# AAPD (Direxion Daily AAPL Bear 1X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: AAPD returned −12.0% where its own daily promise gave −13.4%, 1.4 points over.

## Key facts

- AAPD, what AAPL did: +13.2%, as of Sep 30, 2026.
- AAPD, what −1 times a day gives: −13.4%, as of Sep 30, 2026.
- AAPD, what the fund returned: −12.0%, as of Sep 30, 2026.
- AAPD, the fund itself added: +1.4 pts, as of Sep 30, 2026.
- AAPD, net assets: $13m (issuer page, as of Sep 30, 2026).
- AAPD, expense ratio: 0.96% (485BPOS XBRL, Feb 26, 2026).

## AAPD over each window to Sep 30, 2026

| Window | Fund | AAPL | -1x the move | Difference | AAPL moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | −4.6% | +5.1% | −5.1% | +0.5 pts | 23% |
| 3 months | −12.0% | +13.2% | −13.2% | +1.2 pts | 28% |
| 6 months | −23.9% | +30.5% | −30.5% | +6.6 pts | 28% |
| 1 year | −23.6% | +31.3% | −31.3% | +7.6 pts | 25% |
| 3 years | −49.2% | +97.1% | −97.1% | +47.9 pts | 27% |
| Since launch | −52.4% | +105.9% | not meaningful over this window | not meaningful over this window | 27% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -1 times the daily move of AAPL, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -0.91 times, against -1 stated | ETFIQ |
| Underlying | AAPL | ETFIQ |
| Segment | single stock, company | ETFIQ |
| Net assets | $13m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 0.96% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Aug 9, 2022 | ETFIQ |
| Underlying volatility over the window | 28% annualized | ETFIQ |

## Questions

### Did AAPD return -1 times AAPL?

Over the window to Sep 30, 2026, AAPL moved +13.2% and AAPD returned −12.0%. −1 times that move is −13.2%, so the fund came out 1.2 points ahead of it.

### Why does AAPD not return -1 times over a year?

Because it resets daily. AAPD aims at -1 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -1 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get.


## Cite this page

ETFIQ, AAPD, data as of Sep 30, 2026. https://etfiq.com/funds/aapd
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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