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AAPD vs TSLZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

T-REX 2X Inverse Tesla Daily Target ETF

TSLZBCboe

Overlap

0.0%by weight

Expense ratio

AAPD −0.09pt a year

AAPD0.96%TSLZ1.05%

Avg volume · 30D

AAPD 3.7×the volume

AAPD9.21MTSLZ2.47M

3Y return · a year

AAPD +53.7pt

AAPD−19.8%TSLZ−73.5%

AAPD vs TSLZ Performance

Nov 6, 2025 – Nov 6, 2026

−21.3%AAPD−14.3%TSLZ

Nov 6, 2025 to Nov 6, 2026. AAPD −21.3%. TSLZ −14.3%. Use the arrow keys to read each point.0%20%40%Nov 2025May 2026Nov 2026
Expense ratio
AAPD 0.96%, better
TSLZ 1.05%
Fund size
AAPD $45M
TSLZ $31M
1Y total return
AAPD −21.3%
TSLZ −14.3%, better
Yield (12M)
AAPD 4.49%, better
TSLZ 0.73%
Holdings
AAPD 5
TSLZ 2
Avg volume (30D)
AAPD 9.21M sh, better
TSLZ 2.47M sh
NAV per share
AAPD $9.97
TSLZ $12.13
52W range

ETF.net Grade

AAPD: Cost 97, Risk 72, Mission 85, Tradability 73, Holdings not scored, Durability 81. TSLZ: Cost 65, Risk 50, Mission 100, Tradability 45, Holdings not scored, Durability 64.
Pillar letters and Scores for AAPD, TSLZ, with each pillar’s weight
PillarAAPDTSLZ
Cost30% weightA97HigherB65
Mission25% weightA85A100Higher
Risk15% weightA72HigherC50
Tradability15% weightA73HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightA81HigherB64

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 TSLZ 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 TSLZ 14th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 84
  2. Rank 1ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 12ANVDGraniteShares 2x Short NVDA Daily ETFScore 70
  4. Rank 14BTSLZT-REX 2X Inverse Tesla Daily Target ETFScore 68
  5. Rank 15BNVDSTradr 1.5X Short NVDA Daily ETFScore 67

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

TSLZBT-REX 2X Inverse Tesla Daily Target 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.

TSLZ Shorting Tesla without a margin account. TSLZ uses swaps to aim for -2x Tesla's move each trading day, resets at the close, and is the cheaper of the two double-short Tesla funds. Built for day-scale trades, not the long haul.

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.

TSLZ The Fund seeks daily investment results equal to -200% of the daily performance of Tesla, Inc., before fees and expenses. It is intended as a short-term trading vehicle and is not designed to track Tesla over periods longer than one trading day.

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.
  • TSLZ At 1.05%, it's the cheaper of the two double-short Tesla ETFs (TSDD charges 1.13%) and sits below the typical fee in the leveraged single-stock bear group.
  • Total return swaps with major financial institutions do the work, so the -2x Tesla exposure arrives in a plain brokerage account: no share borrow, no locate.sec.gov
  • Actively traded, and it has tracked its stated -2x daily target closely, one of the stronger implementations among leveraged single-stock bear funds.

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.
  • TSLZ Daily reset: the -2x target applies to one session. Hold longer and compounding pushes the result away from -2x Tesla's move over that stretch.
  • Twice the daily move in both directions. For less octane, Direxion's TSLS targets -1x on Tesla at 0.95%.
  • The prospectus calls it a short-term trading vehicle, and swap exposure means counterparty risk rather than borrowed shares.sec.gov

Full AAPD profile⁠

Full TSLZ profile⁠

AAPD vs TSLZ Holdings

How AAPD and TSLZ differ

Overlap by weight

0.0%

About this figure: AAPD gets much of its exposure from swaps and futures, which aren’t counted.

TSLZ gets much of its exposure from swaps and futures, which aren’t counted.

Level by level

  • Asset classLeveraged/Inverse, Stocks0.0%
  • Holdings0 in both0.0%

Sector

No Sector split for AAPD and TSLZ.

Country, concentration and asset class

Country by domicile

No country split for AAPD and TSLZ.

Concentration

Weight in the 10 largest Holdings

  • AAPD1053.5%
  • TSLZ158.4%

Securities held

  • AAPD0
  • TSLZ1

Asset class

AAPD
Leveraged/Inverse
TSLZ
Stocks

Holdings

  • Only in AAPD0
  • In both0
  • Only in TSLZ1

Only in AAPD

0 securities, 0.0% of AAPD by weight

Only in TSLZ

1 security, 71.7% of TSLZ by weight

  • Recv Tslz Trs Tsla Eq71.73%

Weight gaps

AAPD and TSLZ share no securities.

All 10 AAPD holdings⁠All 7 TSLZ 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 TSLZ Cost

Overpaying TSLZ vs AAPD

$1,461

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

  • AAPD 0.96%

    $18,034

  • TSLZ 1.05%

    $19,495

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • TSLZ 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TSLZ $19,495AAPD $18,034

Year by year

YearAAPDTSLZOverpaying
10$1,695$1,847$152
20$6,383$6,927$544
30$18,034$19,495$1,461

Expense ratio

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

AAPD 3rd cheapest of 43 funds

TSLZ 20th cheapest of 43 funds

AAPD vs TSLZ Dividends

Last 12 months to Nov 6, 2026
Yield (12M)
AAPD 4.49%, better
TSLZ 0.73%
Payout (12M)
AAPD $0.45
TSLZ $0.08
Last payment
AAPD $0.18
TSLZ $0.08
Ex-dividend
AAPD Sep 22, 2026
TSLZ Dec 24, 2025
Paid on
AAPD Sep 29, 2026
TSLZ Dec 26, 2025
Frequency
AAPD Quarterly
TSLZ Annual

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$5020232026YTD
TSLZAnnual · 3 paymentsAll TSLZ payments⁠
One bar per payment. 3 payments from 2022 to 2026 YTD. Dec 26, 2023 $55.18; Dec 24, 2024 $1.04; Dec 24, 2025 $0.08. Use the arrow keys to read each point.$0$5020232026YTD

AAPD vs TSLZ 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%, betterTSLZ 103.6%
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32TSLZ −0.87, better
Worst fallMax drawdown, 5 years
AAPD −64.0%since Aug 2022TSLZ −99.2%since Oct 2023
Market sensitivityBeta, 5 years
AAPD −0.84TSLZ −2.32

AAPD and TSLZ in the news

All news⁠

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