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AAPD vs MSTZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

T-REX 2X Inverse MSTR Daily Target ETF

MSTZBCboe

Overlap

Expense ratio

AAPD −0.09pt a year

AAPD0.96%MSTZ1.05%

Avg volume · 30D

MSTZ 4.0×the volume

AAPD8.8MMSTZ34.9M

AAPD vs MSTZ Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−50.7%MSTZ

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. MSTZ −50.7%. Use the arrow keys to read each point.100%200%300%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
MSTZ 1.05%
Fund size
AAPD $24M
MSTZ $75M
1Y total return
AAPD −21.5%, better
MSTZ −50.7%
Yield (12M)
AAPD 4.51%
MSTZ No data
Holdings
AAPD 4
MSTZ 2
Avg volume (30D)
AAPD 8.8M sh
MSTZ 34.9M sh, better
NAV per share
AAPD $9.86
MSTZ $2.85
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. MSTZ: Cost 65, Risk 47, Mission 88, Tradability 62, Holdings not scored, Durability 68.
Pillar letters and Scores for AAPD, MSTZ, with each pillar’s weight
PillarAAPDMSTZ
Cost30% weightA97HigherB65
Mission25% weightA85A88Higher
Risk15% weightA75HigherC47
Tradability15% weightA80HigherB62
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherB68

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 MSTZ 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 MSTZ 17th 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 15BTSLZT-REX 2X Inverse Tesla Daily Target ETFScore 68
  4. Rank 17BMSTZT-REX 2X Inverse MSTR Daily Target ETFScore 67
  5. Rank 18BPLTZDaily Target 2X Short PLTR ETFScore 65

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

MSTZBT-REX 2X Inverse MSTR Daily Target 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.

MSTZ A double-inverse day trade on MicroStrategy in a single ticker. MSTZ aims to deliver -2x MSTR's move each day, resets every night, and charges less than the typical single-stock bear fund. Built for short holds, by design.

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.

MSTZ The fund seeks inverse leveraged daily investment results tied to MSTR and is designed for short-term trading.

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.
  • MSTZ Puts a -2x MSTR position in one ticker: no margin account, no share borrow to arrange, and as a 1940 Act fund you can't lose more than you put in.rexshares.com
  • At 1.05%, it undercuts the typical fee in its single-stock bear cohort. Fees bite hardest on a product you keep trading in and out of.
  • One of the more heavily traded names in the single-stock bear group, which is what keeps spreads and exit liquidity workable for short holds.
  • Hits its stated daily -2x target closely, one of the tighter implementations among single-stock bear funds.

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.
  • MSTZ The -2x is a one-day target that resets each night. Hold through a choppy stretch and results can land far from -2x the period move, either direction.rexshares.com
  • Two times the inverse of one volatile stock means violent sessions. The fund's own materials frame it as a short-term trading tool needing daily attention.rexshares.com
  • Launched in 2024, so the record covers a limited run of market conditions, and it pays no regular distribution. Price direction is the whole return.

Full AAPD profile⁠

Full MSTZ profile⁠

AAPD vs MSTZ 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 MSTZ Cost

Overpaying MSTZ vs AAPD

$1,461

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

  • AAPD 0.96%

    $18,034

  • MSTZ 1.05%

    $19,495

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • MSTZ 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MSTZ $19,495AAPD $18,034

Year by year

YearAAPDMSTZOverpaying
10$1,695$1,847$152
20$6,383$6,927$544
30$18,034$19,495$1,461

Expense ratio

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

AAPD 3rd cheapest of 43 funds

MSTZ 20th cheapest of 43 funds

AAPD vs MSTZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%
MSTZ No data
Payout (12M)
AAPD $0.45
MSTZ None
Last payment
AAPD $0.18
MSTZ No data
Ex-dividend
AAPD Sep 22, 2026
MSTZ No data
Paid on
AAPD Sep 29, 2026
MSTZ No data
Frequency
AAPD Quarterly
MSTZ 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
MSTZAll MSTZ payments⁠

No distribution history available.

AAPD vs MSTZ 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%MSTZ 185.8%since Oct 2024
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32MSTZ −0.21since Oct 2024
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022MSTZ −99.5%since Sep 2024
Market sensitivityBeta, 5 years
AAPD −0.84MSTZ −3.35

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