At a glance
APED charges 1.29% a year. It has $1.6M in assets. Over the past year it returned −65.5% with distributions reinvested (S&P 500: +11.5%).
The short version
STKd 100% MSTR & 100% COIN ETF (APED) is an actively managed fund from Quantify Chaos Advisors. It uses swaps and options to stack about 100% exposure to Strategy (MSTR) on top of about 100% to Coinbase (COIN), so each dollar invested is effectively doubled. It offers amplified, stock-based exposure to bitcoin and crypto markets, but it costs 1.29% a year, has paid no distributions and lost 65.5% in the year to October 27, 2026.
Price history
The interactive chart needs JavaScript.
APED -65.5% 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 | |
|---|---|---|---|---|---|---|
| APED price data to Oct 27, 2026 | 0.0% | -65.5% | — | — | — | -46.1% |
- Over the year to Oct 27, 2026, APED returned -65.5%.
- The deepest fall in its price history was 84% (Jul 17, 2025 to Dec 18, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | 0.0% |
| 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 |
What's inside
As of Sep 30, 2025, the fund held 0 securities; the ten largest made up 0% of assets, and 8.29% sat in cash and money-market holdings.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Sep 30, 2025, investors added a net $826K (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +3.13%, -36.87%, +3.18%.
How it works
APED does not track an index. It is actively managed and seeks long-term capital appreciation through long exposure to two stocks: MicroStrategy, which does business as Strategy (MSTR), and Coinbase Global (COIN). Under normal circumstances, exposure to each equals about 100% of net assets. So $1 in the fund moves roughly like $1 of MSTR plus $1 of COIN, minus the cost of financing that leverage.
The fund uses derivatives instead of owning the shares. In a swap agreement, a financial institution agrees to pay the fund a stock's return in exchange for a financing payment. The fund may also use listed options, pairing calls it purchases with puts it writes at the same exercise price, which mimics owning the stock. Its September 30, 2025 holdings report listed one swap on each stock with Marex, plus cash of about 8% of net assets. Collateral may be held in Treasuries, money market funds, short-term bond ETFs or investment-grade commercial paper.
Exposure can drift from the 100% targets as prices move. The prospectus says options let the fund adjust its leverage, and it expects high portfolio turnover. The fund holds no bitcoin, but acquiring and holding bitcoin is one of MSTR's two main strategies. Holders get no voting rights in either company and depend on those financial institutions paying what they owe.
What it really costs
- APED charges 1.29% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $131 in the first year and $— over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| APED | $131 | $409 | $— | $— |
In a retirement portfolio
It stacks about 100% exposure each to two crypto-linked stocks and fell 84% from peak to trough in 2025, which rules out a core or income role.
At most, APED could add leveraged exposure to two crypto-linked stocks, as a small slice the holder can afford to lose. It launched on March 5, 2025, so it has no record in the 2008, 2020 or 2022 downturns. It fell 84% from July 17 to December 18, 2025, and had not recovered as of October 27, 2026. It lost 65.5% on a price basis in the year to that date, with volatility (how widely returns swing) of 66.2%. Anyone forced to cash out after a drop like that would lock in most of the loss.
The fund has paid no distributions, so it provides no income. Its expense ratio is 1.29%. In the SEC's standard example, $10,000 would incur $131 in costs in the first year and $409 over three years. Past results don't predict future ones, and a retirement plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Investors seeking about 100% exposure each to Strategy (MSTR) and Coinbase (COIN) in one ticker, without borrowing on margin themselves.
- Experienced investors who can tolerate swings like the fund's 84% fall from July to December 2025 and keep any stake small.
- Investors who prefer crypto-linked stock exposure to holding coins directly and understand how swaps, options and financing costs shape returns.
Look elsewhere if
- Retirees who rely on portfolio income: APED has paid no distributions and lost 65.5% in the year through October 27, 2026.
- Cost-conscious investors: the 1.29% expense ratio is steep, and the prospectus says each leg's return is further reduced by financing costs.
- Investors wanting diversification or a long record: exposure is to two crypto-linked stocks, and the fund launched only on March 5, 2025.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
No close alternatives found.
Questions investors ask
Is APED a leveraged ETF?
Yes. APED's prospectus says it uses leverage to stack about 100% exposure to Strategy (MSTR) on top of about 100% exposure to Coinbase (COIN), using swaps and listed options. Each dollar invested is effectively doubled, so losses are magnified as much as gains. A bad stretch for both stocks means the fund takes both losses at once. The prospectus also says each leg's return is reduced by the cost of financing. The fund's stated goal is long-term capital appreciation.
What's the difference between APED and owning MSTR and COIN stock?
Putting $1 into the two stocks directly gives $1 of total exposure. APED aims for about $1 of exposure to each, roughly double. It gets there through swaps and options, not shares, so holders have no voting rights and depend on the firm on the other side of each swap. That firm was Marex in the fund's September 30, 2025 holdings report. APED charges a 1.29% expense ratio, and financing costs reduce its returns. Neither route owns bitcoin directly.
Does APED pay dividends?
No. APED had recorded no distributions as of October 27, 2026, so its return comes only from changes in its share price. Holders who need cash would have to part with shares to raise it. The fund may hold Treasuries, money market funds, short-term bond ETFs or investment-grade commercial paper as collateral for its swaps and options, but that has not turned into payouts to shareholders.
What is APED's expense ratio?
APED's expense ratio is 1.29% a year, all of it management fee, according to its prospectus filed February 24, 2025. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares redeemed at the end of each period. On that basis, costs come to $131 after one year and $409 after three years. On top of that, the prospectus says each leg's return is reduced by the cost of financing the fund's leverage.
Is APED good for retirement?
It is a very high-risk fund, so at most it could fill a small satellite slot, a higher-risk position alongside core holdings, in a retirement portfolio. APED fell 84% from July 17 to December 18, 2025, and had not recovered as of October 27, 2026. It lost 65.5% on a price basis in the year to that date. It has paid no distributions. Because it launched on March 5, 2025, it has no record in earlier bear markets such as 2022. Past results don't predict future ones.