Leverage Shares 2x Long PANW Daily ETF
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- Leverage Shares 2x Long PANW Daily ETF (PANG) is an actively managed exchange-traded fund that seeks daily investment results, before fees and expenses, corresponding to two times (200%) the daily performance of the common stock of Palo Alto Networks, Inc. (NASDAQ: PANW); the fund employs derivatives including swaps with counterparties such as Cantor, Marex, and Clearstreet, alongside holdings in treasury obligations funds and cash equivalents; it trades on NASDAQ with a total expense ratio of 0.75%, no margin call risk, and losses capped at the invested amount. Launched on March 21, 2025, the ETF is issued under the Themes ETFs Trust, with Themes Management Company LLC as adviser and ALPS Distributors, Inc. as distributor, and operates from Greenwich, Connecticut, as part of Leverage Shares' broader platform headquartered there since its founding in 2017. The fund targets sophisticated active traders seeking leveraged short-term exposure to PANW, a cybersecurity leader, without direct investment in the underlying stock, and features daily rebalancing to maintain its 2x leverage amid volatility and compounding effects. In recent developments, Leverage Shares expanded its U.S. single-stock leveraged ETF lineup including new 2x products on stocks like IREN, BE, GEV, and SATS in late 2025, alongside European launches of 19 ETPs in September 2025 featuring first-ever 3x leveraged products on HOOD, HIMS, and UNH, and further additions in November 2025 such as 2x ETFs on NU, NET, OKTA, TER, NEM, CMG, ABNB, SPOT, and SBUX, reflecting record trading volumes up 86% year-to-date through August 2025. PANG maintains approximately 250,000 shares outstanding and managed assets around $4-5 million as of late 2025, with geographic focus on U.S. markets through its NASDAQ listing and ties to Leverage Shares' operations in Europe including the UK and Ireland.