Skip to content
etf.net

Launched · SEC filings

T-REX 2X Inverse Tesla Daily Target ETF

TSLZCboeRexsharesBThis 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.

$9.87−1.23 (−11.08%)

At close: Nov 9, 2026, 4:00 PM ET

B68/ 100

Rank 14 of 58 in Single-Stock Inverse

B68/100Rank 14 of 58inSingle-Stock Inverse
Intraday session: down, 79 prints from 11.10 to 9.87. Range 9.65 to 10.91. Use the arrow keys to read each point.10.2510.5010.7510 AM12 PM2 PM4 PM
Expense ratio
1.05%
Fund size
$31M
1Y total return
−14.3%
Yield · Last 12 months
0.73%
Holdings
2
Avg volume · 30D
2.47M sh
52W range
low $8.63high $19.03
Launched
Filings
SEC EDGAR

The ETF.net TSLZ Grade

Based on 5 of 6 pillars

B

Score 68 out of 100

Category
Single-Stock Inverse⁠
Rank
14 of 58
Six-pillar profile for TSLZ. Scores out of 100: Cost 65, Risk 50, Mission 100, Tradability 45, Holdings not scored, Durability 64. Strongest: Mission (100). Weakest: Tradability (45). Based on 5 of 6 pillars.

Score 68 of 100 falls in the B band. A is 70 or higher, B 55 to under 70, C 40 to under 55, D 25 to under 40, F under 25.

  • Cost

    The fund’s net expense ratio, ranked against its category.
    B65 out of 100
    Rank 20 of 58

  • Mission

    Whether the fund did what it promised, tested against its stated mandate.
    A100 out of 100
    Rank 1 of 32

  • Risk

    How the fund held up when markets fell: downside volatility, drawdowns and tail loss.
    C50 out of 100
    Rank 23 of 54

  • Tradability

    How easy the fund is to trade: daily volume, and how far its price strays from net asset value.
    C45 out of 100
    Rank 32 of 58

  • Holdings

    How concentrated the fund is, and how complete and current its disclosed holdings are.
    Not scored

  • Durability

    Whether the fund is likely to stay open, judged by its age, its assets and its issuer’s assets.
    B64 out of 100
    Rank 15 of 58

Our read on TSLZ

ETF.net Research

In short

BShorting 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

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

Worth knowing

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

TSLZ Performance

Launched Oct 19, 2023

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

Not enough history yet.Not enough history yet.
TSLZ$8,567
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,088
Nov 6, 2025 to Nov 6, 2026. TSLZ $8,567. SPY $11,088. Use the arrow keys to read each point.$7,500$10,000$12,500Nov 2025May 2026Nov 2026

Nov 6, 2025 – Nov 6, 2026

Returns run to the Nov 6, 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−6.5%
1 month+5.2%
3 months−31.8%
1 year−14.3%
3 yearsper year−73.5%
5 yearsFund is under 5 years oldper yearNo data
10 yearsFund is under 10 years oldper yearNo data

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−6.5%
2025−76.0%
2024−88.8%
2023−27.8%

Since listing, Oct 19, 2023

TSLZ in the news

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 Nov 6, 2026.
0.73%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

$10,000 in TSLZ 3 years ago paid $783 in dividends.

TSLZ Risk

Risk pillarC50 out of 100Rank 23 of 54 in Single-Stock Inverse

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.
103.6%
Annualised · 36 months to Oct 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.
−0.87
vs 3-month T-bills · to Oct 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.
−99.2%
36 months · trough Oct 2026
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.
−2.32
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.

FMP measures it over up to five years of monthly returns.

TSLZ Cost

Compare TSLZ and SKHZ

Overpaying vs SKHZ, cheapest in Single-Stock Inverse

$5,013

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

  • TSLZ 1.05%

    $19,495

  • SKHZ 0.75% Cheapest

    $14,482

$10,000
30 years

Cost over time

  • TSLZ 1.05%
  • SKHZ 0.75%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TSLZ $19,495SKHZ $14,482

Year by year

YearTSLZSKHZOverpaying
10$1,847$1,336$511
20$6,927$5,078$1,849
30$19,495$14,482$5,013

Other funds in Single-Stock Inverse

See others