Data as of .
AAPE vs AAPU: which held to its multiple?
Over the days both have traded, AAPE finished 0.7 points from its stated multiple and AAPU 0.6.
Performance, window by window
| Window | Total return | Multiple would give | Difference | |||
|---|---|---|---|---|---|---|
| AAPE | AAPU | AAPE | AAPU | AAPE | AAPU | |
| 1 month | +19.2% | +19.2% | +19.9% | +19.9% | −0.7 pts | −0.6 pts |
| 3 months | not published | +24.3% | not published | +28.5% | not published | −4.1 pts |
| 6 months | not published | +63.0% | not published | +66.2% | not published | −3.2 pts |
| 1 year | not published | +80.2% | not published | +90.0% | not published | −9.8 pts |
| 3 years | not published | +130.0% | not published | +182.0% | not published | −52.0 pts |
| Since launch | +10.0% | +132.9% | +14.1% | not meaningful | −4.1 pts | not meaningful |
| AAPE Leverage Shares 2X Long AAPL Daily ETF Aims to return twice the daily move of Apple (AAPL) | AAPU Direxion Daily AAPL Bull 2X ETF Aims to return twice the daily move of Apple (AAPL) | |
|---|---|---|
| Issuer | Leverage Shares | Direxion |
| Sets out to return | +2x | +2x |
| On | AAPL | AAPL |
| Segment | company | company |
| Fund returned, 3 months | +19.2% | +24.3% |
| Underlying returned, 3 months | +9.9% | +14.2% |
| What the stated multiple implies, 3 months | +19.9% | +28.5% |
| Difference from stated, 3 months | −0.7 pts | −4.1 pts |
| Fund returned, 1 year or since launch | +10.0% | +80.2% |
| Difference from stated, over that window | −4.1 pts | −9.8 pts |
| Underlying volatility | 23% | 32% |
| Difference over the days both have traded | −0.7 pts | −0.6 pts |
| Expense ratio | 0.75% | 0.96% |
| Launched | Jul 7, 2026 | Aug 9, 2022 |
AAPE in plain words
One month to Sep 11, 2026: AAPE returned +19.2% where its own daily promise gave +20.3%, 1.1 points short. Read the multiple against the whole window instead and +2 times AAPL's 9.9% implies +19.9%, which makes AAPE look 0.7 points short. 0.4 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. AAPE aims to return +2 times AAPL's move each day, then resets. Over one day it does that. Over longer, the daily results compound, so the total is not +2 times the period's move: in a market that falls and comes back it is reliably less, and in a steady run it can be more. AAPL moved at 23% annualized over that window. That is what decides how far the two figures separate: the same fund on a calm underlying and a violent one is a different product.
AAPU in plain words
Three months to Sep 11, 2026: AAPU returned +24.3% where its own daily promise gave +27.2%, 2.9 points short. Read the multiple against the whole window instead and +2 times AAPL's 14.2% implies +28.5%, which makes AAPU look 4.1 points short. 1.3 of that is daily compounding, which happens to any +2 times fund over the same path, and the rest is the fund. AAPU aims to return +2 times AAPL's move each day, then resets. AAPL moved at 32% annualized over that window.
Questions people ask
- Which came closer to its stated multiple, AAPE or AAPU?
- Over the window to Sep 11, 2026, AAPE finished 0.7 points from what its multiple implies and AAPU finished 4.1 points from its own, so AAPE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
- Are AAPE and AAPU levered on the same thing?
- Yes. Both are levered on Apple, AAPE at +2 times and AAPU at +2 times the daily move.
- Which one decays faster, AAPE or AAPU?
- Decay follows how much the underlying moves about. Over this window AAPE’s moved at 23% annualized and AAPU’s at 32%, so AAPU has the rougher ride and, at the same multiple, loses more to compounding.
- Can I hold AAPE or AAPU for a year?
- Both reset every day, so the multiple in the name applies to a single day and the daily results compound. Over a year the total is not the multiple times the year’s move, and in a market that falls and comes back it is reliably less. ETFIQ makes no recommendation either way.
- Which is cheaper, AAPE or AAPU?
- AAPE charges 0.75% a year and AAPU charges 0.96%, so AAPE is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, AAPE against AAPU, data as of Sep 11, 2026. https://etfiq.com/compare/leverage/AAPE-AAPU Free to use with attribution; the underlying files are at Open data.