# PANG (Leverage Shares 2X Long PANW Daily ETF)

Leverage Shares · Leveraged ETFs · data as of Sep 11, 2026

Three months to Sep 11, 2026: PANG returned +25.2% where its own daily promise gave +29.5%, 4.3 points short.

## Key facts

- PANG, what PANW did: +18.3%, as of Sep 11, 2026.
- PANG, what +2 times a day gives: +29.5%, as of Sep 11, 2026.
- PANG, what the fund returned: +25.2%, as of Sep 11, 2026.
- PANG, the fund itself cost: −4.3 pts, as of Sep 11, 2026.
- PANG, net assets: $10m (issuer page, as of Sep 10, 2026).
- PANG, expense ratio: 0.76% (485BPOS XBRL, Feb 27, 2026).

## PANG over each window to Sep 11, 2026

| Window | Fund | PANW | +2x the move | Difference | PANW moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −30.6% | −14.6% | −29.1% | −1.4 pts | 65% |
| 3 months | +25.2% | +18.3% | +36.5% | −11.3 pts | 57% |
| 6 months | +218.3% | +98.0% | +196.0% | +22.3 pts | 55% |
| 1 year | +100.4% | +66.7% | +133.4% | −33.1 pts | 45% |
| Since launch | +106.7% | +81.4% | +162.7% | −56.0 pts | 44% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | +2 times the daily move of PANW, reset daily | ETFIQ |
| Multiple a holder actually got over the window | +1.38 times, against +2 stated | ETFIQ |
| Underlying | PANW | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $10m | issuer page, as of Sep 10, 2026 |
| Expense ratio | 0.76% | 485BPOS XBRL, Feb 27, 2026 |
| Launched | Mar 21, 2025 | ETFIQ |
| Underlying volatility over the window | 57% annualized | ETFIQ |

## Questions

### Did PANG return +2 times PANW?

Over the window to Sep 11, 2026, PANW moved +18.3% and PANG returned +25.2%. 2 times that move is +36.5%, so the fund came out 11.3 points short of it.

### Why does PANG not return +2 times over a year?

Because it resets daily. PANG aims at +2 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what +2 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.

### Which +2x PANW ETF tracked its stated multiple most closely?

2 issuers sell one. Over the days all of them have been trading, the table on this page ranks them by how far each finished from 2 times the underlying's move. ETFIQ does not rate funds; the order is the arithmetic.


## Cite this page

ETFIQ, PANG, data as of Sep 11, 2026. https://etfiq.com/funds/PANG
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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