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AAPD vs MSFD

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Direxion Daily MSFT Bear 1X ETF

MSFDANasdaq

Overlap

100%by weight

Expense ratio

AAPD −0.06pt a year

AAPD0.96%MSFD1.02%

Avg volume · 30D

AAPD 5.4×the volume

AAPD8.8MMSFD1.62M

3Y return · a year

MSFD +7.1pt

AAPD−21.3%MSFD−14.2%

AAPD vs MSFD Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−6.2%MSFD

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. MSFD −6.2%. Use the arrow keys to read each point.10%20%30%40%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
MSFD 1.02%
Fund size
AAPD $24M
MSFD $10M
1Y total return
AAPD −21.5%
MSFD −6.2%, better
Yield (12M)
AAPD 4.51%, better
MSFD 4.24%
Holdings
AAPD 4
MSFD 3
Avg volume (30D)
AAPD 8.8M sh, better
MSFD 1.62M sh
NAV per share
AAPD $9.86
MSFD $9.67
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. MSFD: Cost 78, Risk 82, Mission 99, Tradability 41, Holdings not scored, Durability 66.
Pillar letters and Scores for AAPD, MSFD, with each pillar’s weight
PillarAAPDMSFD
Cost30% weightA97HigherA78
Mission25% weightA85A99Higher
Risk15% weightA75A82Higher
Tradability15% weightA80HigherC41
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherB66

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 MSFD 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 MSFD 8th 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 8AGGLSDirexion Daily GOOGL Bear 1X ETFScore 77
  4. Rank 8AMSFDDirexion Daily MSFT Bear 1X ETFScore 77
  5. Rank 10ATSLQTradr 2X Short TSLA Daily ETFScore 75

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

MSFDADirexion Daily MSFT Bear 1X 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.

MSFD Straight inverse Microsoft, with no leverage stacked on top: MSFD targets -100% of MSFT's daily move. One of Direxion's original 2022 single-stock funds, and a buy-side way to express a bearish view.

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.

MSFD The fund seeks daily investment results, before fees and expenses, that correspond to the inverse performance of Microsoft Corporation's common shares.

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.
  • MSFD The unleveraged one on a shelf crowded with 2x and 3x bears. It targets -100% of Microsoft's daily move, so a 1% MSFT drop maps to roughly a 1% move the other way before fees.direxion.com
  • Fee is 1.02% net of a waiver through September 1, 2027 (1.16% gross), which sits below the category median for inverse single-stock funds.direxion.com
  • You buy shares long to get short exposure. No stock borrow to locate, no short-sale mechanics running inside your own account.direxion.com
  • Day to day, it has tracked its stated inverse target tightly, one of the stronger implementations in the inverse single-stock 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.
  • MSFD Daily reset. Hold past one day and compounding takes over, so multi-day results can diverge from -100% of MSFT's move. Direxion flags that MSFT volatility magnifies the effect.direxion.com
  • All the risk sits in one company. There is no index behind it to soften a Microsoft rally, which works directly against the position.
  • Small fund, so spreads deserve a look before you trade. Other 1X bears carry lower fees, like TSLS at 0.95% and AAPD at 0.96%, though they short different stocks.

Full AAPD profile⁠

Full MSFD profile⁠

AAPD vs MSFD Holdings

How AAPD and MSFD differ

Overlap by weight

100%

Shared holdings make up 100% of MSFD and 100% of AAPD.

Level by level

  • Asset classLeveraged/Inverse100%
  • Holdings1 in both100%

Sector

No Sector split for AAPD and MSFD.

Country, concentration and asset class

Country by domicile

No country split for AAPD and MSFD.

Concentration

Weight in the 10 largest Holdings

  • AAPD490.0%
  • MSFD12979.7%

Securities held

  • AAPD2
  • MSFD1

Asset class

AAPD
Leveraged/Inverse
MSFD
Leveraged/Inverse

Holdings

  • Only in AAPD1
  • In both1
  • Only in MSFD0

Only in AAPD

1 security, 15.7% of AAPD by weight

  • Goldman Sachs Fin Gov 465 Institut15.66%

Only in MSFD

0 securities, 0.0% of MSFD by weight

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in AAPD and MSFD, widest gap first
HoldingMore in AAPDMore in MSFD
Goldman Finl Sq Trsry Inst 506MSFD +1659.16 points

All 10 AAPD holdings⁠All 7 MSFD 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 MSFD Cost

Overpaying MSFD vs AAPD

$978

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

  • AAPD 0.96%

    $18,034

  • MSFD 1.02%

    $19,012

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • MSFD 1.02%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MSFD $19,012AAPD $18,034

Year by year

YearAAPDMSFDOverpaying
10$1,695$1,797$102
20$6,383$6,746$363
30$18,034$19,012$978

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.02%MSFD
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

MSFD 12th cheapest of 43 funds

AAPD vs MSFD Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%, better
MSFD 4.24%
Payout (12M)
AAPD $0.45
MSFD $0.42
Last payment
AAPD $0.18
MSFD $0.08
Ex-dividend
AAPD Sep 22, 2026
MSFD Sep 22, 2026
Paid on
AAPD Sep 29, 2026
MSFD Sep 29, 2026
Frequency
AAPD Quarterly
MSFD Quarterly

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
MSFDQuarterly · 18 paymentsAll MSFD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.01; Dec 8, 2022 $0.01; Dec 20, 2022 $0.16; Mar 21, 2023 $0.11; Jun 21, 2023 $0.19; Sep 19, 2023 $0.22; Dec 21, 2023 $0.17; Mar 19, 2024 $0.13; Jun 25, 2024 $0.22; Sep 24, 2024 $0.11; Dec 23, 2024 $0.15; Mar 25, 2025 $0.11; Jun 24, 2025 $0.09; Sep 23, 2025 $0.11; Dec 23, 2025 $0.08; Mar 24, 2026 $0.08; Jun 23, 2026 $0.18; Sep 22, 2026 $0.08. Use the arrow keys to read each point.$0$0.2520232026YTD

AAPD vs MSFD 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%, betterMSFD 27.6%
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32MSFD −0.57, better
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022MSFD −62.1%since Sep 2022
Market sensitivityBeta, 5 years
AAPD −0.84MSFD −1.16

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