At a glance
AAPB charges 1.21% a year. It has $18.3M in assets; it paid 3.02% of its price in distributions over the past 12 months, annual. Over the past year it returned +47.2% with distributions reinvested; over three years it returned +38.1% a year.
The short version
GraniteShares 2x Long AAPL Daily ETF (AAPB) aims to deliver twice (200%) the daily percentage change of Apple Inc. stock, before fees. It does this mostly through swaps, which are contracts with a financial firm to exchange returns. Because its leverage resets every day, returns over weeks or months can differ sharply from double Apple's. It charges 1.21% a year and is designed for traders making short-term bets on Apple, not for long-term holding.
Price history
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AAPB +47.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AAPB price data to Oct 27, 2026 | +45.8% | +47.2% | +38.1% | — | — | +20.8% |
- Over the year to Oct 27, 2026, AAPB returned +47.2%.
- Its worst full calendar year was 2025 (-0.9%); its best was 2023 (+77.2%).
- The deepest fall in its price history was 58.1% (Dec 26, 2024 to Apr 8, 2025), recovered by Dec 1, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +45.8% |
| 2025 | -0.9% |
| 2024 | +47.0% |
| 2023 | +77.2% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.4100 | -67.3% |
| 2023 | $4.3100 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its exposure coming from 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 233.94% |
By country
United States 233.94%By issuer
US Treasury 233.94%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $3.7M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +13.19%, +31.30%, -15.59%.
How it works
AAPB follows no index. It is an actively managed ETF whose goal is to end each trading day with Apple exposure equal to about 200% of its net asset value (NAV). NAV is the value of its holdings minus what it owes. Most of that exposure comes from swaps: contracts in which a financial firm agrees to exchange returns on Apple stock based on a set dollar amount. If swaps are restricted, the fund may use exchange-listed Apple options (contracts tied to the share price) or hold Apple shares directly.
Its cash goes into short-term holdings such as US Treasury bills and money market funds. The fund expects to post 25% to 50% of its assets as collateral (security for its obligations) with swap partners. As of June 30, 2026, it held no Apple shares directly. Its exposure came from one Apple equity swap with TD Cowen, equal to about 200% of net assets, alongside short-term Treasury bills.
Because the fund resets to about 200% exposure each day, gains and losses compound. Over weeks or months, results can drift far from twice Apple's return, usually for the worse when the stock swings back and forth. Holders also depend on the swap counterparty (the firm on the other side) to pay what it owes.
What it really costs
- AAPB charges 1.21% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.08% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $123 in the first year and $1,548 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPB | $123 | $401 | $700 | $1,548 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its leverage resets daily, so holding it for months or years can produce results far from twice Apple's, and it has fallen as much as 58.1%.
AAPB adds a doubled bet on one company, not diversification. It launched on August 9, 2022, so it has no record from the 2008 financial crisis or the 2020 COVID crash and missed most of the 2022 bear market. Its deepest drop, 58.1%, ran from December 26, 2024 to April 8, 2025. It then took about 7.8 months to recover, by December 1, 2025. Its weakest calendar year, 2025, ended down just 0.9% despite that plunge. Anyone forced to cash out near the low would have locked in heavy losses.
Its yield over the past year was 3.02% as of October 27, 2026, paid in a single annual distribution. It charges 1.21% a year. In the SEC's standard $10,000 example, costs total $1,548 over 10 years. Past results don't predict future ones, and a plan has to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking a magnified, short-term bet on Apple stock who can monitor the position daily and adjust it as needed.
- Traders who understand that the daily reset and compounding can make returns over weeks or months differ sharply from twice Apple's move.
- People who can stomach big swings, like its 58.1% drop between December 2024 and April 2025, using money they won't need soon.
Look elsewhere if
- Retirees seeking dependable income or steady growth: it pays once a year, and its daily reset makes long holding periods unpredictable.
- Anyone wanting diversification: it offers doubled exposure to one company, Apple, so each day's Apple loss is roughly doubled.
- Cost-conscious investors: it charges 1.21% a year, which adds up to $1,548 over 10 years in the SEC's standard $10,000 example.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is AAPB good for retirement?
It isn't designed for that. AAPB is built for short-term trading. It seeks twice Apple's daily move, and that leverage magnifies losses. It fell 58.1% between December 26, 2024 and April 8, 2025, then needed about 7.8 months to recover. Its record starts August 9, 2022, so it has no record from the 2008 or 2020 market crashes. It also puts money into one company instead of spreading it out.
Why doesn't AAPB return 2x Apple over time?
Because its leverage resets every day. AAPB targets 200% of Apple's move from one trading day's close to the next, and each day's result compounds on the last. When Apple swings up and down without a clear trend, compounding usually pulls longer-term returns below twice Apple's return. A steady rise can push results above 2x. Fees of 1.21% a year and imperfect tracking can widen the gap further.
Does AAPB pay dividends?
Yes, it makes one distribution a year. Its yield over the past year was 3.02% as of October 27, 2026, based on payouts of about $1.41 per share. As of June 30, 2026, the fund held an Apple swap and Treasury bills rather than Apple shares, so its payouts don't mirror Apple's own dividend. Payouts from a leveraged fund can change a lot from year to year, so one year's figure says little about future income.
What's the difference between AAPB and owning Apple stock?
AAPB aims for twice Apple's daily move. Owning Apple shares gives Apple's own return with no annual fund fee. AAPB charges 1.21% a year and resets its leverage daily, so over longer periods its results can stray far from double Apple's. It also adds counterparty risk, the chance that the swap firm fails to pay. Losses are magnified too: its deepest drop was 58.1%, from December 2024 to April 2025.
What is AAPB's expense ratio?
AAPB's expense ratio, the yearly fee taken from fund assets, is 1.21%, according to its prospectus filed October 28, 2026. That figure includes a 0.99% management fee and reflects a 0.08% fee waiver. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, total costs would be about $123 after one year, $401 after three years, $700 after five and $1,548 after ten.