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

Over the window to Sep 30, 2026, AAPD finished 1.2 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 AAPD and AAPE levered on the same thing?

Yes. Both are levered on Apple, AAPD at -1 times and AAPE at +2 times the daily move.

Which one decays faster, AAPD or AAPE?

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

Can I hold AAPD 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, AAPD or AAPE?

AAPD charges 0.96% a year and AAPE charges 0.75%, so AAPE is cheaper. Fees come from each fund's prospectus.

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AAPD vs AAPE: which held to its multiple?

Over a month against its own daily promise, AAPD finished 0.7 points over and AAPE 0.8 points short. Direxion Daily AAPL Bear 1X ETF and Leverage Shares 2X Long AAPL Daily ETF.

−12.0%

AAPD returned, 3 months

+10.0%

AAPE returned, since launch

+1.2 pts

AAPD from its stated multiple

−4.6 pts

AAPE from its stated multiple

AAPD · 3 months to Sep 30, 20261.2 pts ahead of its stated multiple

AAPD returned −12.0% while −1 times AAPL's move would have been −13.2%

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	AAPD	AAPE	AAPD	AAPE	AAPD	AAPE
1 month	−4.6%	+9.2%	−5.1%	+10.2%	+0.5 pts	−1.0 pts
3 months	−12.0%	not published	−13.2%	not published	+1.2 pts	not published
6 months	−23.9%	not published	−30.5%	not published	+6.6 pts	not published
1 year	−23.6%	not published	−31.3%	not published	+7.6 pts	not published
3 years	−49.2%	not published	−97.1%	not published	+47.9 pts	not published
Since launch AAPD Aug 2022 · AAPE Jul 2026	−52.4%	+10.0%	not meaningful	+14.6%	not meaningful	−4.6 pts

AAPD 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

AAPD

Direxion Daily AAPL Bear 1X ETF · Aims to return 1 times the opposite of 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 Direxion Leverage Shares

Sets out to return -1x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch −12.0% +9.2%

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

What the stated multiple implies, over that window −13.2% +10.2%

Difference from stated, over that window +1.2 pts −1.0 pts

Fund returned, 1 year or since launch −23.6% +10.0%

Difference from stated, over that window +7.6 pts −4.6 pts

Underlying volatility 28% 23%

Difference over the days both have traded no shared window −1.0 pts

Expense ratio 0.96% 0.75%

Launched Aug 9, 2022 Jul 7, 2026

Net assets $13m $797,000

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

AAPD in plain words

Three months to Sep 30, 2026: AAPD returned −12.0% where its own daily promise gave −13.4%, 1.4 points over. Read the multiple against the whole window instead and −1 times AAPL's 13.2% implies −13.2%, which makes AAPD look 1.2 points over. 0.2 of that is daily compounding, which happens to any −1 times fund over the same path, and the rest is the fund. AAPD aims to return -1 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 -1 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. 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.

Questions people ask

Which came closer to its stated multiple, AAPD or AAPE?: Over the window to Sep 30, 2026, AAPD finished 1.2 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 AAPD and AAPE levered on the same thing?: Yes. Both are levered on Apple, AAPD at -1 times and AAPE at +2 times the daily move.
Which one decays faster, AAPD or AAPE?: Decay follows how much the underlying moves about. Over this window AAPD’s moved at 28% annualized and AAPE’s at 23%, so AAPD has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPD 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, AAPD or AAPE?: AAPD charges 0.96% a year and AAPE charges 0.75%, so AAPE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

AAPD filings on SEC EDGAR ↗AAPD prospectus with the expense ratio (SEC) ↗Direxion website ↗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, AAPD against AAPE, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aapd-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.