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

Over the window to Sep 30, 2026, AAPE finished 1.0 points from what its multiple implies and AAPX finished 3.6 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 AAPX levered on the same thing?

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

Which one decays faster, AAPE or AAPX?

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

Can I hold AAPE or AAPX 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 AAPX?

AAPE charges 0.75% a year and AAPX charges 1.05%, so AAPE is cheaper. Fees come from each fund's prospectus.

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AAPE vs AAPX: which held to its multiple?

Over the days both have traded, AAPE finished 1.0 points from its stated multiple and AAPX 1.0. Leverage Shares 2X Long AAPL Daily ETF and T-REX 2X LONG APPLE DAILY TARGET ETF.

+10.0%

AAPE returned, since launch

+22.8%

AAPX returned, 3 months

−4.6 pts

AAPE from its stated multiple

−3.6 pts

AAPX 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%

AAPX · 3 months to Sep 30, 20263.6 pts short of its stated multiple

AAPX returned +22.8% while 2 times AAPL's move would have been +26.4%

Performance, window by window

	Total return		Multiple would give		Difference
Window	AAPE	AAPX	AAPE	AAPX	AAPE	AAPX
1 month	+9.2%	+9.2%	+10.2%	+10.2%	−1.0 pts	−1.0 pts
3 months	not published	+22.8%	not published	+26.4%	not published	−3.6 pts
6 months	not published	+54.9%	not published	+61.0%	not published	−6.1 pts
1 year	not published	+43.6%	not published	+62.5%	not published	−18.9 pts
Since launch AAPE Jul 2026 · AAPX Jan 2024	+10.0%	+94.7%	+14.6%	+163.2%	−4.6 pts	−68.6 pts

AAPE and AAPX 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)

AAPX

T-REX 2X LONG APPLE DAILY TARGET ETF · Aims to return twice the daily move of Apple (AAPL)

Issuer Leverage Shares T-REX

Sets out to return +2x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +9.2% +22.8%

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 −3.6 pts

Fund returned, 1 year or since launch +10.0% +43.6%

Difference from stated, over that window −4.6 pts −18.9 pts

Underlying volatility 23% 28%

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

Expense ratio 0.75% 1.05%

Launched Jul 7, 2026 Jan 11, 2024

Net assets $797,000 $9m

AAPE and AAPX 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.

AAPX in plain words

Three months to Sep 30, 2026: AAPX returned +22.8% where its own daily promise gave +25.6%, 2.8 points short. Read the multiple against the whole window instead and 2 times AAPL's 13.2% implies +26.4%, which makes AAPX look 3.6 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. AAPX 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 AAPX?: Over the window to Sep 30, 2026, AAPE finished 1.0 points from what its multiple implies and AAPX finished 3.6 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 AAPX levered on the same thing?: Yes. Both are levered on Apple, AAPE at +2 times and AAPX at +2 times the daily move.
Which one decays faster, AAPE or AAPX?: Decay follows how much the underlying moves about. Over this window AAPE’s moved at 23% annualized and AAPX’s at 28%, so AAPX has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPE or AAPX 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 AAPX?: AAPE charges 0.75% a year and AAPX charges 1.05%, so AAPE is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

AAPE on its own →AAPX 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 ↗AAPX filings on SEC EDGAR ↗AAPX prospectus with the expense ratio (SEC) ↗T-REX page for AAPX ↗

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 AAPX, data as of Sep 30, 2026. https://etfiq.com/compare/leverage/aape-vs-aapx

Open data

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