Leverage Shares 2X Long PANW Daily ETF (PANG)

Leverage Shares 2X Long PANW Daily ETF (PANG) seeks daily investment results, before fees and expenses, of 2 times (2x) the daily percentage change in the share price of Palo Alto Networks (PANW). It is a single-stock leveraged ETF sponsored by Leverage Shares, giving amplified long exposure to one company.

The underlying company, Palo Alto Networks, is a cybersecurity company, based in Santa Clara, California, that sells network firewalls, cloud security and security operations software and services. The fund does not usually own the reference shares outright in the required amount; instead it obtains its exposure mainly through derivatives such as swap agreements and options, backed by cash and short-term Treasury holdings.

Because the fund rebalances to its target exposure every day, its stated multiple applies to a single day only. Over periods longer than one day, compounding means the fund's cumulative return can differ significantly from 2 times the stock's return over the same period, particularly when the share price is volatile.