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IONZ vs TSLS

Defiance Daily Target 2x Short IONQ ETF

IONZCNasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.96pt a year

IONZ1.91%TSLS0.95%

Avg volume · 30D

IONZ 3.9×the volume

IONZ1.6MTSLS410K

IONZ vs TSLS Performance

Oct 31, 2025 – Nov 2, 2026

−80.0%IONZ0.0%TSLS

Oct 31, 2025 to Nov 2, 2026. IONZ −80.0%. TSLS 0.0%. Use the arrow keys to read each point.−100%−50%50%Oct 2025May 2026Nov 2026
Expense ratio
IONZ 1.91%
TSLS 0.95%, better
Fund size
IONZ $11M
TSLS $40M
1Y total return
IONZ −80.0%
TSLS 0.0%, better
Yield (12M)
IONZ No data
TSLS 3.14%
Holdings
IONZ 3
TSLS 4
Avg volume (30D)
IONZ 1.6M sh, better
TSLS 410K sh
NAV per share
IONZ $36.42
TSLS $50.50
52W range

ETF.net Grade

IONZ: Cost 4, Risk 29, Mission 90, Tradability 44, Holdings not scored, Durability 51. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for IONZ, TSLS, with each pillar’s weight
PillarIONZTSLS
Cost30% weightF4A97Higher
Mission25% weightA90HigherA87
Risk15% weightD29A75Higher
Tradability15% weightC44C45Higher
Holdings10% weightNot scoredNot scored
Durability5% weightC51A82Higher

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. IONZ 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 IONZ 25th 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 23CMUZDefiance Daily Target 2X Short MU ETFScore 50
  6. Rank 25CIONZDefiance Daily Target 2x Short IONQ ETFScore 41
  7. Rank 25CSNDQTradr 2X Short SNDK Daily ETFScore 41

Our read on each fund

ETF.net Research

IONZCDefiance Daily Target 2x Short IONQ ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

IONZ One ticker, one trade: IONZ aims for -2x the daily move in IonQ, the quantum-computing pure play, using swaps instead of a margin account. The clock resets every day, and its 1.91% fee runs above the category norm.

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

IONZ The Fund seeks daily inverse investment results equal to -2 times the daily percentage change in IonQ Inc.'s share price.

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

  • IONZ Hews close to its stated -2x daily objective since its June 2025 launch, and sits in the upper half of its bear single-stock leveraged peer group.defianceetfs.com
  • Short exposure without the plumbing: no margin account, no borrowing shares, no recall risk. The bet rides on total return swaps inside a 1940 Act fund.defianceetfs.com
  • Defiance runs the mirror image, a 2x long IonQ fund (IONX), so flipping your direction is a ticker change rather than a new brokerage setup.defianceetfs.com
  • 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

  • IONZ Daily reset means multi-day results compound off each close and can drift far from -2x the period move, especially when IonQ chops around.defianceetfs.com
  • At 1.91% it prices above the category median, and cheaper bear single-stock funds exist (SKHZ at 0.75%, TSLS at 0.95%), though they track different stocks.
  • A small, young fund that holds swap contracts with a counterparty rather than borrowed stock, and it is not built to pay income.defianceetfs.com
  • 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 IONZ profile⁠

Full TSLS profile⁠

IONZ 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.

IONZ vs TSLS Cost

Overpaying IONZ vs TSLS

$13,909

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

  • IONZ 1.91%

    $31,778

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • IONZ 1.91%
  • 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$30K$40K051015202530IONZ $31,778TSLS $17,869

Year by year

YearIONZTSLSOverpaying
10$3,242$1,678$1,564
20$11,705$6,322$5,383
30$31,778$17,869$13,909

Expense ratio

  • 1.91%IONZ
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

IONZ 41st cheapest of 43 funds

IONZ vs TSLS Dividends

Last 12 months to Nov 2, 2026
Yield (12M)
IONZ No data
TSLS 3.14%
Payout (12M)
IONZ None
TSLS $1.57
Last payment
IONZ No data
TSLS $0.40
Ex-dividend
IONZ No data
TSLS Sep 22, 2026
Paid on
IONZ No data
TSLS Sep 29, 2026
Frequency
IONZ No data
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

IONZAll IONZ payments⁠

No distribution history available.

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

IONZ vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
IONZ 165.7%since Jul 2025TSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
IONZ −0.47since Jul 2025TSLS −0.76
Worst fallMax drawdown, 5 years
IONZ −98.7%since Jun 2025TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
IONZ −9.59TSLS −1.41

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