{
 "ticker": "PANG",
 "name": "Leverage Shares 2X Long PANW Daily ETF",
 "issuer": "Leverage Shares",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/pang",
 "html": "https://etfiq.com/funds/pang",
 "markdown": "https://etfiq.com/funds/pang.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: PANG returned +13.6% where its own daily promise gave +16.9%, 3.3 points short.",
 "key_facts": [
  {
   "key": "what_panw_did",
   "label": "What PANW did",
   "value": "+12.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PANG, what PANW did: +12.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_2_times_a_day_gives",
   "label": "What 2 times a day gives",
   "value": "+16.9%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PANG, what 2 times a day gives: +16.9%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "+13.6%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PANG, what the fund returned: +13.6%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_cost",
   "label": "The fund itself cost",
   "value": "\u22123.3 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "PANG, the fund itself cost: \u22123.3 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$11m",
   "source": "issuer page, as of Sep 29, 2026",
   "as_of": "2026-09-30",
   "sentence": "PANG, net assets: $11m (issuer page, as of Sep 29, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.76%",
   "source": "485BPOS XBRL, Feb 27, 2026",
   "as_of": "2026-09-30",
   "sentence": "PANG, expense ratio: 0.76% (485BPOS XBRL, Feb 27, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "+2 times the daily move of PANW, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "+1.06 times, against +2 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "PANW",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "single stock, company",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$11m",
   "source": "issuer page, as of Sep 29, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "0.76%",
   "source": "485BPOS XBRL, Feb 27, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Mar 21, 2025",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "60% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+3.7%",
   "PANW": "+4.0%",
   "+2x the move": "+7.9%",
   "Difference": "\u22124.3 pts",
   "PANW moved about": "67%"
  },
  {
   "window": "3 months",
   "Fund": "+13.6%",
   "PANW": "+12.9%",
   "+2x the move": "+25.7%",
   "Difference": "\u221212.1 pts",
   "PANW moved about": "60%"
  },
  {
   "window": "6 months",
   "Fund": "+395.0%",
   "PANW": "+147.3%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "PANW moved about": "57%"
  },
  {
   "window": "1 year",
   "Fund": "+171.7%",
   "PANW": "+95.1%",
   "+2x the move": "+190.2%",
   "Difference": "\u221218.6 pts",
   "PANW moved about": "48%"
  },
  {
   "window": "Since launch",
   "Fund": "+192.5%",
   "PANW": "+117.9%",
   "+2x the move": "not meaningful over this window",
   "Difference": "not meaningful over this window",
   "PANW moved about": "45%"
  }
 ],
 "questions": [
  {
   "q": "Did PANG return +2 times PANW?",
   "a": "Over the window to Sep 30, 2026, PANW moved +12.9% and PANG returned +13.6%. 2 times that move is +25.7%, so the fund came out 12.1 points short of it."
  },
  {
   "q": "Why does PANG not return +2 times over a year?",
   "a": "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."
  },
  {
   "q": "Which +2x PANW ETF tracked its stated multiple most closely?",
   "a": "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 figure itself."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}