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AAPD vs CONI

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

GraniteShares 2x Short COIN Daily ETF

CONICNasdaq

Overlap

Expense ratio

AAPD −0.75pt a year

AAPD0.96%CONI1.71%

Avg volume · 30D

AAPD 33.5×the volume

AAPD8.8MCONI263K

AAPD vs CONI Performance

Oct 31, 2025 – Nov 2, 2026

−20.1%AAPD+11.2%CONI

Oct 31, 2025 to Nov 2, 2026. AAPD −20.1%. CONI +11.2%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
AAPD 0.96%, better
CONI 1.71%
Fund size
AAPD $35M
CONI $10M
1Y total return
AAPD −20.1%
CONI +11.2%, better
Yield (12M)
AAPD 4.43%, better
CONI 1.51%
Holdings
AAPD 5
CONI 1
Avg volume (30D)
AAPD 8.8M sh, better
CONI 263K sh
NAV per share
AAPD $9.98
CONI $36.53
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 79, Holdings not scored, Durability 79. CONI: Cost 7, Risk 56, Mission 95, Tradability 55, Holdings not scored, Durability 57.
Pillar letters and Scores for AAPD, CONI, with each pillar’s weight
PillarAAPDCONI
Cost30% weightA97HigherF7
Mission25% weightA85A95Higher
Risk15% weightA75HigherB56
Tradability15% weightA79HigherB55
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherB57

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. AAPD and CONI are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

AAPD ranks 1st and CONI 23rd of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 22BIREZTradr 2X Short IREN Daily ETFScore 55
  4. Rank 23CCONIGraniteShares 2x Short COIN Daily ETFScore 50
  5. Rank 23CMUZDefiance Daily Target 2X Short MU ETFScore 50

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

CONICGraniteShares 2x Short COIN Daily ETF

In short

AAPD The straight-shooting short on Apple. No 2x, no options overlay: AAPD aims to deliver 100% of the inverse of AAPL's daily move, and it charges less than the typical single-stock bear fund to do it.

CONI The heavier short on Coinbase. CONI aims for -2 times COIN's move each day, where most single-stock bear funds stop at -1x. Cost is 1.15% net of a waiver through December 31, 2026, and the exposure resets daily.

Stated mandate

AAPD The fund seeks daily investment results, before fees and expenses, equal to 100% of the inverse of the performance of Apple Inc.'s common shares.

CONI The Fund seeks daily inverse results equal to -2 times the daily percentage change of Coinbase Global Inc.

Why people hold it

  • AAPD One-to-one inverse, not amplified. The fund targets 100% of the opposite of Apple's daily move, so a bearish view doesn't come pre-loaded with 2x leverage on top.direxion.com
  • Cheap for the aisle it sits in: 0.96% a year against a 1.29% median for inverse single-stock funds, and under 2x rivals like TSDD (1.13%) and MSTZ (1.05%).
  • An early mover in single-stock ETFs, live since 2022, and one of the more actively traded names in the inverse single-stock group.
  • Hits its stated daily target closely and ranks among the strongest implementations in its peer group of inverse single-stock funds.
  • CONI Aims for -2 times Coinbase's daily move, double the inverse exposure of the 1x bear funds that fill most of the single-stock shelf (AAPD, TSLS, SKHZ).
  • 1.15% net of a waiver through December 31, 2026, below the typical fee in its category. Gross is 2.11%.
  • Short Coinbase exposure inside a 1940 Act ETF: no margin account, no shares to locate and borrow, bought and sold like any stock.graniteshares.com
  • Has hewn closely to its stated daily -2x target since launching in 2024, one of the stronger implementations in its peer group.

Worth knowing

  • AAPD The objective resets every day. Hold longer and compounding takes over, so results over a week or a month can differ from the inverse of Apple's move over that stretch, especially in choppy markets.
  • One company, one story. There is no diversification here: an Apple earnings night or product cycle drives the entire position.
  • A small fund by assets, and any distributions come on a quarterly schedule rather than as a steady income stream.
  • CONI The -2x applies to a single day. Hold longer and compounding can push results well away from -2x COIN's move over that stretch.
  • The waiver runs out December 31, 2026; gross is 2.11%, so the cost picture hinges on renewal.
  • A small fund and only moderately traded, so spreads and order timing matter more here than with the busiest bear funds.

Full AAPD profile⁠

Full CONI profile⁠

AAPD vs CONI Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

AAPD vs CONI Cost

Overpaying CONI vs AAPD

$11,141

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

  • AAPD 0.96%

    $18,034

  • CONI 1.71%

    $29,175

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • CONI 1.71%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530CONI $29,175AAPD $18,034

Year by year

YearAAPDCONIOverpaying
10$1,695$2,927$1,232
20$6,383$10,659$4,276
30$18,034$29,175$11,141

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.71%CONI
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

CONI 39th cheapest of 43 funds

AAPD vs CONI Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AAPD 4.43%, better
CONI 1.51%
Payout (12M)
AAPD $0.45
CONI $0.60
Last payment
AAPD $0.18
CONI $0.60
Ex-dividend
AAPD Sep 22, 2026
CONI Dec 29, 2025
Paid on
AAPD Sep 29, 2026
CONI Dec 31, 2025
Frequency
AAPD Quarterly
CONI Annual

Distribution history

Per share, 2022 to 2026, same scale for both

AAPDQuarterly · 18 paymentsAll AAPD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.03; Dec 8, 2022 $0.0061; Dec 20, 2022 $0.13; Mar 21, 2023 $0.18; Jun 21, 2023 $0.24; Sep 19, 2023 $0.19; Dec 21, 2023 $0.26; Mar 19, 2024 $0.18; Jun 25, 2024 $0.21; Sep 24, 2024 $0.15; Dec 23, 2024 $0.16; Mar 25, 2025 $0.12; Jun 24, 2025 $0.12; Sep 23, 2025 $0.12; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.08; Sep 22, 2026 $0.18. Use the arrow keys to read each point.$0$2.5020232026YTD
CONIAnnual · 2 paymentsAll CONI payments⁠
One bar per payment. 2 payments from 2022 to 2026 YTD. Dec 27, 2024 $3.29; Dec 29, 2025 $0.60. Use the arrow keys to read each point.$0$2.5020232026YTD

AAPD vs CONI Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
AAPD 19.8%CONI 112.3%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32CONI −0.46since Oct 2024
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022CONI −96.2%since Sep 2024
Market sensitivityBeta, 5 years
AAPD −0.84CONI −4.23

Popular comparisons

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