At a glance
AAPU charges 0.96% a year. It has $164.0M in assets; it paid 6.18% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +44.7% with distributions reinvested (S&P 500: +11.5%); over three years it returned +38.9% a year.
The short version
Direxion Daily AAPL Bull 2X Shares (AAPU) aims to deliver 200% of Apple Inc.'s (AAPL) daily stock move, before fees and expenses. It gets most of that exposure through swap agreements with large banks. Its leverage resets every trading day, so returns over longer periods can differ sharply from twice Apple's return. It can even lose money while Apple rises. It charges 0.96% a year and is built for short-term trading, not buy-and-hold.
Price history
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AAPU +44.7% 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 | |
|---|---|---|---|---|---|---|
| AAPU official prospectus, to Dec 31, 2025 | — | -3.06% | — | — | — | +17.65% |
| AAPU price data to Oct 27, 2026 | +44.1% | +44.7% | +38.9% | — | — | +23.3% |
- Over the year to Oct 27, 2026, AAPU returned +44.7%.
- Its worst full calendar year was 2025 (-3.0%); its best was 2023 (+68.7%).
- The deepest fall in its price history was 58.6% (Dec 26, 2024 to Apr 8, 2025), recovered by Dec 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +44.1% | — |
| 2025 | -3.0% | -3.06% |
| 2024 | +58.2% | +58.53% |
| 2023 | +68.7% | +68.47% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.5800 | |
| 2025 | $2.9000 | -47.2% |
| 2024 | $5.4900 | +757.8% |
| 2023 | $0.6400 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (99.13% of net assets), with its exposure coming from 6 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| APPLE INC | 12.03% |
By country
United States 12.03%By asset type
Stocks 12.03%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $84.8M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +31.25%, -15.52%, +11.72%.
How it works
AAPU tracks one company, Apple Inc., not an index. Its adviser, Rafferty Asset Management, invests at least 80% of net assets in Apple shares and in financial instruments, mainly swaps, that together give twice Apple's daily move. A swap is a contract in which a bank agrees to pay the fund Apple's return on an amount equal to 200% of the fund's net assets. As of July 31, 2026, Apple shares made up about 12% of net assets. Most of the rest sat in cash and short-term, high-quality holdings such as money market funds and U.S. government securities. The swaps supplied the rest of the exposure.
At each market close, the adviser rebalances to bring exposure back to 200%. When Apple rises, the fund adds exposure. When Apple falls, it cuts exposure. Each "day" runs from one close to the next, so someone who buys partway through the day will see results that differ from the fund's 2X target.
Because each day's return builds on the last one, results over weeks or months will very likely differ from 200% of Apple's return. The prospectus warns that the fund will lose money if Apple ends flat over time, and that it could lose money even if Apple rises. The fund is non-diversified and depends on a small number of swap counterparties. If one of those banks fails to pay, the fund loses money.
What it really costs
- AAPU charges 0.96% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPU | $98 | $306 | $531 | $1,178 |
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.
In a retirement portfolio
It doubles the daily moves of a single stock and resets every day, so its long-run results are unpredictable and can fall far short of twice Apple's return.
AAPU launched on August 9, 2022, too late to show how it held up in the 2008 crash, the 2020 COVID crash or the 2022 bear market. Its record still shows how hard its swings can be. It fell 58.6% between December 26, 2024 and April 8, 2025, and it took about eight months to recover, on December 2, 2025. Its worst calendar year, 2025 (−3.06%), looks mild on paper but hides that steep drop. A retiree forced to sell in April 2025 would have locked in a large loss. The trailing yield was 6.18% as of October 27, 2026, paid quarterly. Payouts from a leveraged fund like this can swing widely and may not repeat. Costs are high: $1,178 over 10 years in the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice Apple's move for a day or a few days and check their positions closely.
- Experienced investors who understand daily reset, compounding and swap counterparty risk, and accept that they could lose their entire investment.
- Traders willing to pay a 0.96% expense ratio in exchange for 2X Apple exposure without using a margin account.
Look elsewhere if
- Retirees and long-term holders: the daily reset can wear down returns over months, even when Apple ends higher.
- Anyone who needs to sell in a downturn: AAPU fell 58.6% from December 2024 to April 2025.
- Income seekers: its quarterly payouts come from a leveraged single-stock fund and may vary widely or not repeat.
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 AAPU good for long-term investing?
No. The prospectus says AAPU targets twice Apple's return for a single trading day only. Over longer periods, daily compounding can push results well away from 2X, and the fund can lose money even when Apple rises. Its annual returns have swung widely: 68.47% in 2023, 58.53% in 2024 and −3.06% in 2025. Between December 2024 and April 2025 it fell 58.6%. The issuer describes it as a daily trading tool.
Does AAPU pay dividends?
Yes, AAPU pays distributions quarterly. Over the 12 months to October 27, 2026, it paid $2.94 per share, a trailing yield of 6.18%. Most of the fund sits in cash and short-term instruments, and its swap gains and losses can be large, so payouts from a fund like this can change a lot from year to year. Past distributions don't promise future ones.
Why doesn't AAPU return exactly 2x Apple over a year?
Because AAPU resets its leverage at every market close. Each day's gain or loss builds on the last one, so returns over weeks or months will very likely differ from 200% of Apple's return. Choppy markets, where Apple swings up and down, tend to wear returns down. The prospectus says the fund will lose money if Apple ends flat, and could lose money even if Apple rises over time.
What's the difference between AAPU and buying Apple stock?
Owning Apple stock gives you the company's return with no leverage and no fund fees. AAPU aims for twice Apple's daily move through swaps with banks. It resets every day, charges 0.96% a year and carries counterparty risk. As of July 31, 2026, Apple shares made up only about 12% of AAPU's net assets, and swaps supplied most of its exposure. Its volatility was 48.6% over the year to October 27, 2026.
What is AAPU's expense ratio?
AAPU's expense ratio is 0.96%, according to its prospectus filed February 26, 2026, and includes a 0.75% management fee. In the SEC's standard example, a $10,000 investment earning 5% a year would cost about $98 after one year, $306 after three years, $531 after five years and $1,178 after ten years. That is far more than owning Apple shares directly, which carries no ongoing fund fee.