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PANG vs RIOX

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Daily Target 2X Long RIOT ETF

RIOXDNYSE Arca

Overlap

Expense ratio

PANG −0.87pt a year

PANG0.76%RIOX1.63%

Avg volume · 30D

RIOX 6.1×the volume

PANG44.6KRIOX274K

PANG vs RIOX Performance

Oct 31, 2025 – Nov 2, 2026

+76.3%PANG−88.3%RIOX

Oct 31, 2025 to Nov 2, 2026. PANG +76.3%. RIOX −88.3%. Use the arrow keys to read each point.−50%0%150%Oct 2025May 2026Nov 2026
Expense ratio
PANG 0.76%, better
RIOX 1.63%
Fund size
PANG $9M
RIOX $13M
1Y total return
PANG +76.3%, better
RIOX −88.3%
Holdings
PANG 4
RIOX 10
Avg volume (30D)
PANG 44.6K sh
RIOX 274K sh, better
NAV per share
PANG $31.31
RIOX $8.43
52W range

ETF.net Grade

PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59. RIOX: Cost 2, Risk 34, Mission 98, Tradability 52, Holdings not scored, Durability 72.
Pillar letters and Scores for PANG, RIOX, with each pillar’s weight
PillarPANGRIOX
Cost30% weightA70HigherF2
Mission25% weightA94A98Higher
Risk15% weightA74HigherD34
Tradability15% weightA74HigherC52
Holdings10% weightNot scoredNot scored
Durability5% weightB59A72Higher

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 RIOX 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 RIOX 291st 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 291DRGTXDaily Target 2X Long RGTI ETFScore 26
  7. Rank 291DRIOXDaily Target 2X Long RIOT ETFScore 26
  8. Rank 291DUSAXTradr 2X Long USAR Daily ETFScore 26

Our read on each fund

ETF.net Research

PANGALeverage Shares 2x Long PANW Daily ETF

RIOXDDaily Target 2X Long RIOT 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.

RIOX Two layers of torque in one ticker: Riot Platforms is already a high-voltage bitcoin mining stock, and RIOX aims to double its move every single day. Defiance launched it in 2025 as the first 2x long fund on the miner. A day-trading instrument, reset nightly.

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.

RIOX The Fund seeks daily leveraged investment results of 200% of the daily percentage change in Riot Platforms, Inc.'s share price. It uses swaps and/or listed options and rebalances daily, so returns for periods beyond one day may differ substantially from 2X.

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
  • RIOX Does what the label says: swaps and listed options tuned to 200% of RIOT's daily move, rebalanced every day, with close tracking of that daily target since the January 2025 launch.
  • Defiance launched it as the first 2x long ETF on Riot Platforms, packaging the trade for anyone who would rather not open a margin account.nasdaq.comdefianceetfs.com
  • The leverage sits inside a registered 1940 Act fund, not a brokerage margin line: no margin calls, no borrow to arrange, one ticker to buy and sell.nasdaq.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.
  • RIOX The math resets at every close. Hold longer than a day and compounding takes over, so results over weeks or months can land far from 2x, especially after choppy sessions.defianceetfs.com
  • 1.63% a year, no fee waiver softening it. That sits above the category median and well above 2x single-stock peers such as TSMG (0.76%) and OKTG (0.75%).
  • Doubling a bitcoin miner stacks volatility on volatility, among the sharpest risk profiles in an already extreme category, and trading is moderate rather than deep.

Full PANG profile⁠

Full RIOX profile⁠

PANG vs RIOX 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 RIOX Cost

Overpaying RIOX vs PANG

$13,437

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

  • PANG 0.76%

    $14,656

  • RIOX 1.63%

    $28,093

$10,000
30 years

Cost over time

  • PANG 0.76%
  • RIOX 1.63%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530RIOX $28,093PANG $14,656

Year by year

YearPANGRIOXOverpaying
10$1,353$2,799$1,446
20$5,142$10,230$5,088
30$14,656$28,093$13,437

Expense ratio

  • 0.76%PANG, cheaper
  • 1.63%RIOX
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

RIOX 306th cheapest of 315 funds

PANG vs RIOX Dividends

Last 12 months to Nov 2, 2026
Last payment
PANG $1.30
RIOX $12.85
Ex-dividend
PANG Dec 30, 2025
RIOX Dec 30, 2025
Paid on
PANG Jan 2, 2026
RIOX Dec 31, 2025
Frequency
PANG Irregular
RIOX Irregular

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$102026YTD
RIOXIrregular · 1 paymentAll RIOX payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 30, 2025 $12.85. Use the arrow keys to read each point.$0$102026YTD

PANG vs RIOX 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 2025RIOX 183.2%since Feb 2025
Return per unit of riskSharpe ratio, 3 years
PANG 0.90since Apr 2025RIOX 0.26since Feb 2025
Worst fallMax drawdown, 5 years
PANG −62.4%since Mar 2025RIOX −91.6%since Jan 2025
Market sensitivityBeta, 5 years
PANG 3.32RIOX 9.28

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.

  • RIOXDvsTSMGA

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

    Expense ratio
    1.63% · 0.76%
    Category
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  • 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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  • RIOXDvsUNHGA

    Daily Target 2X Long RIOT ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.63% · 0.77%
    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.

  • RIOXDvsOKTGA

    Daily Target 2X Long RIOT ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.63% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.