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AAPD vs TSMZ

Direxion Daily AAPL Bear 1X ETF

AAPDANasdaq

Direxion Daily TSM Bear 1X ETF

TSMZCNasdaq

Overlap

Expense ratio

AAPD −0.05pt a year

AAPD0.96%TSMZ1.01%

Avg volume · 30D

AAPD 84.6×the volume

AAPD8.8MTSMZ104K

AAPD vs TSMZ Performance

Oct 31, 2025 – Oct 30, 2026

−21.5%AAPD−33.5%TSMZ

Oct 31, 2025 to Oct 30, 2026. AAPD −21.5%. TSMZ −33.5%. Use the arrow keys to read each point.−40%−10%0%10%Oct 2025Apr 2026Oct 2026
Expense ratio
AAPD 0.96%, better
TSMZ 1.01%
Fund size
AAPD $24M
TSMZ $3M
1Y total return
AAPD −21.5%, better
TSMZ −33.5%
Yield (12M)
AAPD 4.51%, better
TSMZ 3.95%
Holdings
AAPD 4
TSMZ 3
Avg volume (30D)
AAPD 8.8M sh, better
TSMZ 104K sh
NAV per share
AAPD $9.86
TSMZ $7.54
52W range

ETF.net Grade

AAPD: Cost 97, Risk 75, Mission 85, Tradability 80, Holdings not scored, Durability 75. TSMZ: Cost 78, Risk 56, Mission 96, Tradability 21, Holdings not scored, Durability 51.
Pillar letters and Scores for AAPD, TSMZ, with each pillar’s weight
PillarAAPDTSMZ
Cost30% weightA97HigherA78
Mission25% weightA85A96Higher
Risk15% weightA75HigherB56
Tradability15% weightA80HigherF21
Holdings10% weightNot scoredNot scored
Durability5% weightA75HigherC51

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 TSMZ 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 TSMZ 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 28CRKLZDefiance Daily Target 2X Short RKLB ETFScore 40
  4. Rank 28CTSMZDirexion Daily TSM Bear 1X ETFScore 40
  5. Rank 36DQBTZDefiance Daily Target 2X Short QBTS ETFScore 39

Our read on each fund

ETF.net Research

AAPDADirexion Daily AAPL Bear 1X ETF

TSMZCDirexion Daily TSM 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.

TSMZ A one-to-one short on the world's biggest chip foundry. TSMZ aims to deliver 100% of the inverse of Taiwan Semiconductor's daily move, with no leverage stacked on top, at 1.01% net of a waiver through September 1, 2027.

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.

TSMZ The fund seeks daily investment results equal to 100% of the inverse performance of Taiwan Semiconductor Manufacturing Co Ltd 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.
  • TSMZ Straight -1x, not 2x or 3x. The fund targets 100% of the inverse of TSM's daily move before fees, so a day's result is sized to the stock itself.direxion.com
  • 1.01% net of a waiver through September 1, 2027 (1.47% gross) runs below the median of its 54-fund category, and a shade under Direxion's AVS at 1.03% net of a waiver through September 1, 2027.
  • On the one thing a daily product has to do, it delivers: measured results have tracked the stated inverse target tightly since the October 2024 launch.

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.
  • TSMZ The target resets every day. Over longer holds, the path TSM takes matters as much as where it lands, and volatility compounds against you.direxion.com
  • One of the smaller and less actively traded names in its peer group, so spreads and order sizing deserve more attention than with the headline single-stock shorts.
  • One stock, no cushion. Direxion's own materials note these funds track a single stock rather than an index, "eliminating the benefits of diversification."direxion.com

Full AAPD profile⁠

Full TSMZ profile⁠

AAPD vs TSMZ 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 TSMZ Cost

Overpaying TSMZ vs AAPD

$816

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

  • AAPD 0.96%

    $18,034

  • TSMZ 1.01%

    $18,850

$10,000
30 years

Cost over time

  • AAPD 0.96%
  • TSMZ 1.01%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TSMZ $18,850AAPD $18,034

Year by year

YearAAPDTSMZOverpaying
10$1,695$1,780$85
20$6,383$6,686$303
30$18,034$18,850$816

Expense ratio

  • 0.96%AAPD, cheaper
  • 1.01%TSMZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

AAPD 3rd cheapest of 43 funds

TSMZ 10th cheapest of 43 funds

AAPD vs TSMZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
AAPD 4.51%, better
TSMZ 3.95%
Payout (12M)
AAPD $0.45
TSMZ $0.32
Last payment
AAPD $0.18
TSMZ $0.07
Ex-dividend
AAPD Sep 22, 2026
TSMZ Sep 22, 2026
Paid on
AAPD Sep 29, 2026
TSMZ Sep 29, 2026
Frequency
AAPD Quarterly
TSMZ Quarterly

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
TSMZQuarterly · 8 paymentsAll TSMZ payments⁠
One bar per payment. 8 payments from 2022 to 2026 YTD. Dec 23, 2024 $0.19; Mar 25, 2025 $0.25; Jun 24, 2025 $0.12; Sep 23, 2025 $0.11; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.06; Sep 22, 2026 $0.07. Use the arrow keys to read each point.$0$0.2520232026YTD

AAPD vs TSMZ 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%TSMZ 34.4%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
AAPD −1.32TSMZ −1.35since Nov 2024
Worst fallMax drawdown, 5 years
AAPD −63.9%since Aug 2022TSMZ −75.1%since Oct 2024
Market sensitivityBeta, 5 years
AAPD −0.84TSMZ −1.25

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