What this ETF is trying to do

The LEVERAGE SHARES 2X LONG PANW DAILY ETF (PANG) is a leveraged ETF. This means it uses financial tools to try and multiply the daily movement of a specific stock. In this case, it focuses on Palo Alto Networks Inc (PANW). It is designed for investors who want a larger daily move than the stock provides on its own.

What the numbers show

As of October 5, 2026, the share price is $40.21.

The ETF has seen significant growth recently:

• Year-to-Date (YTD) Price Return: Approximately 263.12%.

• One-Year Price Return: Approximately 145.95%. This measures only the change in the share price.

• One-Year Total Return: Approximately 173.99%. This is a different measure that includes both the share-price change and distributions.

To put the one-year price return in perspective, if you had invested $10,000 in this ETF roughly one year ago at the estimated price of $16.35, the value of those shares alone would have grown by about 145.95%.

Income and distribution explanation

This ETF has a distribution yield of approximately 3.23%. Over the last 12 months, it has made one payout totaling $1.30 per share. The distribution frequency is listed as irregular or less frequent.

It is important for beginners to know that a distribution yield is not the same as a total return. A high yield does not guarantee that an investor earned that percentage as a profit, nor does it guarantee that the original investment is safe.

NAV erosion explanation

"NAV erosion" happens when the value of an ETF's underlying assets wears away over time, often causing the share price to drop even if the market seems stable.

For this ETF, the erosion-risk score is 100, and the erosion severity is labeled as "good." The data indicates that no price erosion has been detected, and the severe erosion-risk flag is false.

Top Holdings

As of October 7, 2026, the ETF holds two assets:

• Palo Alto Networks Inc (PANW): 66.17%

• First American Treasury Obligs X (FXFXX): 4.87%

Pros

• The ETF has shown very high price and total returns over the last year and year-to-date.

• There is currently no detected NAV erosion.

Cons

• The distribution payments are irregular and infrequent.

• Because it is a leveraged ETF, it is designed for daily movements, which can be more volatile than standard ETFs.

Beginner takeaway

PANG is a specialized tool that multiplies the daily movement of one company. While the recent returns have been very high, beginners should remember that high yields or past gains do not guarantee future results. Always distinguish between "price return" (the stock price change) and "total return" (price change plus cash payouts).