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

Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPU finished 3.5 points from its own, so AAPB came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AAPB and AAPU levered on the same thing?

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

Which one decays faster, AAPB or AAPU?

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

Can I hold AAPB 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, AAPB or AAPU?

AAPB charges 1.15% a year and AAPU charges 0.96%, so AAPU is cheaper. Fees come from each fund's prospectus.

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AAPB vs AAPU: which held to its multiple?

Over the days both have traded, AAPB finished 0.7 points from its stated multiple and AAPU 1.3. GraniteShares 2x Long AAPL Daily ETF and Direxion Daily AAPL Bull 2X ETF.

+23.7%

AAPB returned, 3 months

+22.9%

AAPU returned, 3 months

−2.7 pts

AAPB from its stated multiple

−3.5 pts

AAPU 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%

AAPU · 3 months to Sep 30, 20263.5 pts short of its stated multiple

AAPU returned +22.9% while 2 times AAPL's move would have been +26.4%

ETFIQ Decay Resistance Score · AAPB scores higherDid it keep up with its own daily multiple, compounded day by day?

AAPB 71.9

AAPU 48.6

0.1, the lowest in this set99.9, the highest

A percentile among the 470 leveraged ETFs, long, over three months. It is a position in a set, not a rating, and neither end of it is a recommendation. All leveraged ETFs ranked by it → How it is computed →

Performance, window by window

	Total return		Multiple would give		Difference
Window	AAPB	AAPU	AAPB	AAPU	AAPB	AAPU
1 month	+9.5%	+8.9%	+10.2%	+10.2%	−0.7 pts	−1.3 pts
3 months	+23.7%	+22.9%	+26.4%	+26.4%	−2.7 pts	−3.5 pts
6 months	+58.2%	+56.9%	+61.0%	+61.0%	−2.9 pts	−4.1 pts
1 year	+51.5%	+48.4%	+62.5%	+62.5%	−11.0 pts	−14.2 pts
3 years	+135.6%	+141.2%	+194.2%	+194.2%	−58.6 pts	−53.0 pts
Since launch AAPB Aug 2022 · AAPU Aug 2022	+115.4%	+132.8%	not meaningful	not meaningful	not meaningful	not meaningful

AAPB and AAPU 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)

AAPU

Direxion Daily AAPL Bull 2X ETF · Aims to return twice the daily move of Apple (AAPL)

Issuer GraniteShares Direxion

Sets out to return +2x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +23.7% +22.9%

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

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

Difference from stated, over that window −2.7 pts −3.5 pts

Fund returned, 1 year or since launch +51.5% +48.4%

Difference from stated, over that window −11.0 pts −14.2 pts

Underlying volatility 28% 28%

Difference over the days both have traded −0.7 pts −1.3 pts

Expense ratio 1.15% 0.96%

Launched Aug 9, 2022 Aug 9, 2022

Net assets $17m $156m

AAPB and AAPU 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.

AAPU in plain words

Three months to Sep 30, 2026: AAPU returned +22.9% where its own daily promise gave +25.6%, 2.7 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPU look 3.5 points short. AAPU aims to return +2 times AAPL's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, AAPB or AAPU?: Over the window to Sep 30, 2026, AAPB finished 2.7 points from what its multiple implies and AAPU finished 3.5 points from its own, so AAPB came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AAPB and AAPU levered on the same thing?: Yes. Both are levered on Apple, AAPB at +2 times and AAPU at +2 times the daily move.
Which one decays faster, AAPB or AAPU?: Decay follows how much the underlying moves about. Over this window AAPB’s moved at 28% annualized and AAPU’s at 28%, so AAPB has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPB 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, AAPB or AAPU?: AAPB charges 1.15% a year and AAPU charges 0.96%, so AAPU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

AAPB on its own →AAPU 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 ↗AAPU filings on SEC EDGAR ↗AAPU prospectus with the expense ratio (SEC) ↗Direxion 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 AAPU, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapb-vs-aapu

Open data

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