AAPD vs MUZ: Grades, Fees and Holdings Compared

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Defiance Daily Target 2X Short MU ETF

MUZCNYSE Arca

Overlap

0.0%by weight

Expense ratio

AAPD −0.35pt a year

AAPD0.96%MUZ1.31%

Avg volume · 30D

MUZ 1.3×the volume

AAPD8.8MMUZ11.2M

AAPD vs MUZ Performance

Jul 31, 2026 – Nov 2, 2026

−8.4%AAPD−27.2%MUZ

Expense ratio: AAPD 0.96%, better; MUZ 1.31%
Fund size: AAPD $35M; MUZ $9M
1Y total return: AAPD −20.1%; MUZ No data
Yield (12M): AAPD 4.43%; MUZ No data
Holdings: AAPD 5; MUZ 2
Avg volume (30D): AAPD 8.8M sh; MUZ 11.2M sh, better
NAV per share: AAPD $9.98; MUZ $8.92
52W range

ETF.net Grade

Pillar letters and Scores for AAPD, MUZ, with each pillar’s weight
Pillar	AAPD	MUZ
Cost30% weight	A97Higher	C49
Mission25% weight	A85	Not scored
Risk15% weight	A75Higher	D38
Tradability15% weight	A79Higher	B66
Holdings10% weight	Not scored	Not scored
Durability5% weight	A79Higher	C42

Rank among Single-Stock Inverse funds

How we build Categories ›

Same Category. AAPD and MUZ 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 MUZ 23rd of 43 funds in the Single-Stock Inverse Category.

Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
Rank 23CCONIGraniteShares 2x Short COIN Daily ETFScore 50
Rank 23CMUZDefiance Daily Target 2X Short MU ETFScore 50
Rank 25CIONZDefiance Daily Target 2x Short IONQ ETFScore 41

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

MUZCDefiance Daily Target 2X Short MU 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.

MUZ The first ETF to put -2X daily on Micron, doubling the depth of the -1X bear option that came before it. A trader's tool for memory-chip swings: no margin account, no borrowed shares, just a ticker.

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.

MUZ The Fund seeks daily inverse investment results equal to negative two times the daily percentage change in Micron Technology, Inc.'s common stock.

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.

MUZ Deepest inverse exposure on Micron in a fund wrapper: it aims for -200% of the stock's daily move, where the bear funds that preceded its 2026 launch targeted -100%.defianceetfs.com direxion.com
Shorts Micron without a margin account or locating borrow. The fund builds the position with swap agreements and listed options inside a standard 1940-Act ETF.defianceetfs.com defianceetfs.com 2
At 1.31%, the expense ratio sits right at the median for leveraged and inverse single-stock funds, so the extra torque doesn't come at a premium price.
Heavily traded for a young single-stock fund, which is what you want in a vehicle designed to be held for days, not quarters.

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.

MUZ The -2X target resets daily. Over longer holds, results track the path Micron takes, not simply where the stock ends up.defianceetfs.com
Bear-1X peers like AAPD and TSLS charge under 1%. Two times the inverse costs more than one.
One stock, one direction, non-diversified by design, and a modest asset base for the category. Micron earnings nights land at double speed.defianceetfs.com

Full AAPD profile⁠

Full MUZ profile⁠

AAPD vs MUZ Holdings

How AAPD and MUZ differ

Overlap by weight

0.0%

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

Level by level

Holdings0 in both0.0%
Asset classLeveraged/Inverse100%

Sector

No Sector split for AAPD and MUZ.

Country, concentration and asset class

Country by domicile

No country split for AAPD.

Concentration

Weight in the 10 largest Holdings

AAPD333.3%
MUZ300.0%

Securities held

AAPD0
MUZ1

Asset class

AAPD: Leveraged/Inverse
MUZ: Leveraged/Inverse

Holdings

Only in AAPD0
In both0
Only in MUZ1

Only in AAPD

0 securities, 0.0% of AAPD by weight

Only in MUZ

1 security, 0.1% of MUZ by weight

United States Treasury Bill 11/19/20260.10%

Weight gaps

AAPD and MUZ share no securities.

All 10 AAPD holdings⁠All 7 MUZ 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 MUZ Cost

Overpaying MUZ vs AAPD

$5,485

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

AAPD 0.96%
$18,034
MUZ 1.31%
$23,519

Amount$10,000

Years30 years

Cost over time

AAPD 0.96%
MUZ 1.31%
Overpaying

Year by year

Year	AAPD	MUZ	Overpaying
10	$1,695	$2,280	$585
20	$6,383	$8,450	$2,067
30	$18,034	$23,519	$5,485

Expense ratio

0.96%AAPD, cheaper
1.31%MUZ

AAPD0.96%MUZ1.31%

0.75%2.31%

Middle half of Single-Stock Inverse funds
Median 1.05%

AAPD 3rd cheapest of 43 funds

MUZ 27th cheapest of 43 funds

AAPD vs MUZ Dividends

Last 12 months to Nov 2, 2026

Yield (12M): AAPD 4.43%; MUZ No data
Payout (12M): AAPD $0.45; MUZ None
Last payment: AAPD $0.18; MUZ No data
Ex-dividend: AAPD Sep 22, 2026; MUZ No data
Paid on: AAPD Sep 29, 2026; MUZ No data
Frequency: AAPD Quarterly; MUZ No data

Distribution history

Per share, 2022 to 2026, same scale for both

AAPDQuarterly · 18 paymentsAll AAPD payments⁠

MUZAll MUZ payments⁠

No distribution history available.

AAPD vs MUZ 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%MUZ No data
Return per unit of riskSharpe ratio, 3 years: AAPD −1.32MUZ No data
Worst fallMax drawdown, 5 years: AAPD −63.9%since Aug 2022MUZ No data
Market sensitivityBeta, 5 years: AAPD −0.84MUZ 0.00; Market = 1

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