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SMCZ vs TSLS

Daily Target 2X Short SMCI ETF

SMCZDNasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.60pt a year

SMCZ1.55%TSLS0.95%

Avg volume · 30D

SMCZ 4.8×the volume

SMCZ1.96MTSLS410K

SMCZ vs TSLS Performance

Oct 31, 2025 – Oct 30, 2026

−86.9%SMCZ+1.0%TSLS

Oct 31, 2025 to Oct 30, 2026. SMCZ −86.9%. TSLS +1.0%. Use the arrow keys to read each point.−50%50%100%150%Oct 2025Apr 2026Oct 2026
Expense ratio
SMCZ 1.55%
TSLS 0.95%, better
Fund size
SMCZ $2M
TSLS $39M
1Y total return
SMCZ −86.9%
TSLS +1.0%, better
Yield (12M)
SMCZ No data
TSLS 3.11%
Holdings
SMCZ 2
TSLS 4
Avg volume (30D)
SMCZ 1.96M sh, better
TSLS 410K sh
NAV per share
SMCZ $5.99
TSLS $50.04
52W range

ETF.net Grade

SMCZ: Cost 9, Risk 28, Mission 89, Tradability 23, Holdings not scored, Durability 38. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for SMCZ, TSLS, with each pillar’s weight
PillarSMCZTSLS
Cost30% weightF9A97Higher
Mission25% weightA89HigherA87
Risk15% weightD28A75Higher
Tradability15% weightF23C45Higher
Holdings10% weightNot scoredNot scored
Durability5% weightD38A82Higher

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. SMCZ 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 SMCZ 37th 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 36DQBTZDefiance Daily Target 2X Short QBTS ETFScore 39
  7. Rank 37DSMCZDaily Target 2X Short SMCI ETFScore 38
  8. Rank 38DCORDT-Rex 2x Inverse CRWV Daily Target ETFScore 36

Our read on each fund

ETF.net Research

SMCZDDaily Target 2X Short SMCI ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

SMCZ Defiance's double-strength bear on Super Micro. SMCZ uses swaps to target -200% of SMCI's move each trading day, resetting daily: a trader's tool for taking the short side of the AI server trade without a margin account.

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

SMCZ The Fund seeks daily inverse results equal to negative 200% of the daily percentage move in Super Micro Computer, Inc.'s common stock.

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

  • SMCZ Swaps do the shorting: the fund targets -200% of SMCI's daily move, so a bearish view needs no margin account and no borrowed shares.defianceetfs.com
  • Double strength. Most single-stock bear ETFs stop at -1X (AAPD, TSLS, SKHZ); this one doubles the daily inverse on a single name.
  • Day to day, it has tracked its stated -200% target closely, which is the entire job of a daily-reset fund.
  • Busier tape than the asset base suggests: shares change hands actively for a fund this small.
  • 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

  • SMCZ At 1.55%, the fee sits above the category norm, and no waiver trims it. The 1X bears SKHZ (0.75%) and AAPD (0.96%) charge less for unleveraged short exposure.
  • The -200% target resets every day. Hold longer and compounding takes over, so multi-day results can land well away from -2x SMCI's move, especially in choppy stretches.defianceetfs.com
  • One stock, twice the inverse, small asset base. Single-name news drives everything here, and lightly funded leveraged funds are more prone to closure.
  • 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 SMCZ profile⁠

Full TSLS profile⁠

SMCZ 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.

SMCZ vs TSLS Cost

Overpaying SMCZ vs TSLS

$9,118

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

  • SMCZ 1.55%

    $26,987

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SMCZ 1.55%
  • 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$30K051015202530SMCZ $26,987TSLS $17,869

Year by year

YearSMCZTSLSOverpaying
10$2,671$1,678$993
20$9,795$6,322$3,473
30$26,987$17,869$9,118

Expense ratio

  • 1.55%SMCZ
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

SMCZ 38th cheapest of 43 funds

SMCZ vs TSLS Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
SMCZ No data
TSLS 3.11%
Payout (12M)
SMCZ No data
TSLS $1.57
Last payment
SMCZ $2.36
TSLS $0.40
Ex-dividend
SMCZ Dec 30, 2025
TSLS Sep 22, 2026
Paid on
SMCZ Dec 31, 2025
TSLS Sep 29, 2026
Frequency
SMCZ Irregular
TSLS Quarterly

Distribution history

Per share, 2022 to 2026, same scale for both

SMCZIrregular · 1 paymentAll SMCZ payments⁠
One bar per payment. 1 payment from 2022 to 2026 YTD. Dec 30, 2025 $2.36. 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

SMCZ vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SMCZ 164.0%since Apr 2025TSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
SMCZ −0.61since Apr 2025TSLS −0.76
Worst fallMax drawdown, 5 years
SMCZ −99.0%since Mar 2025TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
SMCZ −7.25TSLS −1.41

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