The Leverage Shares 2X Long PANW Daily ETF (NASDAQ: PANG) is a daily leveraged exchange-traded fund designed to provide 200% (2X) of the daily performance of Palo Alto Networks, Inc. (NASDAQ: PANW), before fees and expenses. The fund is structured for sophisticated investors and active traders seeking magnified short-term exposure to one of the world's leading cybersecurity companies.

Palo Alto Networks occupies a central position in the global cybersecurity ecosystem, providing next-generation firewall, cloud security, security operations, endpoint protection, and artificial-intelligence-driven cybersecurity solutions. As enterprises, governments, and critical infrastructure increasingly migrate workloads to cloud environments, cybersecurity spending remains closely linked to digital transformation, threat activity, artificial intelligence adoption, and the need to consolidate security platforms.

PANG provides a leveraged equity expression of PANW's daily price movement. Unlike a conventional ETF that holds a diversified basket of companies, PANG is designed around a single underlying security. The fund obtains its exposure primarily through swap agreements referencing PANW, with U.S. Treasury obligations used as collateral. As of September 10, 2026, its disclosed portfolio included PANW swaps with multiple counterparties and Treasury obligations, while the fund maintained approximately 2X economic exposure to PANW.

This report is available to subscribers only

Interested?

Enter your details below and our team will help you to decide if this product is best for you.

Get OTP

Verify

Yes, I am Interested Please wait processing your request...

Past performance is not a reliable indicator of future performance.