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QBTZ vs TSDD

Defiance Daily Target 2X Short QBTS ETF

QBTZDNasdaq

GraniteShares 2x Short TSLA Daily ETF

TSDDANasdaq

Overlap

Expense ratio

TSDD −1.33pt a year

QBTZ2.31%TSDD0.98%

Avg volume · 30D

TSDD 23.8×the volume

QBTZ425KTSDD10.1M

QBTZ vs TSDD Performance

Nov 7, 2025 – Nov 9, 2026

−88.9%QBTZ−27.6%TSDD

Nov 7, 2025 to Nov 9, 2026. QBTZ −88.9%. TSDD −27.6%. Use the arrow keys to read each point.−50%0%50%Nov 2025May 2026Nov 2026
Expense ratio
QBTZ 2.31%
TSDD 0.98%, better
Fund size
QBTZ $3M
TSDD $37M
1Y total return
QBTZ −88.9%
TSDD −27.6%, better
Yield (12M)
QBTZ No data
TSDD 9.91%
Holdings
QBTZ 3
TSDD 1
Avg volume (30D)
QBTZ 425K sh
TSDD 10.1M sh, better
NAV per share
QBTZ $29.06
TSDD $7.38
52W range

ETF.net Grade

QBTZ: Cost 0, Risk 29, Mission 99, Tradability 25, Holdings not scored, Durability 36. TSDD: Cost 94, Risk 49, Mission 98, Tradability 80, Holdings not scored, Durability 72.
Pillar letters and Scores for QBTZ, TSDD, with each pillar’s weight
PillarQBTZTSDD
Cost30% weightF0A94Higher
Mission25% weightA99HigherA98
Risk15% weightD29C49Higher
Tradability15% weightD25A80Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD36A72Higher

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. QBTZ and TSDD 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 ›

TSDD ranks 2nd and QBTZ 34th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 84
  2. Rank 2ATSDDGraniteShares 2x Short TSLA Daily ETFScore 83
  3. Rank 3ATSLSDirexion Daily TSLA Bear 1X ETFScore 81
  4. Rank 27CTSMZDirexion Daily TSM Bear 1X ETFScore 40
  5. Rank 34DQBTZDefiance Daily Target 2X Short QBTS ETFScore 38
  6. Rank 34DRGTZDefiance Daily Target 2X Short RGTI ETFScore 38

Our read on each fund

ETF.net Research

QBTZDDefiance Daily Target 2X Short QBTS ETF

TSDDAGraniteShares 2x Short TSLA Daily ETF

In short

QBTZ The first 2X short ETF on D-Wave Quantum. QBTZ aims to deliver -200% of QBTS's move for one trading day at a time, then resets, so it is a trading tool rather than a long-haul quantum bet.

TSDD Tesla bears pick their dosage; this is the double. TSDD aims for -2x TSLA's move each day, reset daily, at 0.95% net of a waiver through December 31, 2026. Designed as a short-term tool, not a buy-and-forget holding.

Stated mandate

QBTZ QBTZ seeks daily inverse results equal to -200% of the daily percentage change in D-Wave Quantum Inc.'s share price. It is designed for short-term use and does not target results over periods longer than one trading day.

TSDD The fund seeks daily results before fees and expenses equal to negative 200% of the daily percentage change in Tesla's common stock. It is designed as a short-term inverse leveraged vehicle.

Why people hold it

  • QBTZ Does what the label says: -200% of D-Wave Quantum's daily percentage change, reset each session. In our tracking review it lands close to that stated one-day target.defianceetfs.com
  • Shorting a quantum stock usually means a margin account and locating a borrow. QBTZ packages amplified inverse exposure into one ticker in a regular brokerage account.defianceetfs.com
  • One ticker, no options chain. No strikes, no expiry calendar, no premium decay to manage; the inverse exposure is reset for you at the end of each trading day.defianceetfs.com
  • TSDD 0.95% net of a waiver through December 31, 2026 (1.13% gross) undercuts fellow 2x short Tesla fund TSLZ at 1.05% and matches 1x bear TSLS at 0.95%, for double the daily exposure.
  • Hews closely to its stated -2x daily target, one of the tighter implementations among single-stock bear funds.
  • Heavily traded for an inverse single-stock fund, so getting in and out is rarely a chore.
  • A 1940 Act ETF that uses swaps and options on TSLA to sit near 200% short at each close: no margin account or stock borrow on your end.graniteshares.com

Worth knowing

  • QBTZ Costs 2.31%, above what this category typically charges. Cheaper bear peers exist, including TSDD at 0.95% net of a waiver through December 31, 2026 and SKHZ at 0.75%.
  • The -200% target applies to a single day. Over longer holds, daily compounding can push results well away from -2x the period move, in either direction.defianceetfs.com
  • A 2025 launch with assets at the small end of its category and a short risk history, which is part of why it sits in the lower half of its peer group here.
  • TSDD The -2x target resets every day. Hold longer and compounding pulls results away from -2x TSLA's cumulative move, in either direction.graniteshares.com
  • One stock, geared twice: a sharp TSLA rally bites just as hard in reverse. Risk is the highest-octane part of this package.
  • A small fund, and the fee waiver runs through December 31, 2026; after that costs can step up toward the 1.13% gross level.

Full QBTZ profile⁠

Full TSDD profile⁠

QBTZ vs TSDD 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.

QBTZ vs TSDD Cost

Overpaying QBTZ vs TSDD

$18,210

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

  • QBTZ 2.31%

    $36,572

  • TSDD 0.98%

    $18,362

$10,000
30 years

Cost over time

  • QBTZ 2.31%
  • TSDD 0.98%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530QBTZ $36,572TSDD $18,362

Year by year

YearQBTZTSDDOverpaying
10$3,857$1,729$2,128
20$13,687$6,504$7,183
30$36,572$18,362$18,210

Expense ratio

  • 2.31%QBTZ
  • 0.98%TSDD, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSDD 5th cheapest of 43 funds

QBTZ 43rd cheapest of 43 funds

QBTZ vs TSDD Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
QBTZ No data
TSDD 9.91%
Payout (12M)
QBTZ None
TSDD $0.65
Last payment
QBTZ No data
TSDD $0.65
Ex-dividend
QBTZ No data
TSDD Dec 29, 2025
Paid on
QBTZ No data
TSDD Dec 31, 2025
Frequency
QBTZ No data
TSDD Irregular

Distribution history

Per share, 2023 to 2026, same scale for both

QBTZAll QBTZ payments⁠

No distribution history available.

TSDDIrregular · 2 paymentsAll TSDD payments⁠
One bar per payment. 2 payments from 2023 to 2026 YTD. Dec 27, 2023 $77.34; Dec 29, 2025 $0.65. Use the arrow keys to read each point.$0$5020232026YTD

QBTZ vs TSDD Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
QBTZ 204.4%since Nov 2025TSDD 100.6%
Return per unit of riskSharpe ratio, 3 years
QBTZ 0.36since Nov 2025TSDD −0.87
Worst fallMax drawdown, 5 years
QBTZ −96.6%since Oct 2025TSDD −99.1%since Aug 2023
Market sensitivityBeta, 5 years
QBTZ −8.19TSDD −2.40

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