At a glance
PANG charges 0.76% a year. It has $7.2M in assets; it paid 3.42% of its price in distributions over the past 12 months, annual. Over the past year it returned +131.4% with distributions reinvested (S&P 500: +11.5%).
The short version
Leverage Shares 2X Long PANW Daily ETF (PANG) aims to return twice the daily percentage change in Palo Alto Networks (PANW) stock, before fees. It gets that exposure through contracts called swaps and options rather than simply holding shares. It is built for traders who want a doubled, one-day position in a single software company. Because the leverage resets every day, results over longer periods can stray far from double the stock's return. The fund fell 62.4% between October 2025 and February 2026.
Price history
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PANG +131.4% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| PANG price data to Oct 27, 2026 | +242.9% | +131.4% | — | — | — | +93.4% |
- Over the year to Oct 27, 2026, PANG returned +131.4%.
- The deepest fall in its price history was 62.4% (Oct 28, 2025 to Feb 24, 2026), recovered by May 15, 2026.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +242.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
No distribution history is available for this fund.
Distributions through Oct 27, 2026.What's inside
As of Jul 31, 2026, the fund held 0 securities; the ten largest made up 0% of assets, and 6.88% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $7.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +138.34%, +41.75%, -8.34%.
How it works
PANG is an actively managed ETF advised by Themes Management Company, LLC. It doesn't follow an index. It aims to return 200% of the daily percentage change in Palo Alto Networks (PANW) stock, before fees and expenses. At least 80% of net assets go into PANW or into derivatives, which are contracts whose value tracks the stock. Together they deliver the doubled exposure.
The main tool is the swap. In a swap, a financial firm pays the fund PANW's gains on a set dollar amount, and the fund pays any losses. As of July 31, 2026, its swap partners were Marex, Cantor and Clear Street. The fund may also use exchange-listed options lasting one week to one month. One example is a deep in-the-money call, which is a right to purchase the stock at a price well below its market price. Between 25% and 50% of assets either back the swaps as collateral, kept in cash-like holdings, or pay for options.
At each market close, the adviser rebalances. It adds exposure after PANW rises and trims it after a fall. Because of this daily reset, returns compound day by day. Over longer periods they can differ sharply from twice the stock's return, especially when the stock zigzags. The fund is non-diversified, so its fate rests on one company. If PANW moved more than 50% against the fund in one day, shareholders would lose everything.
What it really costs
- PANG charges 0.76% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $78 in the first year and $942 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| PANG | $78 | $243 | $422 | $942 |
In a retirement portfolio
The prospectus says PANG seeks its doubled return for a single trading day only, and its 62.4% drop shows how fast losses can build.
PANG launched on March 21, 2025. It has no record through the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market, and no full calendar year of results. Its deepest fall was 62.4%, from October 28, 2025 to February 24, 2026. It regained that peak on May 15, 2026, 2.6 months after the low. Anyone forced to raise cash near the bottom would have locked in a steep loss. One-year volatility, a measure of how widely returns swing, was 95% as of October 27, 2026.
Its trailing 12-month yield was 3.42% ($1.30 per share) as of October 27, 2026, paid once a year. Payouts from a swap-based fund can vary widely. Expenses are 0.76% a year, or $78 on $10,000 after one year in the SEC's standard example. Past results don't predict future returns, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want twice Palo Alto Networks' one-day stock move and can check and adjust their position every trading day.
- Traders who can stomach extreme swings: one-year volatility of 95% as of October 27, 2026, and a 62.4% fall from October 2025 to February 2026.
- Investors who understand swaps, counterparty risk (a swap partner failing to pay) and daily compounding, and who accept that losing everything is possible.
Look elsewhere if
- Retirees and long-term savers, since the fund aims for 200% of PANW's move over a single trading day, not over months or years.
- Income seekers: its 3.42% trailing yield, as of October 27, 2026, came from a once-a-year payout by a swap-based fund, not steady stock dividends.
- Anyone who wants diversification or a large fund: PANG is tied to one software stock and had about $7.2 million in net assets as of July 31, 2026.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is PANG a good long-term investment?
It isn't designed to be one. The prospectus says PANG seeks twice Palo Alto Networks' daily move for a single trading day only. Over longer stretches the daily resets compound, so results can land far above or below double the stock's return. Its own record shows how wide the range is. The fund fell 62.4% from October 28, 2025 to February 24, 2026, yet returned 131.4% over the year ending October 27, 2026. It also has no full calendar year of results.
What happens to PANG if PANW drops 50% in one day?
Shareholders would be wiped out. The prospectus states that if Palo Alto Networks stock moves more than 50% against the fund in a single trading day, investors would lose all their money, because the fund carries double exposure. Smaller drops are magnified too: before fees, a bad day for the stock is roughly twice as bad for the fund. Losses can also grow if a swap partner fails to pay or if the fund can't rebalance correctly.
Does PANG pay dividends?
It has made payouts, but it isn't an income fund. As of October 27, 2026, its trailing 12-month yield was 3.42%, or $1.30 per share, and it pays once a year. As of July 31, 2026, its exposure to Palo Alto Networks came through swaps rather than shares held directly. So its payouts aren't a steady dividend stream and can vary widely or stop. With one-year volatility of 95%, price swings can also easily outweigh any payout.
What is PANG's expense ratio?
PANG's expense ratio, the yearly fee taken from fund assets, is 0.76%, according to its prospectus filed February 27, 2026. Nearly all of it is a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and all shares redeemed at the end of each period. On that basis, total costs come to $78 after one year, $243 after three, $422 after five and $942 after ten. The fee applies every year, whatever the fund returns.
What's the difference between PANG and PANW stock?
PANW is Palo Alto Networks' own stock. PANG is a fund that aims for twice the stock's daily move. Owning the shares gives the stock's return over any period. PANG resets its leverage each day, so its longer-term results drift away from double the stock's. It also adds a 0.76% annual fee and counterparty risk, which is the chance a swap partner fails to pay. A direct shareholder keeps whatever value is left after a crash, but a one-day PANW drop of more than 50% would wipe out PANG shareholders.