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CONI vs TSLS

GraniteShares 2x Short COIN Daily ETF

CONICNasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.76pt a year

CONI1.71%TSLS0.95%

Avg volume · 30D

TSLS 1.6×the volume

CONI263KTSLS410K

CONI vs TSLS Performance

Oct 31, 2025 – Nov 2, 2026

+11.2%CONI0.0%TSLS

Oct 31, 2025 to Nov 2, 2026. CONI +11.2%. TSLS 0.0%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
CONI 1.71%
TSLS 0.95%, better
Fund size
CONI $10M
TSLS $40M
1Y total return
CONI +11.2%, better
TSLS 0.0%
Yield (12M)
CONI 1.51%
TSLS 3.14%, better
Holdings
CONI 1
TSLS 4
Avg volume (30D)
CONI 263K sh
TSLS 410K sh, better
NAV per share
CONI $36.53
TSLS $50.50
52W range

ETF.net Grade

CONI: Cost 7, Risk 56, Mission 95, Tradability 55, Holdings not scored, Durability 57. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for CONI, TSLS, with each pillar’s weight
PillarCONITSLS
Cost30% weightF7A97Higher
Mission25% weightA95HigherA87
Risk15% weightB56A75Higher
Tradability15% weightB55HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightB57A82Higher

Rank among Single-Stock Inverse funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. CONI and TSLS are both graded against the same 43 Single-Stock Inverse funds, so their Grades compare head to head.

Single-Stock Inverse⁠

Category · 43 funds
See all 43 ›

TSLS ranks 3rd and CONI 23rd of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 86
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 84
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 4AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  5. Rank 22BIREZTradr 2X Short IREN Daily ETFScore 55
  6. Rank 23CCONIGraniteShares 2x Short COIN Daily ETFScore 50
  7. Rank 23CMUZDefiance Daily Target 2X Short MU ETFScore 50

Our read on each fund

ETF.net Research

CONICGraniteShares 2x Short COIN Daily ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

CONI The heavier short on Coinbase. CONI aims for -2 times COIN's move each day, where most single-stock bear funds stop at -1x. Cost is 1.15% net of a waiver through December 31, 2026, and the exposure resets daily.

TSLS The 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

CONI The Fund seeks daily inverse results equal to -2 times the daily percentage change of Coinbase Global Inc.

TSLS 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

  • CONI Aims for -2 times Coinbase's daily move, double the inverse exposure of the 1x bear funds that fill most of the single-stock shelf (AAPD, TSLS, SKHZ).
  • 1.15% net of a waiver through December 31, 2026, below the typical fee in its category. Gross is 2.11%.
  • Short Coinbase exposure inside a 1940 Act ETF: no margin account, no shares to locate and borrow, bought and sold like any stock.graniteshares.com
  • Has hewn closely to its stated daily -2x target since launching in 2024, one of the stronger implementations in its peer group.
  • TSLS Cheapest 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.
  • Inverse, 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
  • Trading 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

  • CONI The -2x applies to a single day. Hold longer and compounding can push results well away from -2x COIN's move over that stretch.
  • The waiver runs out December 31, 2026; gross is 2.11%, so the cost picture hinges on renewal.
  • A small fund and only moderately traded, so spreads and order timing matter more here than with the busiest bear funds.
  • TSLS Exposure 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
  • Direxion calls it a short-term trading vehicle that is not appropriate for investors who will not actively monitor it.sec.gov
  • One company, one story. An earnings print, a product event or a headline about its CEO moves the whole position.

Full CONI profile⁠

Full TSLS profile⁠

CONI vs TSLS Holdings

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

CONI vs TSLS Cost

Overpaying CONI vs TSLS

$11,306

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

  • CONI 1.71%

    $29,175

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • CONI 1.71%
  • TSLS 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K051015202530CONI $29,175TSLS $17,869

Year by year

YearCONITSLSOverpaying
10$2,927$1,678$1,249
20$10,659$6,322$4,337
30$29,175$17,869$11,306

Expense ratio

  • 1.71%CONI
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

CONI 39th cheapest of 43 funds

CONI vs TSLS Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
CONI 1.51%
TSLS 3.14%, better
Payout (12M)
CONI $0.60
TSLS $1.57
Last payment
CONI $0.60
TSLS $0.40
Ex-dividend
CONI Dec 29, 2025
TSLS Sep 22, 2026
Paid on
CONI Dec 31, 2025
TSLS Sep 29, 2026
Frequency
CONI Annual
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

CONIAnnual · 2 paymentsAll CONI payments⁠
One bar per payment. 2 payments from 2022 to 2026 YTD. Dec 27, 2024 $3.29; Dec 29, 2025 $0.60. Use the arrow keys to read each point.$0$1020232026YTD
TSLSQuarterly · 18 paymentsAll TSLS payments⁠
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.$0$1020232026YTD

CONI vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
CONI 112.3%since Oct 2024TSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
CONI −0.46since Oct 2024TSLS −0.76
Worst fallMax drawdown, 5 years
CONI −96.2%since Sep 2024TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
CONI −4.23TSLS −1.41

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