Skip to content
etf.net

TSLS

GradeANASDAQ Global Market

Direxion Daily TSLA Bear 1X ETF

Leveraged · Single-Stock Leveraged · Direxion · Inception 2022-08-09

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$53.45−0.17 (−0.31%)

As of Sep 23, 2026, 2:20 PM EDT

History starts Aug 9, 2022.
Intraday session: down, 59 prints from 53.62 to 53.45. Range 52.53 to 53.75. Use the arrow keys to read each point.$52.50$53.0010 AM12 PM2 PM4 PM
Expense ratio
0.95%
Fund size
$58M
1Y return
+0.0%
Yield · Last 12 months
3.67%
Holdings
8
Volume · 30D
0.4M sh
NAV per share
$55.87
52W range
low $46.20high $69.83

The ETF.net TSLS Grade

A

85/ 100

Rank 3 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for TSLS. Scores out of 100: Cost 97, Risk 79, Mission 83, Tradability 71, Holdings not scored, Durability 83. Strongest: Cost (97). Weakest: Tradability (71). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 85 of 100 sits in the A band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    AScore 97
    Category rank3/58 · top 5%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 83
    Category rank29/31 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    AScore 79
    Category rank4/48 · top 8%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    AScore 71
    Category rank13/58 · top 22%

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    AScore 83
    Category rank1/58 · top 2%

Graded as of Sep 22, 2026 · Based on 5 of 6 pillars

Our read on TSLS

ETF.net Research

AThe plain short on Tesla: TSLS aims for -1x the stock's daily move, with no leverage stacked on top. Among the small group of Tesla bear funds, it is the cheapest, and the one that dials risk down rather than up.

Stated mandate

The Fund seeks daily inverse investment results by maintaining short exposure to TSLA of approximately -100% of its net assets and generally rebalancing that exposure each trading day.

Why people hold it

  1. 01Cheapest of the Tesla short funds at 0.95%, undercutting TSDD (1.13%) and TSLZ (1.05%), and running well below the typical inverse single-stock ETF.
  2. 02Inverse, not leveraged inverse. One unit of short Tesla exposure per dollar, which keeps daily compounding drag milder than the -2x versions of the same trade.direxion.com
  3. 03Trading since 2022 and one of the stronger implementations in the inverse single-stock crowd, with enough daily volume to make in-and-out trading practical.

Worth knowing

  1. 01Exposure resets every trading day. Over any stretch longer than a day, Tesla's volatility compounds and results can drift well away from -1x the stock's move.direxion.com
  2. 02Direxion calls it a short-term trading vehicle that is not appropriate for investors who will not actively monitor it.sec.gov
  3. 03One company, one story. An earnings print, a product event or a headline about its CEO moves the whole position.

TSLS Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
8
Top-10 weight
1422%
Largest holding
DREYFUS GOVT CASH MAN INS882.7%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—DREYFUS GOVT CASH MAN INS882.71%37,672,237$38M108
002—DREYFUS TRSRY SECURITIES CASH MGMT346.53%14,789,116$15M82
003—GOLDMAN FINL SQ TRSRY INST 50699.33%4,239,290$4M100
004—GOLDMAN SACHS FIN GOV 465 INSTITUT93.26%3,980,002$4M75

Showing 1–4 of 4 holdings

TSLS Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

TSLS$10,004
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. TSLS $10,004. SPY $11,723. Use the arrow keys to read each point.$8,182$10,715$13,249Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for TSLS. Periods over one year show the average yearly return.
PeriodTSLS
Year to date+7.8%
1 month−5.3%
3 months+0.8%
1 year+0.0%
3 years−33.3%per year
5 yearsFund is under 5 years old—per year
10 yearsFund is under 10 years old—per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for TSLS
YearReturn barTSLS
2026 YTD+7.8%
2025−35.0%
2024−55.7%
2023−60.1%
2022+100.5%

Since listing, Aug 9, 2022

TSLS in the news

ETF.net Research hasn’t filed on TSLS yet — coverage lands here as it’s written.

TSLS Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
3.67%Last 12 months
Payout per share
$1.97Last 12 months
Upcoming payment
$0.40 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2022–2026

One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.23; Dec 8, 2022 $16.19; Dec 20, 2022 $0.56; Mar 21, 2023 $2.55; Jun 21, 2023 $1.86; Sep 19, 2023 $1.80; Dec 21, 2023 $2.29; Mar 19, 2024 $2.40; Jun 25, 2024 $1.68; Sep 24, 2024 $1.39; Dec 23, 2024 $0.66; Mar 25, 2025 $0.76; Jun 24, 2025 $0.53; Sep 23, 2025 $0.40; Dec 23, 2025 $0.49; Mar 24, 2026 $0.34; Jun 23, 2026 $0.34; Sep 22, 2026 $0.40. Use the arrow keys to read each point.20222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.40
Jun 23, 2026Jun 30, 2026$0.34
Mar 24, 2026Mar 31, 2026$0.34
Dec 23, 2025Dec 31, 2025$0.49
Sep 23, 2025Sep 30, 2025$0.40
Jun 24, 2025Jul 1, 2025$0.53
Mar 25, 2025Apr 1, 2025$0.76
Dec 23, 2024Dec 31, 2024$0.66
Sep 24, 2024Oct 1, 2024$1.39
Jun 25, 2024Jul 2, 2024$1.68
Mar 19, 2024Mar 26, 2024$2.40
Dec 21, 2023Dec 29, 2023$2.29

TSLS Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
53.5%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.53
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−90.7%
49 months · trough Dec 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−1.41
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

TSLS Cost

Expense ratio0.95%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

1 of the 43 Single-Stock Inverse funds charge less.

TSLS costs $95.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.