At a glance
AAPW charges 1.0% a year. It has $38.0M in assets; it paid 26.38% of its price in distributions over the past 12 months, monthly. Over the past year it returned +30.6% with distributions reinvested.
The short version
Roundhill AAPL WeeklyPay ETF (AAPW) uses Apple shares and swaps (contracts that pass along a stock's gains and losses) to seek about 1.2 times Apple's return each calendar week. Its main goal is a weekly payout that varies; the adviser intends much of it to be return of capital, part of investors' own money handed back. The trailing 12-month yield was 26.38% as of October 27, 2026, and it charges 1.00% a year.
Price history
The interactive chart needs JavaScript.
AAPW +30.6% 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 | |
|---|---|---|---|---|---|---|
| AAPW price data to Oct 27, 2026 | +29.6% | +30.6% | — | — | — | +22.5% |
- Over the year to Oct 27, 2026, AAPW returned +30.6%.
- The deepest fall in its price history was 36.2% (Feb 25, 2025 to Apr 8, 2025), recovered by Sep 22, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +29.6% |
| 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) | $8.7800 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (7.54% of net assets), with its exposure coming from 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TREASURY BILL Bonds and notes | 68.36% | |
| Apple Inc | 11.43% |
By country
United States 79.79%By issuer
US Treasury 68.36%Companies 11.43%The bonds mature in 0 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 withdrew a net $2.5M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +8.01%, +17.99%, -9.01%.
How it works
AAPW is actively managed by Roundhill Investments and does not track an index. It puts at least 80% of net assets into Apple (AAPL) shares and total return swaps tied to Apple. A total return swap is a contract with a bank: the bank pays the fund Apple's gains, and the fund pays the bank Apple's losses plus a financing cost. As of June 30, 2026, Apple stock made up 11.4% of assets and two swaps with different banks made up about 12%. The rest sat mostly in US Treasury bills (68.4%) and cash (7.5%), which back the swaps as collateral.
At the close of the last trading day of each calendar week, the fund resets its exposure to about 120% of its assets. Within a single week, gains and losses should be roughly 20% larger than Apple's. Over longer stretches, the weekly resets compound, so results can drift away from 1.2 times Apple's return. The prospectus warns that the fund could lose all its value if Apple fell 83.33% in one week.
Each week's distribution comes from a formula that uses Apple's recent total return and its implied volatility (the market's estimate of how much the stock will swing). That means payouts change from week to week. The fund never takes defensive positions, and it is classified as non-diversified.
What it really costs
- AAPW charges 1% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $101 in the first year and $1,213 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPW | $101 | $315 | $547 | $1,213 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from the stated multiple of 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
It is a leveraged bet on a single stock with a high but changing payout, so it may suit only a small slice of a portfolio rather than a core or steady income role.
AAPW launched in February 2025, so its record misses the 2008, 2020 and 2022 downturns and has no full calendar year. Its deepest drop was about 36%, from February 25 to April 8, 2025, and recovery took about 5.5 months, to September 22, 2025. Selling shares to cover spending during such a slide would lock in losses. Because of its leverage, the fund could lose everything if Apple fell 83.33% in one week.
It offers a large, weekly payout tied to one stock: a trailing 12-month yield of 26.38% as of October 27, 2026. The amount varies, and much of it may be return of capital: part of investors' own money handed back. It charges 1.00% a year; the SEC's standard example puts costs on $10,000 at $1,213 over 10 years. Past results don't predict the future, and a plan needs to weigh the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors who already want Apple exposure and accept that a down week brings losses about 20% larger than Apple's.
- People who want weekly cash payouts and understand that the amounts change each week and may be largely return of capital.
- Holders who can keep a small, closely watched slice and tolerate swings like its roughly 36% drop in early 2025.
Look elsewhere if
- Anyone who needs steady, predictable income. Payouts come from a formula tied to Apple's returns and implied volatility.
- Cost-conscious investors. AAPW charges 1.00% a year, while owning Apple shares directly carries no annual fund fee.
- Investors who want diversification or a long track record. The fund rests on one company and launched February 19, 2025.
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
Does AAPW pay weekly dividends?
Yes. The fund's main objective is to pay a distribution every week. The amount comes from a formula based on Apple's recent total return and implied volatility, so it changes from week to week. Over the 12 months to October 27, 2026, payouts totaled $11.03 per share, a trailing yield of 26.38%. Roundhill intends for much of this to be return of capital, which is part of your own money coming back, not company profits.
Is AAPW a leveraged ETF?
Yes. It aims for about 1.2 times (120%) Apple's total return over each calendar week and gets there mainly through total return swaps with banks. Its exposure resets weekly, not daily. Over periods longer than a week, compounding can pull results away from 1.2 times Apple. The prospectus warns that the fund could lose all its value if Apple fell 83.33% in a single week.
What's the difference between AAPW and owning Apple stock?
Owning Apple stock gives you the company's returns directly, with no fund fee and no exposure to a bank's ability to pay. AAPW adds about 20% more gain or loss each week, pays weekly distributions and charges 1.00% a year. It also carries counterparty risk from its swaps. As of June 30, 2026, only 11.4% of its assets were Apple shares. Most of the rest was Treasury bills held as collateral.
Is AAPW good for retirement income?
It is a higher-risk income source. The weekly payouts vary, and much may be return of capital, which can wear down the investment over time. The fund launched in February 2025 and fell about 36% between February 25 and April 8, 2025, before recovering by September 22, 2025. It may suit only a small part of a broader plan for investors who accept single-stock, leveraged risk.
What is AAPW's expense ratio?
AAPW's expense ratio is 1.00%, according to its prospectus filed April 30, 2026, and 0.99% of that is the management fee. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $101 after one year, $315 after three years, $547 after five years and $1,213 after ten years. Those costs come on top of the fund's leverage and single-stock risks.