Skip to content
etf.net

AAPD vs SMST

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Defiance Daily Target 2x Short MSTR ETF

SMSTBNasdaq

Overlap

Expense ratio

AAPD −0.42pt a year

AAPD0.96%SMST1.38%

Avg volume · 30D

AAPD 9.0×the volume

AAPD8.8MSMST984K

AAPD vs SMST Performance

Oct 31, 2025 – Nov 2, 2026

−20.1%AAPD−57.2%SMST

Oct 31, 2025 to Nov 2, 2026. AAPD −20.1%. SMST −57.2%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
AAPD 0.96%, better
SMST 1.38%
Fund size
AAPD $35M
SMST $8M
1Y total return
AAPD −20.1%, better
SMST −57.2%
Yield (12M)
AAPD 4.43%
SMST No data
Holdings
AAPD 5
SMST 2
Avg volume (30D)
AAPD 8.8M sh, better
SMST 984K sh
NAV per share
AAPD $9.98
SMST $15.94
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 79, Holdings not scored, Durability 79. SMST: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52.
Pillar letters and Scores for AAPD, SMST, with each pillar’s weight
PillarAAPDSMST
Cost30% weightA97HigherC46
Mission25% weightA85A97Higher
Risk15% weightA75HigherC47
Tradability15% weightA79HigherC46
Holdings10% weightNot scoredNot scored
Durability5% weightA79HigherC52

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 SMST 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 SMST 19th 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 19BMUDDirexion Daily MU Bear 1X ETFScore 60
  4. Rank 19BSMSTDefiance Daily Target 2x Short MSTR ETFScore 60
  5. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

SMSTBDefiance Daily Target 2x Short MSTR 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.

SMST The first US ETF built to short MicroStrategy (now Strategy), launched in 2024 and moved from -1.5x to -2x within weeks. It aims for twice the inverse of MSTR's daily move, one day at a time, at 1.38% a year with no fee waiver.

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.

SMST The Fund seeks daily investment results equal to negative two times the daily percentage change in MicroStrategy Incorporated's share price.

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.
  • SMST Day-one original: it listed in August 2024 as the first US-listed short MSTR fund, and a supplement that same month lifted its target from -1.5x to -2x daily.sec.gov
  • It has stayed close to its stated -2x daily objective, one of the stronger implementations in its single-stock bear peer group.
  • Exposure runs mainly through swaps, with listed options a documented fallback when swap capacity tightens, and Treasuries and cash-like assets posted as collateral.sec.govsec.gov 2
  • Small by assets, but it trades actively, which matters for a tool meant to be held in days rather than 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.
  • SMST At 1.38% with no fee waiver, it costs more than the category median and more than bear peers like TSLS (0.95%) and SKHZ (0.75%).
  • The -2x target resets daily. Over longer stretches, compounding and MSTR's volatility can leave the fund down even when the stock falls.sec.gov
  • No distributions: returns come from price moves alone, and a single day's move against the position can take a large bite of principal.sec.gov

Full AAPD profile⁠

Full SMST profile⁠

AAPD vs SMST 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 SMST Cost

Overpaying SMST vs AAPD

$6,520

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

  • AAPD 0.96%

    $18,034

  • SMST 1.38%

    $24,554

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • SMST 1.38%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K$25K051015202530SMST $24,554AAPD $18,034

Year by year

YearAAPDSMSTOverpaying
10$1,695$2,395$700
20$6,383$8,848$2,465
30$18,034$24,554$6,520

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.38%SMST
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

SMST 29th cheapest of 43 funds

AAPD vs SMST Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
AAPD 4.43%
SMST No data
Payout (12M)
AAPD $0.45
SMST None
Last payment
AAPD $0.18
SMST No data
Ex-dividend
AAPD Sep 22, 2026
SMST No data
Paid on
AAPD Sep 29, 2026
SMST No data
Frequency
AAPD Quarterly
SMST 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
SMSTAll SMST payments⁠

No distribution history available.

AAPD vs SMST 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%SMST 180.5%since Sep 2024
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32SMST −0.32since Sep 2024
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022SMST −99.5%since Aug 2024
Market sensitivityBeta, 5 years
AAPD −0.84SMST −3.50

Popular comparisons

  • AAPDAvsTSDDA

    Direxion Daily AAPL Bear 1X ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    0.96% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMSTBvsTSDDA

    Defiance Daily Target 2x Short MSTR ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    1.38% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • AAPDAvsTSLSA

    Direxion Daily AAPL Bear 1X ETF · Direxion Daily TSLA Bear 1X ETF

    Expense ratio
    0.96% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMSTBvsTSLSA

    Defiance Daily Target 2x Short MSTR ETF · Direxion Daily TSLA Bear 1X ETF

    Expense ratio
    1.38% · 0.95%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • AAPDAvsAMZDA

    Direxion Daily AAPL Bear 1X ETF · Direxion Daily AMZN Bear 1X ETF

    Expense ratio
    0.96% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • SMSTBvsAMZDA

    Defiance Daily Target 2x Short MSTR ETF · Direxion Daily AMZN Bear 1X ETF

    Expense ratio
    1.38% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.