Which came closer to its stated multiple, AAPB or AAPE?

Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPE finished 1.0 points from its own, so AAPE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AAPB and AAPE levered on the same thing?

Yes. Both are levered on Apple, AAPB at +2 times and AAPE at +2 times the daily move.

Which one decays faster, AAPB or AAPE?

Decay follows how much the underlying moves about. Over this window AAPB’s moved at 28% annualized and AAPE’s at 23%, so AAPB has the rougher ride and, at the same multiple, loses more to compounding.

Can I hold AAPB or AAPE 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, AAPB or AAPE?

AAPB charges 1.15% a year and AAPE charges 0.75%, so AAPE is cheaper. Fees come from each fund's prospectus.

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AAPB vs AAPE: which held to its multiple?

Over the days both have traded, AAPB finished 0.7 points from its stated multiple and AAPE 1.0. GraniteShares 2x Long AAPL Daily ETF and Leverage Shares 2X Long AAPL Daily ETF.

+23.7%

AAPB returned, 3 months

+10.0%

AAPE returned, since launch

−2.7 pts

AAPB from its stated multiple

−4.6 pts

AAPE from its stated multiple

AAPB · 3 months to Sep 30, 20262.7 pts short of its stated multiple

AAPB returned +23.7% while 2 times AAPL's move would have been +26.4%

AAPE · 1 month to Sep 30, 20261 pt short of its stated multiple

AAPE returned +9.2% while 2 times AAPL's move would have been +10.2%

Performance, window by window

	Total return		Multiple would give		Difference
Window	AAPB	AAPE	AAPB	AAPE	AAPB	AAPE
1 month	+9.5%	+9.2%	+10.2%	+10.2%	−0.7 pts	−1.0 pts
3 months	+23.7%	not published	+26.4%	not published	−2.7 pts	not published
6 months	+58.2%	not published	+61.0%	not published	−2.9 pts	not published
1 year	+51.5%	not published	+62.5%	not published	−11.0 pts	not published
3 years	+135.6%	not published	+194.2%	not published	−58.6 pts	not published
Since launch AAPB Aug 2022 · AAPE Jul 2026	+115.4%	+10.0%	not meaningful	+14.6%	not meaningful	−4.6 pts

AAPB and AAPE over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →

On the same fields

AAPB

GraniteShares 2x Long AAPL Daily ETF · Aims to return twice the daily move of Apple (AAPL)

AAPE

Leverage Shares 2X Long AAPL Daily ETF · Aims to return twice the daily move of Apple (AAPL)

Issuer GraniteShares Leverage Shares

Sets out to return +2x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +23.7% +9.2%

Underlying returned, over that window +13.2% +5.1%

What the stated multiple implies, over that window +26.4% +10.2%

Difference from stated, over that window −2.7 pts −1.0 pts

Fund returned, 1 year or since launch +51.5% +10.0%

Difference from stated, over that window −11.0 pts −4.6 pts

Underlying volatility 28% 23%

Difference over the days both have traded −0.7 pts −1.0 pts

Expense ratio 1.15% 0.75%

Launched Aug 9, 2022 Jul 7, 2026

Net assets $17m $797,000

AAPB and AAPE on the same fields, as of Sep 30, 2026. Source: ETFIQ.

AAPB in plain words

Three months to Sep 30, 2026: AAPB returned +23.7% where its own daily promise gave +25.6%, 1.9 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPB look 2.7 points short. 0.8 of that is daily compounding, which happens to any 2 times fund over the same path, and the rest is the fund. AAPB 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 28% 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.

AAPE in plain words

One month to Sep 30, 2026: AAPE returned +9.2% where its own daily promise gave +10.0%, 0.8 points short. Read the multiple against the whole window instead and 2 times AAPL's 5.1% implies +10.2%, which makes AAPE look 1.0 points short. 0.2 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. AAPL moved at 23% annualized over that window.

Questions people ask

Which came closer to its stated multiple, AAPB or AAPE?: Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPE finished 1.0 points from its own, so AAPE came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AAPB and AAPE levered on the same thing?: Yes. Both are levered on Apple, AAPB at +2 times and AAPE at +2 times the daily move.
Which one decays faster, AAPB or AAPE?: Decay follows how much the underlying moves about. Over this window AAPB’s moved at 28% annualized and AAPE’s at 23%, so AAPB has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPB or AAPE 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, AAPB or AAPE?: AAPB charges 1.15% a year and AAPE charges 0.75%, so AAPE is cheaper. Fees come from each fund's prospectus.

Other comparisons

AAPB vs AAPD AAPB vs AAPU AAPB vs AAPX AAPB vs IOSX AAPE vs AAPU AAPE vs AAPX AAPE vs IOSX AAPE vs AAPD

AAPB on its own →AAPE on its own →How every figure is computed →Standards and sources →

Where these figures came from

AAPB filings on SEC EDGAR ↗AAPB prospectus with the expense ratio (SEC) ↗GraniteShares page for AAPB ↗AAPE filings on SEC EDGAR ↗AAPE prospectus with the expense ratio (SEC) ↗Leverage Shares website ↗

ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.

Cite this page

ETFIQ, AAPB against AAPE, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapb-vs-aape

Open data

Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.