# Leverage Shares 2x Apple ETP (2AAP)

**Page:** https://fundology.uk/fund/2aap · ISIN XS2820605157

## At a glance

> Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.

As of 13/11/2026, 2AAP (Leverage Shares 2x Apple ETP, ISIN XS2820605157) closed at £63.30 on the London Stock Exchange. Its ongoing charge is 2.28% a year (about £228 on £10,000). Over the year to 13/11/2026 its total return was +43.7%, or +38.6% after UK CPIH inflation.

## Summary

Leverage Shares 2x Apple ETP is an exchange-traded product from Leverage Shares, launched in 2017. It aims to deliver a multiple, or the opposite, of one day’s move in what it tracks. The multiple resets daily, so over longer periods its return can differ a lot from the multiple of the index return. You buy and sell it through a share-dealing account or platform during stock-market hours, like a share. Its ongoing charge is 2.28% a year — about £228 a year on every £10,000 invested, taken from the fund's value rather than billed to you. Income from its investments is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

> **Leveraged & inverse:** Built for short-term trading. Because the multiple resets every day, losses can build up quickly when held for longer, even if the index ends up where it started.

Latest close: **£63.30** (13/11/2026).

## Key facts

| Fact | Value |
|---|---|
| Ticker (LSE) | 2AAP |
| ISIN | XS2820605157 |
| Also listed as | AAP2 (London Stock Exchange, US dollars), AAPE (London Stock Exchange, euros) |
| Category | Leveraged & inverse |
| Type | ETN / ETP |
| Provider | Leverage Shares |
| Tracks | ICE Leveraged 2x AAPL |
| Income | Accumulating |
| Ongoing charge | 2.28% a year (£228 per £10,000) |
| Fund size | £2.4m |
| Launched | 2017 |
| Domicile | Ireland |
| UK reporting fund status | Yes — on HMRC’s list of reporting funds (list of 02/11/2026); reporting fund since 22/09/2023 |

## Past returns (periods to 13/11/2026)

After the fund's ongoing charges. "Income reinvested" is total return; "price only" leaves out income paid out. Real returns are after UK CPIH inflation.

| Window | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 1 year | +43.65% | +38.56% | income reinvested |

Returns: as reported (delayed data). Inflation: UK CPIH, latest month published.

## Calendar-year returns

Calendar-year returns of Leverage Shares 2x Apple ETP in pounds (price, with income reinvested in the fund): 2025 −6.9%; 2026 to 13/11/2026 +58.2%. Returns of Leverage Shares 2x Apple ETP in pounds (price, with income reinvested in the fund) over the 12 months to 30/09/2026: +50.4%; to 30/09/2025: +4.6%.

| Year | Return | After CPIH inflation | Measured as |
|---|---|---|---|
| 2025 | -6.9% | -10.1% | Price |
| 2026 to 13/11/2026 | +58.2% | +53.1% | Price |

## Risk metrics

| Window | Volatility | Max drawdown |
|---|---|---|
| 1 year | 53.73% | -23.55% |

## Largest fall

Volatility of Leverage Shares 2x Apple ETP in pounds, annualised from weekly returns to 13/11/2026: 53.7% over 1 year. Largest fall in the price of Leverage Shares 2x Apple ETP since May 2024, in pounds: −50.9% from 27/12/2024 to 13/06/2025. The lowest 12-month return of Leverage Shares 2x Apple ETP in pounds (price, with income reinvested in the fund) since May 2024 was −33.9% (12 months to 11/07/2025); the highest was +119.3% (12 months to 22/05/2026). On 13/11/2026 the price of Leverage Shares 2x Apple ETP was at its highest weekly close since May 2024, in pounds.

## Charges compared with similar funds

Ongoing charge of Leverage Shares 2x Apple ETP 2.28% a year. Compared on 14/11/2026, 83 of the 210 other leveraged and inverse products charge more, 12 the same and 115 less (share classes counted once).

## Charges & eligibility

- Ongoing charges figure (OCF): **2.28%** per year (as of 14/10/2026)
- Stocks and shares ISA eligible: usually (check with your platform)
- SIPP eligible: usually (check with your provider)
- ISA and SIPP mean the kind of product usually qualifies under HMRC rules. We do not check each platform’s list — each provider decides which funds it offers. Crypto ETNs have not qualified for a stocks and shares ISA since 06/04/2026, and overseas funds that are not UK-recognised UCITS, such as Swiss ETFs, do not usually qualify.

## Questions people ask

**What is the ongoing charge of 2AAP?**

The ongoing charge of 2AAP is 2.28% a year — about £228 a year on every £10,000 invested, taken from the fund’s value rather than billed to you. Platform and dealing fees are charged separately. Ongoing charge of Leverage Shares 2x Apple ETP 2.28% a year. Compared on 14/11/2026, 83 of the 210 other leveraged and inverse products charge more, 12 the same and 115 less (share classes counted once).

**What does 2AAP track?**

2AAP tracks the ICE Leveraged 2x AAPL.

**Is 2AAP accumulating or distributing?**

2AAP is accumulating: income is reinvested inside the fund, so it shows up as a rising price rather than cash paid to you.

**What is the ISIN of 2AAP?**

The ISIN of 2AAP is XS2820605157. An ISIN identifies one exact share class of a fund; 2AAP is its ticker on the London Stock Exchange. The same share class is also listed as AAP2 (London Stock Exchange, US dollars) and AAPE (London Stock Exchange, euros).

**What were 2AAP’s returns in each of the last five years?**

Calendar-year returns of 2AAP in pounds (price, with income reinvested in the fund): 2025 −6.9%; 2026 to 13/11/2026 +58.2%. Past performance is not a guide to future returns.

**How has 2AAP done after inflation?**

Over the year to 13/11/2026 2AAP’s total return was +43.7%, or +38.6% after UK CPIH inflation. Past performance is not a guide to future returns.

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Capital at risk. Past performance is not a guide to future returns. The value of investments can fall as well as rise.