At a glance
AAPD charges 0.96% a year. It has $59.1M in assets; it paid 4.54% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −22.2% with distributions reinvested (S&P 500: +11.5%); over three years it returned −21.8% a year.
The short version
Direxion Daily AAPL Bear 1X Shares ETF (AAPD) aims to deliver the opposite (inverse) of Apple stock's return for a single trading day, before fees. It gets this exposure mainly through swap agreements with large banks. It is built as a short-term trading or hedging tool. Its exposure resets every day, so over weeks or months its returns can drift well away from -1x Apple's. It also charges 0.96% a year.
Price history
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AAPD -22.2% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| AAPD official prospectus, to Dec 31, 2025 | — | -11.47% | — | — | — | -14.43% |
| AAPD price data to Oct 27, 2026 | -22.0% | -22.2% | -21.8% | — | — | -16.5% |
- Over the year to Oct 27, 2026, AAPD returned -22.2%.
- Its worst full calendar year was 2023 (-30.5%); its best was 2025 (-11.4%).
- The deepest fall in its price history was 63.8% (Jan 3, 2023 to Oct 22, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -22.0% | — |
| 2025 | -11.4% | -11.47% |
| 2024 | -21.4% | -21.36% |
| 2023 | -30.5% | -30.47% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.3400 | |
| 2025 | $0.4700 | -32.9% |
| 2024 | $0.7000 | -19.5% |
| 2023 | $0.8700 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (52.97% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors added a net $41.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -12.96%, +7.28%, -7.08%.
How it works
AAPD doesn't own Apple shares or borrow them to sell short. Under normal conditions, it puts at least 80% of net assets into financial instruments, mainly swap agreements with large global banks. Together, these aim to deliver -100% of Apple's daily return. A swap is a contract in which the bank pays the fund when Apple falls, and the fund pays the bank when Apple rises. The rest of the fund sits in money market funds, bank deposits and short-term, high-quality debt such as U.S. government securities. As of July 31, 2026, the fund held five Apple swaps, and about 53% of its $59.1 million in net assets was in cash.
At each market close, the adviser rebalances. If Apple fell that day, the fund's assets rise, so it adds short exposure. If Apple rose, its assets fall, so it cuts exposure. This keeps the bet at -1x for each new day.
That daily reset matters. Over any period longer than a day, returns compound and will very likely differ from -1x Apple's return. The prospectus warns that the fund will lose money if Apple is flat over time. In choppy markets it can lose money even while Apple declines. The fund is non-diversified and tied to one stock. It also creates and redeems shares mainly for cash, so it isn't expected to be tax efficient.
What it really costs
- AAPD charges 0.96% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $98 in the first year and $1,178 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| AAPD | $98 | $306 | $531 | $1,178 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -1× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
AAPD is designed to deliver -1x Apple's return for one day at a time, and the prospectus warns that holding it longer can lose money even when Apple falls.
AAPD launched in August 2022. That means it has no record through the 2008 crisis, the 2020 COVID crash or the full 2022 bear market. It has lost money in each full calendar year since launch, and its worst was 2023 at -30.5%. Its deepest drop was 63.8%, from January 3, 2023 to October 22, 2026, and it had not recovered by then. Anyone who had to sell during that stretch would have locked in large losses.
The trailing 12-month yield was 4.54% as of October 27, 2026, paid quarterly. That income was far smaller than the price declines. Costs are high at 0.96% a year, or about $98 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders who want a one-day bet against Apple stock without borrowing shares or opening a margin account.
- Holders of a large Apple position who want a brief hedge they can check daily, and who accept the 0.96% annual cost.
- Experienced investors who understand daily resets and swap counterparty risk, and know that holding for weeks can drift from -1x Apple's return.
Look elsewhere if
- Buy-and-hold or retirement investors: the fund's price fell 52% in the three years to October 27, 2026, and its deepest drop reached 63.8%.
- Income seekers: the 4.54% trailing yield, paid quarterly, has been far smaller than the fund's price losses.
- Anyone who wants diversification: AAPD is tied to a single stock, Apple, and the prospectus calls it non-diversified and concentrated in one industry.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Can you hold AAPD long term?
It isn't designed for that. The prospectus says AAPD seeks -1x Apple's return for one trading day only, and that the fund will lose money if Apple is flat over time. Because of daily compounding, it can even lose money while Apple falls over a longer stretch. From launch through December 31, 2025, the fund returned -14.43% a year on average. Its price fell 52% in the three years to October 27, 2026.
Does AAPD pay dividends?
Yes. AAPD pays distributions every quarter. Its trailing 12-month yield was 4.54% as of October 27, 2026, or about $0.45 per share. That income didn't come close to making up for price losses: the fund's price return over the year to the same date was -22.2%. Besides its Apple swaps, the fund holds much of its assets in cash and short-term, high-quality debt.
What's the difference between AAPD and shorting Apple stock?
Both gain when Apple falls, but they work differently. Shorting means borrowing Apple shares in a margin account and selling them, and losses can keep growing if the price climbs. AAPD trades in a regular brokerage account, and the most you can lose is the amount you put in. The trade-off is that AAPD resets daily, so over longer periods its return can drift from -1x Apple's. It also charges 0.96% a year.
What is AAPD's expense ratio?
AAPD's expense ratio is 0.96% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares sold at the end of each period. On that basis, costs come to about $98 after one year, $306 after three, $531 after five and $1,178 after ten. Cash-based creations can add trading and financing costs on top.
Can AAPD hedge a position in Apple stock?
Only over short periods, and it needs close watching. Because it targets -1x Apple's move each day, it can offset a single day's drop in Apple shares. Over weeks or months, compounding can push results away from a mirror image, especially when Apple swings up and down. Its swaps are with a limited number of banks, which adds counterparty risk. Its quarterly returns have ranged from -21.27% in the first quarter of 2023 to 14.18% in the third quarter of 2023.