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AAPD vs RKLZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Defiance Daily Target 2X Short RKLB ETF

RKLZCNasdaq

Overlap

Expense ratio

AAPD −0.33pt a year

AAPD0.96%RKLZ1.29%

Avg volume · 30D

AAPD 3.1×the volume

AAPD8.8MRKLZ2.82M

AAPD vs RKLZ Performance

Dec 31, 2025 – Oct 30, 2026

−21.6%AAPD−89.5%RKLZ

Dec 31, 2025 to Oct 30, 2026. AAPD −21.6%. RKLZ −89.5%. Use the arrow keys to read each point.−60%−40%0%Dec 2025Jun 2026Oct 2026
Expense ratio
AAPD 0.96%, better
RKLZ 1.29%
Fund size
AAPD $24M
RKLZ $3M
1Y total return
AAPD −21.5%
RKLZ No data
Yield (12M)
AAPD 4.51%
RKLZ No data
Holdings
AAPD 4
RKLZ 1
Avg volume (30D)
AAPD 8.8M sh, better
RKLZ 2.82M sh
NAV per share
AAPD $9.86
RKLZ $21.63
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. RKLZ: Cost 55, Risk 12, Mission 99, Tradability 45, Holdings not scored, Durability 37.
Pillar letters and Scores for AAPD, RKLZ, with each pillar’s weight
PillarAAPDRKLZ
Cost30% weightA97HigherB55
Mission25% weightA85A99Higher
Risk15% weightA75HigherF12
Tradability15% weightA80HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherD37

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 RKLZ 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 RKLZ 28th 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 28CRGTZDefiance Daily Target 2X Short RGTI ETFScore 40
  4. Rank 28CRKLZDefiance Daily Target 2X Short RKLB ETFScore 40
  5. Rank 28CTSMZDirexion Daily TSM Bear 1X ETFScore 40

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

RKLZCDefiance Daily Target 2X Short RKLB 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.

RKLZ Nearly every inverse single-stock ETF points at a mega-cap. Defiance aimed this one at a rocket builder: RKLZ seeks -2x Rocket Lab's daily move, reset each day. A one-session tool on one of the market's twitchiest space names.

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.

RKLZ The fund seeks amplified inverse daily exposure to the common stock of Rocket Lab Corporation.

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.
  • RKLZ A rare short target. Inverse single-stock funds cluster around mega-caps (AAPD, TSLS, MSFD); this one takes the other side of Rocket Lab, no margin account or borrowed shares required.
  • Simple, single job: -2x of RKLB's daily move, exposure reset each morning. The fund has hewed closely to that stated daily target.defianceetfs.com
  • Actively traded for a young fund, which matters when the intended holding period is a single session.

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.
  • RKLZ The daily reset compounds. Hold past a day and results can diverge sharply from -2x the stock's move over that stretch, and choppy trading erodes value.
  • 1.29% a year is standard for leveraged single-stock funds, but above inverse peers such as TSLS (0.95%) and AAPD (0.96%).
  • Launched November 2025 with a small asset base and no distributions, so there is little track record and less scale than long-running peers.

Full AAPD profile⁠

Full RKLZ profile⁠

AAPD vs RKLZ 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 RKLZ Cost

Overpaying RKLZ vs AAPD

$5,185

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

  • AAPD 0.96%

    $18,034

  • RKLZ 1.29%

    $23,219

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • RKLZ 1.29%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530RKLZ $23,219AAPD $18,034

Year by year

YearAAPDRKLZOverpaying
10$1,695$2,247$552
20$6,383$8,335$1,952
30$18,034$23,219$5,185

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.29%RKLZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

RKLZ 25th cheapest of 43 funds

AAPD vs RKLZ Dividends

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

No distribution history available.

AAPD vs RKLZ 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%RKLZ No data
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32RKLZ No data
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022RKLZ No data
Market sensitivityBeta, 5 years
AAPD −0.84RKLZ −5.24

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