At a glance
AAPX charges 1.05% a year. It has $10.4M in assets; it paid 0.46% of its price in distributions over the past 12 months, annual. Over the past year it returned +40.6% with distributions reinvested (S&P 500: +11.5%).
The short version
The T-Rex 2X Long Apple Daily Target ETF (AAPX), from Tuttle Capital Management, aims to return twice (200%) Apple stock's daily move. It does this mainly through swaps, which are contracts with financial institutions tied to Apple's price. It is built for short-term trading and resets its exposure each day, so returns over longer periods can drift far from twice Apple's. It charges 1.05% a year and fell 58.5% from its December 2024 peak to its April 2025 low.
Price history
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AAPX +40.6% 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 | |
|---|---|---|---|---|---|---|
| AAPX official prospectus, to Dec 31, 2025 | — | -4.99% | — | — | — | +21.68% |
| AAPX price data to Oct 27, 2026 | +41.3% | +40.6% | — | — | — | +30.3% |
- Over the year to Oct 27, 2026, AAPX returned +40.6%.
- Its worst full calendar year was 2025 (-5.0%); its best was 2025 (-5.0%).
- The deepest fall in its price history was 58.5% (Dec 26, 2024 to Apr 8, 2025), recovered by Dec 2, 2025.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +41.3% | — |
| 2025 | -5.0% | -4.99% |
| 2024 | +56.0% | — |
| 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 | $0.2000 | -97.1% |
| 2024 | $6.9300 |
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 2 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors added a net $366K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +12.63%, +30.68%, -15.75%.
How it works
AAPX doesn't follow an index. It aims for 200% of Apple's (AAPL) daily return, before costs, from one market close to the next. Tuttle Capital Management mainly uses total return swaps: contracts with financial institutions under which the fund gains or loses Apple's return on an amount equal to 200% of its net assets. It may also hold call options on Apple (the right to acquire shares at a set price), including customizable FLEX options, or Apple shares, which don't magnify returns. As of June 30, 2026, the roughly $10.4 million fund reported two swap positions on Apple.
At each market close, the fund resets its exposure to twice its net assets, adding after Apple rises and trimming after it falls. Because each day's result compounds on the last, returns over weeks or months are very likely to differ from twice Apple's, usually falling short when the stock swings up and down. A one-day Apple drop of more than 50% would wipe out shareholders' entire investment.
The fund's cash sits in money market funds, high-quality deposits and short-term government debt, and possibly The Laddered T-Bill ETF, a fund in the same family. The swaps add counterparty risk: the chance a financial institution can't pay what it owes. The board can change the fund's objective without a shareholder vote.
What it really costs
- AAPX charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPX | $107 | $334 | $579 | $1,283 |
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 resets daily to twice Apple's move and rests on a single stock, so long-term results can stray far from that target and swing sharply.
AAPX launched on January 11, 2024, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 downturn. It fell 58.5% from December 26, 2024 to April 8, 2025, and didn't regain that peak until December 2, 2025, about 7.8 months after the low. Yet 2025, its only full calendar year, ended down just 4.99%, which masks the size of that fall. Anyone drawing cash near the low would have locked in a deep loss. The yield was 0.46% as of October 27, 2026, paid annually. Costs run 1.05% a year, or $1,283 over 10 years on $10,000 in the SEC's standard example.
It also gained 41.3% in 2026 through October 27, but the daily reset means results over years can land far from twice Apple's. Past results don't predict the future, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking twice Apple's daily move over very short holding periods, who can watch and adjust their positions often.
- Investors with a strong short-term view on Apple who accept that the fund can lose everything if Apple falls over 50% in one day.
- Traders wanting leveraged Apple exposure inside an ETF rather than by borrowing from a broker, who accept a 1.05% annual fee.
Look elsewhere if
- Retirees and long-term holders: exposure resets daily, so results over months or years can differ sharply from twice Apple's return.
- Investors wanting diversification or income: it rests on one stock, and its yield was 0.46% as of October 27, 2026, paid annually.
- Anyone who can't tolerate deep drops: it fell 58.5% between December 2024 and April 2025 and needed until December 2025 to recover.
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 AAPX a good long-term investment?
It isn't designed to be one. AAPX seeks 200% of Apple's return for a single trading day, and the prospectus warns that results over longer periods are very likely to differ from twice Apple's. Choppy, up-and-down markets tend to hurt most. The swings can be severe: the fund fell 58.5% from December 26, 2024 to April 8, 2025, and didn't regain its prior high until December 2, 2025.
How has AAPX performed since it launched?
Unevenly, with big swings both ways. According to the prospectus, AAPX returned an average of 21.68% a year from its January 11, 2024 launch through December 31, 2025, but lost 4.99% in 2025. Its strongest quarter, ended September 30, 2025, gained 47.91%. On a price basis, it rose 40.6% over the year to October 27, 2026, with one-year volatility (a gauge of how widely returns swing) of 48.6%. Past results don't predict future returns.
What is AAPX's expense ratio?
AAPX's expense ratio, its yearly fee as a share of assets, is 1.05%, all of it management fee, according to the prospectus filed April 30, 2026. 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, costs would total about $107 after one year, $334 after three years, $579 after five years and $1,283 after 10 years.
Does AAPX pay dividends?
Yes, but very little, and only once a year. AAPX's yield over the prior year was 0.46% as of October 27, 2026, or about $0.20 per share. Income isn't the fund's purpose. It aims for twice Apple's daily return, mostly through swaps rather than Apple shares, so it isn't built to replace an income fund.
What's the difference between AAPX and AAPL?
AAPL is Apple's stock, while AAPX is a leveraged fund that aims for twice Apple's daily return. Owning the stock delivers Apple's actual return, with no daily reset, no 1.05% expense ratio and no risk of a swap partner failing to pay. AAPX magnifies daily gains and losses, and over longer periods its results can differ sharply from twice Apple's. A one-day Apple drop of more than 50% would wipe out AAPX holders' money, while Apple shareholders would still own their shares.