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

Over the window to Sep 30, 2026, AAPU finished 3.5 points from what its multiple implies and AAPX finished 3.6 points from its own, so AAPU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.

Are AAPU and AAPX levered on the same thing?

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

Which one decays faster, AAPU or AAPX?

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

Can I hold AAPU 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, AAPU or AAPX?

AAPU charges 0.96% a year and AAPX charges 1.05%, so AAPU is cheaper. Fees come from each fund's prospectus.

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AAPU vs AAPX: which held to its multiple?

Over the days both have traded, AAPU finished 1.3 points from its stated multiple and AAPX 1.0. Direxion Daily AAPL Bull 2X ETF and T-REX 2X LONG APPLE DAILY TARGET ETF.

+22.9%

AAPU returned, 3 months

+22.8%

AAPX returned, 3 months

−3.5 pts

AAPU from its stated multiple

−3.6 pts

AAPX from its stated multiple

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%

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%

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

AAPU 48.6

AAPX 45.6

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	AAPU	AAPX	AAPU	AAPX	AAPU	AAPX
1 month	+8.9%	+9.2%	+10.2%	+10.2%	−1.3 pts	−1.0 pts
3 months	+22.9%	+22.8%	+26.4%	+26.4%	−3.5 pts	−3.6 pts
6 months	+56.9%	+54.9%	+61.0%	+61.0%	−4.1 pts	−6.1 pts
1 year	+48.4%	+43.6%	+62.5%	+62.5%	−14.2 pts	−18.9 pts
3 years	+141.2%	not published	+194.2%	not published	−53.0 pts	not published
Since launch AAPU Aug 2022 · AAPX Jan 2024	+132.8%	+94.7%	not meaningful	+163.2%	not meaningful	−68.6 pts

AAPU 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

AAPU

Direxion Daily AAPL Bull 2X 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 Direxion T-REX

Sets out to return +2x +2x

Underlying asset AAPL AAPL

Segment company company

Fund returned, 3 months or since launch +22.9% +22.8%

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 −3.5 pts −3.6 pts

Fund returned, 1 year or since launch +48.4% +43.6%

Difference from stated, over that window −14.2 pts −18.9 pts

Underlying volatility 28% 28%

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

Expense ratio 0.96% 1.05%

Launched Aug 9, 2022 Jan 11, 2024

Net assets $156m $9m

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

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. 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.

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. AAPX aims to return +2 times AAPL's move each day, then resets.

Questions people ask

Which came closer to its stated multiple, AAPU or AAPX?: Over the window to Sep 30, 2026, AAPU finished 3.5 points from what its multiple implies and AAPX finished 3.6 points from its own, so AAPU came closer. Neither figure predicts the next window: it depends on how much the underlying moves about.
Are AAPU and AAPX levered on the same thing?: Yes. Both are levered on Apple, AAPU at +2 times and AAPX at +2 times the daily move.
Which one decays faster, AAPU or AAPX?: Decay follows how much the underlying moves about. Over this window AAPU’s moved at 28% annualized and AAPX’s at 28%, so AAPU has the rougher ride and, at the same multiple, loses more to compounding.
Can I hold AAPU 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, AAPU or AAPX?: AAPU charges 0.96% a year and AAPX charges 1.05%, so AAPU is cheaper. Fees come from each fund's prospectus.

Other comparisons

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

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

Where these figures came from

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