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AAPD vs IONZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Defiance Daily Target 2x Short IONQ ETF

IONZCNasdaq

Overlap

0.0%by weight

Expense ratio

AAPD −0.95pt a year

AAPD0.96%IONZ1.91%

Avg volume · 30D

AAPD 5.5×the volume

AAPD8.8MIONZ1.6M

AAPD vs IONZ Performance

Oct 31, 2025 – Nov 2, 2026

−20.1%AAPD−80.0%IONZ

Oct 31, 2025 to Nov 2, 2026. AAPD −20.1%. IONZ −80.0%. Use the arrow keys to read each point.−100%−50%0%50%Oct 2025May 2026Nov 2026
Expense ratio
AAPD 0.96%, better
IONZ 1.91%
Fund size
AAPD $35M
IONZ $11M
1Y total return
AAPD −20.1%, better
IONZ −80.0%
Yield (12M)
AAPD 4.43%
IONZ No data
Holdings
AAPD 5
IONZ 3
Avg volume (30D)
AAPD 8.8M sh, better
IONZ 1.6M sh
NAV per share
AAPD $9.98
IONZ $36.42
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 79, Holdings not scored, Durability 79. IONZ: Cost 4, Risk 29, Mission 90, Tradability 44, Holdings not scored, Durability 51.
Pillar letters and Scores for AAPD, IONZ, with each pillar’s weight
PillarAAPDIONZ
Cost30% weightA97HigherF4
Mission25% weightA85A90Higher
Risk15% weightA75HigherD29
Tradability15% weightA79HigherC44
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherC51

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 IONZ 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 IONZ 25th 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 23CMUZDefiance Daily Target 2X Short MU ETFScore 50
  4. Rank 25CIONZDefiance Daily Target 2x Short IONQ ETFScore 41
  5. Rank 25CSNDQTradr 2X Short SNDK Daily ETFScore 41

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

IONZCDefiance Daily Target 2x Short IONQ 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.

IONZ One ticker, one trade: IONZ aims for -2x the daily move in IonQ, the quantum-computing pure play, using swaps instead of a margin account. The clock resets every day, and its 1.91% fee runs above the category norm.

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.

IONZ The Fund seeks daily inverse investment results equal to -2 times the daily percentage change in IonQ Inc.'s share price.

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.
  • IONZ Hews close to its stated -2x daily objective since its June 2025 launch, and sits in the upper half of its bear single-stock leveraged peer group.defianceetfs.com
  • Short exposure without the plumbing: no margin account, no borrowing shares, no recall risk. The bet rides on total return swaps inside a 1940 Act fund.defianceetfs.com
  • Defiance runs the mirror image, a 2x long IonQ fund (IONX), so flipping your direction is a ticker change rather than a new brokerage setup.defianceetfs.com

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.
  • IONZ Daily reset means multi-day results compound off each close and can drift far from -2x the period move, especially when IonQ chops around.defianceetfs.com
  • At 1.91% it prices above the category median, and cheaper bear single-stock funds exist (SKHZ at 0.75%, TSLS at 0.95%), though they track different stocks.
  • A small, young fund that holds swap contracts with a counterparty rather than borrowed stock, and it is not built to pay income.defianceetfs.com

Full AAPD profile⁠

Full IONZ profile⁠

AAPD vs IONZ Holdings

How AAPD and IONZ differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of AAPD and 0.0% of IONZ.

Level by level

  • Holdings0 in both0.0%
  • Asset classLeveraged/Inverse100%

Sector

No Sector split for AAPD and IONZ.

Country, concentration and asset class

Country by domicile

No country split for AAPD.

Concentration

Weight in the 10 largest Holdings

  • AAPD333.3%
  • IONZ300.3%

Securities held

  • AAPD0
  • IONZ2

Asset class

AAPD
Leveraged/Inverse
IONZ
Leveraged/Inverse

Holdings

  • Only in AAPD0
  • In both0
  • Only in IONZ2

Only in AAPD

0 securities, 0.0% of AAPD by weight

Only in IONZ

2 securities, 16.3% of IONZ by weight

  • United States Treasury Bill 11/19/202615.16%
  • First American Government Obligations Fund 12/01/20311.16%

Weight gaps

AAPD and IONZ share no securities.

All 10 AAPD holdings⁠All 7 IONZ 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 IONZ Cost

Overpaying IONZ vs AAPD

$13,744

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

  • AAPD 0.96%

    $18,034

  • IONZ 1.91%

    $31,778

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • IONZ 1.91%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530IONZ $31,778AAPD $18,034

Year by year

YearAAPDIONZOverpaying
10$1,695$3,242$1,547
20$6,383$11,705$5,322
30$18,034$31,778$13,744

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.91%IONZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

IONZ 41st cheapest of 43 funds

AAPD vs IONZ Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AAPD 4.43%
IONZ No data
Payout (12M)
AAPD $0.45
IONZ None
Last payment
AAPD $0.18
IONZ No data
Ex-dividend
AAPD Sep 22, 2026
IONZ No data
Paid on
AAPD Sep 29, 2026
IONZ No data
Frequency
AAPD Quarterly
IONZ No data

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$0.2520232026YTD
IONZAll IONZ payments⁠

No distribution history available.

AAPD vs IONZ 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%IONZ 165.7%since Jul 2025
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32IONZ −0.47since Jul 2025
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022IONZ −98.7%since Jun 2025
Market sensitivityBeta, 5 years
AAPD −0.84IONZ −9.59

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