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AAPD vs SMCZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Daily Target 2X Short SMCI ETF

SMCZDNasdaq

Overlap

Expense ratio

AAPD −0.59pt a year

AAPD0.96%SMCZ1.55%

Avg volume · 30D

AAPD 4.5×the volume

AAPD8.8MSMCZ1.96M

AAPD vs SMCZ Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−86.9%SMCZ

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. SMCZ −86.9%. Use the arrow keys to read each point.−50%50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
SMCZ 1.55%
Fund size
AAPD $24M
SMCZ $2M
1Y total return
AAPD −21.5%, better
SMCZ −86.9%
Yield (12M)
AAPD 4.51%
SMCZ No data
Holdings
AAPD 4
SMCZ 2
Avg volume (30D)
AAPD 8.8M sh, better
SMCZ 1.96M sh
NAV per share
AAPD $9.86
SMCZ $5.99
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. SMCZ: Cost 9, Risk 28, Mission 89, Tradability 23, Holdings not scored, Durability 38.
Pillar letters and Scores for AAPD, SMCZ, with each pillar’s weight
PillarAAPDSMCZ
Cost30% weightA97HigherF9
Mission25% weightA85A89Higher
Risk15% weightA75HigherD28
Tradability15% weightA80HigherF23
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherD38

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 SMCZ 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 SMCZ 37th 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 36DQBTZDefiance Daily Target 2X Short QBTS ETFScore 39
  4. Rank 37DSMCZDaily Target 2X Short SMCI ETFScore 38
  5. Rank 38DCORDT-Rex 2x Inverse CRWV Daily Target ETFScore 36

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

SMCZDDaily Target 2X Short SMCI 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.

SMCZ Defiance's double-strength bear on Super Micro. SMCZ uses swaps to target -200% of SMCI's move each trading day, resetting daily: a trader's tool for taking the short side of the AI server trade without a margin account.

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.

SMCZ The Fund seeks daily inverse results equal to negative 200% of the daily percentage move in Super Micro Computer, 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.
  • SMCZ Swaps do the shorting: the fund targets -200% of SMCI's daily move, so a bearish view needs no margin account and no borrowed shares.defianceetfs.com
  • Double strength. Most single-stock bear ETFs stop at -1X (AAPD, TSLS, SKHZ); this one doubles the daily inverse on a single name.
  • Day to day, it has tracked its stated -200% target closely, which is the entire job of a daily-reset fund.
  • Busier tape than the asset base suggests: shares change hands actively for a fund this small.

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.
  • SMCZ At 1.55%, the fee sits above the category norm, and no waiver trims it. The 1X bears SKHZ (0.75%) and AAPD (0.96%) charge less for unleveraged short exposure.
  • The -200% target resets every day. Hold longer and compounding takes over, so multi-day results can land well away from -2x SMCI's move, especially in choppy stretches.defianceetfs.com
  • One stock, twice the inverse, small asset base. Single-name news drives everything here, and lightly funded leveraged funds are more prone to closure.

Full AAPD profile⁠

Full SMCZ profile⁠

AAPD vs SMCZ 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 SMCZ Cost

Overpaying SMCZ vs AAPD

$8,953

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

  • AAPD 0.96%

    $18,034

  • SMCZ 1.55%

    $26,987

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • SMCZ 1.55%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530SMCZ $26,987AAPD $18,034

Year by year

YearAAPDSMCZOverpaying
10$1,695$2,671$976
20$6,383$9,795$3,412
30$18,034$26,987$8,953

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.55%SMCZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

SMCZ 38th cheapest of 43 funds

AAPD vs SMCZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%
SMCZ No data
Payout (12M)
AAPD $0.45
SMCZ No data
Last payment
AAPD $0.18
SMCZ $2.36
Ex-dividend
AAPD Sep 22, 2026
SMCZ Dec 30, 2025
Paid on
AAPD Sep 29, 2026
SMCZ Dec 31, 2025
Frequency
AAPD Quarterly
SMCZ Irregular

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$2.5020232026YTD
SMCZIrregular · 1 paymentAll SMCZ payments⁠
One bar per payment. 1 payment from 2022 to 2026 YTD. Dec 30, 2025 $2.36. Use the arrow keys to read each point.$0$2.5020232026YTD

AAPD vs SMCZ 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%SMCZ 164.0%since Apr 2025
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32SMCZ −0.61since Apr 2025
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022SMCZ −99.0%since Mar 2025
Market sensitivityBeta, 5 years
AAPD −0.84SMCZ −7.25

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