AAPD vs PALD

AAPDADirexion Daily AAPL Bear 1X ETF

PALDCDirexion Daily PANW 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.

PALD Short Palo Alto Networks in one ticker. PALD targets -100% of PANW's move each trading day, held through swaps rather than borrowed shares, with no leverage stacked on top. A one-day tool 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.

PALD The fund seeks daily investment results equal to 100% of the inverse performance of Palo Alto Networks, Inc. common shares, before fees and expenses.

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.

• PALD Unleveraged inverse: a 1% up day in PANW means roughly a 1% down day for the fund before fees. No 2x or 3x amplifier on the trade.
• Costs 1.02% net of a waiver through September 1, 2027, against a 2.33% gross ratio, and that lands below the category median fee.direxion.com
• Exposure runs through swap agreements with major global financial institutions, rebalanced daily, so there is no stock borrow to arrange yourself.sec.gov
• Day to day it has stayed close to its stated inverse target, which is the whole job of a one-day fund.

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.

• PALD Daily reset: hold past one session and returns compound off each close, so a choppy stretch can land far from the simple inverse of PANW's move.sec.gov
• One stock, no diversification. A PANW earnings gap arrives in full overnight, before the market reopens.sec.gov
• Small fund with moderate volume, so spreads can widen in fast markets. The waiver ends September 1, 2027; without renewal the 2.33% gross applies.

Full AAPD profile⁠

Full PALD profile⁠