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TSLZ

GradeAChicago Board Options Exchange

T-REX 2X Inverse Tesla Daily Target ETF

Leveraged · Single-Stock Leveraged · Rexshares · Inception 2023-10-19 · SEC filings

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.

$10.72−0.07 (−0.65%)

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

History starts Oct 19, 2023.
Intraday session: down, 59 prints from 10.79 to 10.72. Range 10.37 to 10.86. Use the arrow keys to read each point.$10.40$10.60$10.8010 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$26M
1Y return
−28.8%
Yield · Last 12 months
0.75%
Holdings
7
Volume · 30D
2.8M sh
NAV per share
$11.00
52W range
low $9.73high $19.03

The ETF.net TSLZ Grade

A

70/ 100

Rank 16 of 58 in Single-Stock Inverse⁠

Confidence High

Six-pillar profile for TSLZ. Scores out of 100: Cost 86, Risk 51, Mission 80, Tradability 46, Holdings not scored, Durability 61. Strongest: Cost (86). Weakest: Tradability (46). Based on 5 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 70 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 86
    Category rank10/58 · top 17%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    AScore 80
    Category rank30/31 · bottom quartile

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    CScore 51
    Category rank21/48 · top 44%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    CScore 46
    Category rank31/58 · mid-pack

  • 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.
    BScore 61
    Category rank18/58 · top 31%

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

Our read on TSLZ

ETF.net Research

AShorting 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

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

  1. 01At 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.
  2. 02Total 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
  3. 03Actively traded, and it has tracked its stated -2x daily target closely, one of the stronger implementations among leveraged single-stock bear funds.

Worth knowing

  1. 01Daily reset: the -2x target applies to one session. Hold longer and compounding pushes the result away from -2x Tesla's move over that stretch.
  2. 02Twice the daily move in both directions. For less octane, Direxion's TSLS targets -1x on Tesla at 0.95%.
  3. 03The prospectus calls it a short-term trading vehicle, and swap exposure means counterparty risk rather than borrowed shares.sec.gov

TSLZ Holdings

As of Sep 20, 2026, 9:04 AM
Asset class
Stocks
Holdings
7
Top-10 weight
154%
Largest holding
CASH AND CASH EQUIVALENTS107.2%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—CASH AND CASH EQUIVALENTS107.17%25,194,924$25M120
002—RECV TSLZ TRS TSLA EQ46.97%35,404,115$11M1

Showing 1–2 of 2 holdings

TSLZ Performance

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

TSLZ$7,120
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. TSLZ $7,120. SPY $11,723. Use the arrow keys to read each point.$6,189$9,539$12,888Sep 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 TSLZ. Periods over one year show the average yearly return.
PeriodTSLZ
Year to date−9.0%
1 month−12.6%
3 months−8.9%
1 year−28.8%
3 yearsFund is under 3 years old—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 TSLZ
YearReturn barTSLZ
2026 YTD−9.0%
2025−76.0%
2024−88.8%
2023−27.8%

Since listing, Oct 19, 2023

TSLZ in the news

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

TSLZ 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.
0.75%Last 12 months
Payout per share
$0.08Last 12 months
Last payment
$0.08 per share
Paid on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Annual

Distribution history

2023–2026

One bar per payment. 3 payments from 2023 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.2023202420252026YTD
Ex-datePay dateAmount per share
Dec 24, 2025Dec 26, 2025$0.08
Dec 24, 2024Dec 26, 2024$1.04
Dec 26, 2023Dec 28, 2023$55.18

TSLZ 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.
106.0%
Annualised · 34 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.
−0.83
vs 3-month T-bills · 34 months 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.
−99.1%
35 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.
−2.44
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.

TSLZ Cost

Expense ratio1.05%
  • The middle half of Single-Stock Inverse funds
  • Median 1.35%

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

TSLZ costs $105.00 a year on $10,000. The median Single-Stock Inverse fund costs $135.00.