AAPX +2x T-Rex 2X Long Apple Daily Target ETF
BULL ETF standard · Issuer T-Rex · Tracks AAPL · Listed 2024-01-10
Realized vs theoretical +2x AAPL
Cumulative return of AAPX against a clean +2x of AAPL's return over the same window; the red line (right axis) is the gap between them.
Other leveraged products on AAPL
3| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d volume | Options |
|---|---|---|---|---|---|---|---|
| AAPU | +2x | BULL | Direxion | Direxion Shares ETF Trust Direxion Daily AAPL Bull 2X ETF | $166.3M | 1,406,213 | ✓ |
| AAPB | +2x | BULL | GraniteShares | GraniteShares ETF Trust GraniteShares 2x Long AAPL Daily ETF | $17.1M | 33,038 | ✓ |
| AAPE | +2x | BULL | Leverage Shares | Leverage Shares 2X Long AAPL Daily ETF | — | 17,852 |
How AAPX works
AAPX targets +2x the daily return of AAPL — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from +2x × the index, usually downward when the market chops around.
The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a +2x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.
Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.
Not investment advice.