This ETF, APPX, functions as a short-term investment vehicle, engineered to deliver double (200%) the daily price movement of AppLovin Corp. (APP), before accounting for fees and expenses. Its core strategy involves engaging in total return swap agreements with prominent global financial institutions, which are structured to replicate APP's daily returns. Should these swaps prove unavailable or inefficient, the fund possesses the flexibility to employ FLEX call options or directly acquire shares of AppLovin stock.