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APLX is an actively managed, single-stock leveraged ETF designed to target 200% of Applied Digital (APLD) stock’s DAILY move, before fees. It primarily uses total return swaps with large financial institutions to mirror APLD’s day-to-day returns, and may use FLEX call options or hold APLD shares when swaps aren’t available or efficient.
This fund is a turbo button on one stock (APLD): it tries to make about 2x whatever APLD does each day. To do that, it mostly holds derivative contracts (swaps/options) plus cash collateral like Treasuries or money market holdings.
2.00x leverage. Resets daily. Designed for short-term trading.
Concentrated single-asset exposure. Higher volatility.
