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QBTZ vs TSLS

Defiance Daily Target 2X Short QBTS ETF

QBTZDNasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −1.36pt a year

QBTZ2.31%TSLS0.95%

Avg volume · 30D

QBTZ 1.4×the volume

QBTZ425KTSLS304K

QBTZ vs TSLS Performance

Nov 7, 2025 – Nov 9, 2026

−88.9%QBTZ−0.7%TSLS

Nov 7, 2025 to Nov 9, 2026. QBTZ −88.9%. TSLS −0.7%. Use the arrow keys to read each point.−50%50%Nov 2025May 2026Nov 2026
Expense ratio
QBTZ 2.31%
TSLS 0.95%, better
Fund size
QBTZ $3M
TSLS $44M
1Y total return
QBTZ −88.9%
TSLS −0.7%, better
Yield (12M)
QBTZ No data
TSLS 2.99%
Holdings
QBTZ 3
TSLS 4
Avg volume (30D)
QBTZ 425K sh, better
TSLS 304K sh
NAV per share
QBTZ $29.06
TSLS $55.63
52W range

ETF.net Grade

QBTZ: Cost 0, Risk 29, Mission 99, Tradability 25, Holdings not scored, Durability 36. TSLS: Cost 97, Risk 76, Mission 87, Tradability 45, Holdings not scored, Durability 81.
Pillar letters and Scores for QBTZ, TSLS, with each pillar’s weight
PillarQBTZTSLS
Cost30% weightF0A97Higher
Mission25% weightA99HigherA87
Risk15% weightD29A76Higher
Tradability15% weightD25C45Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD36A81Higher

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 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 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 4AAMZDDirexion Daily AMZN Bear 1X ETFScore 80
  5. Rank 27CTSMZDirexion Daily TSM Bear 1X ETFScore 40
  6. Rank 34DQBTZDefiance Daily Target 2X Short QBTS ETFScore 38
  7. Rank 34DRGTZDefiance Daily Target 2X Short RGTI ETFScore 38

Our read on each fund

ETF.net Research

QBTZDDefiance Daily Target 2X Short QBTS ETF

TSLSADirexion Daily TSLA Bear 1X 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.

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

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.

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

  • 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
  • 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

  • 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.
  • 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 QBTZ profile⁠

Full TSLS profile⁠

QBTZ 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.

QBTZ vs TSLS Cost

Overpaying QBTZ vs TSLS

$18,703

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

  • QBTZ 2.31%

    $36,572

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • QBTZ 2.31%
  • 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$40K051015202530QBTZ $36,572TSLS $17,869

Year by year

YearQBTZTSLSOverpaying
10$3,857$1,678$2,179
20$13,687$6,322$7,365
30$36,572$17,869$18,703

Expense ratio

  • 2.31%QBTZ
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

QBTZ 43rd cheapest of 43 funds

QBTZ vs TSLS Dividends

Last 12 months to Nov 9, 2026
Yield (12M)
QBTZ No data
TSLS 2.99%
Payout (12M)
QBTZ None
TSLS $1.57
Last payment
QBTZ No data
TSLS $0.40
Ex-dividend
QBTZ No data
TSLS Sep 22, 2026
Paid on
QBTZ No data
TSLS Sep 29, 2026
Frequency
QBTZ No data
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

QBTZAll QBTZ 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

QBTZ vs TSLS 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 2025TSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
QBTZ 0.36since Nov 2025TSLS −0.76
Worst fallMax drawdown, 5 years
QBTZ −96.6%since Oct 2025TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
QBTZ −8.19TSLS −1.37

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