppy stretches widen that gap.graniteshares.com
  • At 1.50% net of a waiver through December 31, 2026 (7.39% gross), it sits above the category's typical fee; peers like OKTG (0.75%) and TSMG (0.76%) charge less.
  • One stock, double speed. The prospectus materials spell it out: an investor could lose the full value of the position within a single trading day.graniteshares.comgraniteshares.com 2

Full PANG profile⁠

Full QCML profile⁠

PANG vs QCML 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.

PANG vs QCML Cost

Overpaying QCML vs PANG

$12,050

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

  • PANG 0.76%

    $14,656

  • QCML 1.53%

    $26,706

$10,000
30 years

Cost over time

  • PANG 0.76%
  • QCML 1.53%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530QCML $26,706PANG $14,656

Year by year

YearPANGQCMLOverpaying
10$1,353$2,639$1,286
20$5,142$9,685$4,543
30$14,656$26,706$12,050

Expense ratio

  • 0.76%PANG, cheaper
  • 1.53%QCML
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

QCML 301st cheapest of 315 funds

PANG vs QCML Dividends

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

Distribution history

Per share, 2025 to 2026, same scale for both

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
QCMLAll QCML payments⁠

No distribution history available.

PANG vs QCML Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
PANG 128.2%since Apr 2025QCML 117.9%since Mar 2025
Return per unit of riskSharpe ratio, 3 years
PANG 0.90since Apr 2025QCML 0.25since Mar 2025
Worst fallMax drawdown, 5 years
PANG −62.4%since Mar 2025QCML −68.8%since Feb 2025
Market sensitivityBeta, 5 years
PANG 3.32QCML 6.12

Popular comparisons

  • 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.

  • QCMLCvsTSMGA

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

    Expense ratio
    1.53% · 0.76%
    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
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  • QCMLCvsUNHGA

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

    Expense ratio
    1.53% · 0.77%
    Category
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  • PANGAvsOKTGA

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    Expense ratio
    0.76% · 0.75%
    Category
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  • QCMLCvsOKTGA

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

    Expense ratio
    1.53% · 0.75%
    Category
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