Skip to content
etf.net

MSFD vs TSLS

Direxion Daily MSFT Bear 1X ETF

MSFDANasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.07pt a year

MSFD1.02%TSLS0.95%

Avg volume · 30D

MSFD 4.0×the volume

MSFD1.62MTSLS410K

3Y return · a year

MSFD +24.3pt

MSFD−14.2%TSLS−38.5%

MSFD vs TSLS Performance

Oct 31, 2025 – Oct 30, 2026

−6.2%MSFD+1.0%TSLS

Oct 31, 2025 to Oct 30, 2026. MSFD −6.2%. TSLS +1.0%. Use the arrow keys to read each point.10%20%30%40%Oct 2025Apr 2026Oct 2026
Expense ratio
MSFD 1.02%
TSLS 0.95%, better
Fund size
MSFD $10M
TSLS $39M
1Y total return
MSFD −6.2%
TSLS +1.0%, better
Yield (12M)
MSFD 4.24%, better
TSLS 3.11%
Holdings
MSFD 3
TSLS 4
Avg volume (30D)
MSFD 1.62M sh, better
TSLS 410K sh
NAV per share
MSFD $9.67
TSLS $50.04
52W range

ETF.net Grade

MSFD: Cost 78, Risk 82, Mission 99, Tradability 41, Holdings not scored, Durability 66. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for MSFD, TSLS, with each pillar’s weight
PillarMSFDTSLS
Cost30% weightA78A97Higher
Mission25% weightA99HigherA87
Risk15% weightA82HigherA75
Tradability15% weightC41C45Higher
Holdings10% weightNot scoredNot scored
Durability5% weightB66A82Higher

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. MSFD 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 MSFD 8th 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 3ASKHZLeverage Shares 1X Short SK Hynix Daily ETFScore 81
  4. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  5. Rank 5AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  6. Rank 8AGGLSDirexion Daily GOOGL Bear 1X ETFScore 77
  7. Rank 8AMSFDDirexion Daily MSFT Bear 1X ETFScore 77
  8. Rank 10ATSLQTradr 2X Short TSLA Daily ETFScore 75

Our read on each fund

ETF.net Research

MSFDADirexion Daily MSFT Bear 1X ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

MSFD Straight inverse Microsoft, with no leverage stacked on top: MSFD targets -100% of MSFT's daily move. One of Direxion's original 2022 single-stock funds, and a buy-side way to express a bearish view.

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

MSFD The fund seeks daily investment results, before fees and expenses, that correspond to the inverse performance of Microsoft Corporation's common shares.

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

  • MSFD The unleveraged one on a shelf crowded with 2x and 3x bears. It targets -100% of Microsoft's daily move, so a 1% MSFT drop maps to roughly a 1% move the other way before fees.direxion.com
  • Fee is 1.02% net of a waiver through September 1, 2027 (1.16% gross), which sits below the category median for inverse single-stock funds.direxion.com
  • You buy shares long to get short exposure. No stock borrow to locate, no short-sale mechanics running inside your own account.direxion.com
  • Day to day, it has tracked its stated inverse target tightly, one of the stronger implementations in the inverse single-stock 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

  • MSFD Daily reset. Hold past one day and compounding takes over, so multi-day results can diverge from -100% of MSFT's move. Direxion flags that MSFT volatility magnifies the effect.direxion.com
  • All the risk sits in one company. There is no index behind it to soften a Microsoft rally, which works directly against the position.
  • Small fund, so spreads deserve a look before you trade. Other 1X bears carry lower fees, like TSLS at 0.95% and AAPD at 0.96%, though they short different stocks.
  • 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 MSFD profile⁠

Full TSLS profile⁠

MSFD 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.

MSFD vs TSLS Cost

Overpaying MSFD vs TSLS

$1,143

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

  • MSFD 1.02%

    $19,012

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • MSFD 1.02%
  • TSLS 0.95%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530MSFD $19,012TSLS $17,869

Year by year

YearMSFDTSLSOverpaying
10$1,797$1,678$119
20$6,746$6,322$424
30$19,012$17,869$1,143

Expense ratio

  • 1.02%MSFD
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

MSFD 12th cheapest of 43 funds

MSFD vs TSLS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
MSFD 4.24%, better
TSLS 3.11%
Payout (12M)
MSFD $0.42
TSLS $1.57
Last payment
MSFD $0.08
TSLS $0.40
Ex-dividend
MSFD Sep 22, 2026
TSLS Sep 22, 2026
Paid on
MSFD Sep 29, 2026
TSLS Sep 29, 2026
Frequency
MSFD Quarterly
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

MSFDQuarterly · 18 paymentsAll MSFD payments⁠
One bar per payment. 18 payments from 2022 to 2026 YTD. Sep 20, 2022 $0.01; Dec 8, 2022 $0.01; Dec 20, 2022 $0.16; Mar 21, 2023 $0.11; Jun 21, 2023 $0.19; Sep 19, 2023 $0.22; Dec 21, 2023 $0.17; Mar 19, 2024 $0.13; Jun 25, 2024 $0.22; Sep 24, 2024 $0.11; Dec 23, 2024 $0.15; Mar 25, 2025 $0.11; Jun 24, 2025 $0.09; Sep 23, 2025 $0.11; Dec 23, 2025 $0.08; Mar 24, 2026 $0.08; Jun 23, 2026 $0.18; Sep 22, 2026 $0.08. 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

MSFD vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
MSFD 27.6%, betterTSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
MSFD −0.57, betterTSLS −0.76
Worst fallMax drawdown, 5 years
MSFD −62.1%since Sep 2022TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
MSFD −1.16TSLS −1.41

Popular comparisons

  • MSFDAvsAAPDA

    Direxion Daily MSFT Bear 1X ETF · Direxion Daily AAPL Bear 1X ETF

    Expense ratio
    1.02% · 0.96%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSLSAvsAAPDA

    Direxion Daily TSLA Bear 1X ETF · Direxion Daily AAPL Bear 1X ETF

    Expense ratio
    0.95% · 0.96%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSFDAvsTSDDA

    Direxion Daily MSFT Bear 1X ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    1.02% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSLSAvsTSDDA

    Direxion Daily TSLA Bear 1X ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    0.95% · 0.98%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • MSFDAvsSKHZA

    Direxion Daily MSFT Bear 1X ETF · Leverage Shares 1X Short SK Hynix Daily ETF

    Expense ratio
    1.02% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSLSAvsSKHZA

    Direxion Daily TSLA Bear 1X ETF · Leverage Shares 1X Short SK Hynix Daily ETF

    Expense ratio
    0.95% · 0.75%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.