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

Over the window to Sep 30, 2026, AAPE finished 1.0 points from what its multiple implies and AAPU finished 3.5 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 28%, 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.

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AAPE vs AAPU: which held to its multiple?

Over the days both have traded, AAPE finished 1.0 points from its stated multiple and AAPU 1.3. Leverage Shares 2X Long AAPL Daily ETF and Direxion Daily AAPL Bull 2X ETF.

+10.0%

AAPE returned, since launch

+22.9%

AAPU returned, 3 months

−4.6 pts

AAPE from its stated multiple

−3.5 pts

AAPU from its stated multiple

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%

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%

Performance, window by window

	Total return		Multiple would give		Difference
Window	AAPE	AAPU	AAPE	AAPU	AAPE	AAPU
1 month	+9.2%	+8.9%	+10.2%	+10.2%	−1.0 pts	−1.3 pts
3 months	not published	+22.9%	not published	+26.4%	not published	−3.5 pts
6 months	not published	+56.9%	not published	+61.0%	not published	−4.1 pts
1 year	not published	+48.4%	not published	+62.5%	not published	−14.2 pts
3 years	not published	+141.2%	not published	+194.2%	not published	−53.0 pts
Since launch AAPE Jul 2026 · AAPU Aug 2022	+10.0%	+132.8%	+14.6%	not meaningful	−4.6 pts	not meaningful

AAPE 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

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

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +9.2% +22.9%

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

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

Difference from stated, over that window −1.0 pts −3.5 pts

Fund returned, 1 year or since launch +10.0% +48.4%

Difference from stated, over that window −4.6 pts −14.2 pts

Underlying volatility 23% 28%

Difference over the days both have traded −1.0 pts −1.3 pts

Expense ratio 0.75% 0.96%

Launched Jul 7, 2026 Aug 9, 2022

Net assets $797,000 $156m

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

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 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 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. 0.8 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 28% annualized over that window.

Questions people ask

Which came closer to its stated multiple, AAPE or AAPU?: Over the window to Sep 30, 2026, AAPE finished 1.0 points from what its multiple implies and AAPU finished 3.5 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 28%, 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

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

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

Where these figures came from

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