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PANG vs USAX

Leverage Shares 2x Long PANW Daily ETF

PANGANasdaq

Tradr 2X Long USAR Daily ETF

USAXDCboe

Overlap

Expense ratio

PANG −0.73pt a year

PANG0.76%USAX1.49%

Avg volume · 30D

USAX 3.3×the volume

PANG44.6KUSAX149K

PANG vs USAX Performance

Jul 31, 2026 – Nov 2, 2026

−1.5%PANG−71.4%USAX

Jul 31, 2026 to Nov 2, 2026. PANG −1.5%. USAX −71.4%. Use the arrow keys to read each point.−50%−25%25%50%75%Jul 2026Sep 2026Nov 2026
Expense ratio
PANG 0.76%, better
USAX 1.49%
Fund size
PANG $9M
USAX $5M
1Y total return
PANG +76.3%
USAX No data
Holdings
PANG 4
USAX 1
Avg volume (30D)
PANG 44.6K sh
USAX 149K sh, better
NAV per share
PANG $31.31
USAX $2.44
52W range

ETF.net Grade

PANG: Cost 70, Risk 74, Mission 94, Tradability 74, Holdings not scored, Durability 59. USAX: Cost 11, Risk 29, Mission 92, Tradability 47, Holdings not scored, Durability 51.
Pillar letters and Scores for PANG, USAX, with each pillar’s weight
PillarPANGUSAX
Cost30% weightA70HigherF11
Mission25% weightA94HigherA92
Risk15% weightA74HigherD29
Tradability15% weightA74HigherC47
Holdings10% weightNot scoredNot scored
Durability5% weightB59HigherC51

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 USAX 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 USAX 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 291DRIOXDaily Target 2X Long RIOT ETFScore 26
  7. Rank 291DUSAXTradr 2X Long USAR Daily ETFScore 26
  8. Rank 295DCIFUT-REX 2X Long CIFR Daily Target ETFScore 25

Our read on each fund

ETF.net Research

PANGALeverage Shares 2x Long PANW Daily ETF

USAXDTradr 2X Long USAR 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.

USAX Two times the daily move of USA Rare Earth (USAR) in a single ticker. It resets every day, so it is built for one trading session, not for holding the rare earth story long term.

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.

USAX The Fund seeks daily results equal to twice the daily performance of USA Rare Earth, Inc. common shares, before fees and expenses. It is intended for a holding period of one trading day.

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
  • USAX One ticker gets you 2x daily exposure to a single stock, no margin account or options approval involved.tradretfs.com
  • It has tracked its stated two-times daily target closely, which is the whole job of a daily leveraged fund.
  • Rare exposure: no other fund in its leveraged single-stock peer set is built on USA Rare Earth shares.

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.
  • USAX At 1.49% a year, it costs more than established 2x single-stock funds like GGLL (0.96%) or AMDG (0.75%).
  • Daily reset math: hold past one session and compounding can push results well away from 2x the stock's move over that stretch.
  • A small, young fund (launched 2026) with moderate trading, so spreads can be wider than the giants of the category.

Full PANG profile⁠

Full USAX profile⁠

PANG vs USAX 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 USAX Cost

Overpaying USAX vs PANG

$11,485

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

  • PANG 0.76%

    $14,656

  • USAX 1.49%

    $26,141

$10,000
30 years

Cost over time

  • PANG 0.76%
  • USAX 1.49%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530USAX $26,141PANG $14,656

Year by year

YearPANGUSAXOverpaying
10$1,353$2,574$1,221
20$5,142$9,464$4,322
30$14,656$26,141$11,485

Expense ratio

  • 0.76%PANG, cheaper
  • 1.49%USAX
  • Middle half of Single-Stock Long Leveraged funds
  • Median 0.97%

PANG 131st cheapest of 315 funds

USAX 263rd cheapest of 315 funds

PANG vs USAX Dividends

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

No distribution history available.

PANG vs USAX 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 2025USAX No data
Return per unit of riskSharpe ratio, 3 years
PANG 0.90since Apr 2025USAX No data
Worst fallMax drawdown, 5 years
PANG −62.4%since Mar 2025USAX No data
Market sensitivityBeta, 5 years
PANG 3.32USAX 0.00

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.

  • USAXDvsTSMGA

    Tradr 2X Long USAR Daily ETF · Leverage Shares 2x Long TSM Daily ETF

    Expense ratio
    1.49% · 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
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • USAXDvsUNHGA

    Tradr 2X Long USAR Daily ETF · Leverage Shares 2x Long UNH Daily ETF

    Expense ratio
    1.49% · 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.

  • USAXDvsOKTGA

    Tradr 2X Long USAR Daily ETF · Leverage Shares 2x Long OKTA Daily ETF

    Expense ratio
    1.49% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.