Skip to content
etf.net

SMST vs TSLS

Defiance Daily Target 2x Short MSTR ETF

SMSTBNasdaq

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Overlap

Expense ratio

TSLS −0.43pt a year

SMST1.38%TSLS0.95%

Avg volume · 30D

SMST 2.4×the volume

SMST984KTSLS410K

SMST vs TSLS Performance

Oct 31, 2025 – Nov 2, 2026

−57.2%SMST0.0%TSLS

Oct 31, 2025 to Nov 2, 2026. SMST −57.2%. TSLS 0.0%. Use the arrow keys to read each point.100%200%300%Oct 2025May 2026Nov 2026
Expense ratio
SMST 1.38%
TSLS 0.95%, better
Fund size
SMST $8M
TSLS $40M
1Y total return
SMST −57.2%
TSLS 0.0%, better
Yield (12M)
SMST No data
TSLS 3.14%
Holdings
SMST 2
TSLS 4
Avg volume (30D)
SMST 984K sh, better
TSLS 410K sh
NAV per share
SMST $15.94
TSLS $50.50
52W range

ETF.net Grade

SMST: Cost 46, Risk 47, Mission 97, Tradability 46, Holdings not scored, Durability 52. TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82.
Pillar letters and Scores for SMST, TSLS, with each pillar’s weight
PillarSMSTTSLS
Cost30% weightC46A97Higher
Mission25% weightA97HigherA87
Risk15% weightC47A75Higher
Tradability15% weightC46HigherC45
Holdings10% weightNot scoredNot scored
Durability5% weightC52A82Higher

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. SMST 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 SMST 19th 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 19BMUDDirexion Daily MU Bear 1X ETFScore 60
  6. Rank 19BSMSTDefiance Daily Target 2x Short MSTR ETFScore 60
  7. Rank 21BAMDDDirexion Daily AMD Bear 1X ETFScore 56

Our read on each fund

ETF.net Research

SMSTBDefiance Daily Target 2x Short MSTR ETF

TSLSADirexion Daily TSLA Bear 1X ETF

In short

SMST The first US ETF built to short MicroStrategy (now Strategy), launched in 2024 and moved from -1.5x to -2x within weeks. It aims for twice the inverse of MSTR's daily move, one day at a time, at 1.38% a year with no fee waiver.

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

SMST The Fund seeks daily investment results equal to negative two times the daily percentage change in MicroStrategy Incorporated'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

  • SMST Day-one original: it listed in August 2024 as the first US-listed short MSTR fund, and a supplement that same month lifted its target from -1.5x to -2x daily.sec.gov
  • It has stayed close to its stated -2x daily objective, one of the stronger implementations in its single-stock bear peer group.
  • Exposure runs mainly through swaps, with listed options a documented fallback when swap capacity tightens, and Treasuries and cash-like assets posted as collateral.sec.govsec.gov 2
  • Small by assets, but it trades actively, which matters for a tool meant to be held in days rather than quarters.
  • 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

  • SMST At 1.38% with no fee waiver, it costs more than the category median and more than bear peers like TSLS (0.95%) and SKHZ (0.75%).
  • The -2x target resets daily. Over longer stretches, compounding and MSTR's volatility can leave the fund down even when the stock falls.sec.gov
  • No distributions: returns come from price moves alone, and a single day's move against the position can take a large bite of principal.sec.gov
  • 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 SMST profile⁠

Full TSLS profile⁠

SMST 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.

SMST vs TSLS Cost

Overpaying SMST vs TSLS

$6,685

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

  • SMST 1.38%

    $24,554

  • TSLS 0.95%

    $17,869

$10,000
30 years

Cost over time

  • SMST 1.38%
  • 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$20K$25K051015202530SMST $24,554TSLS $17,869

Year by year

YearSMSTTSLSOverpaying
10$2,395$1,678$717
20$8,848$6,322$2,526
30$24,554$17,869$6,685

Expense ratio

  • 1.38%SMST
  • 0.95%TSLS, cheaper
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

SMST 29th cheapest of 43 funds

SMST vs TSLS Dividends

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

Distribution history

Per share, 2022 to 2026, same scale for both

SMSTAll SMST 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

SMST vs TSLS Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
SMST 180.5%since Sep 2024TSLS 51.7%
Return per unit of riskSharpe ratio, 3 years
SMST −0.32since Sep 2024TSLS −0.76
Worst fallMax drawdown, 5 years
SMST −99.5%since Aug 2024TSLS −90.7%since Aug 2022
Market sensitivityBeta, 5 years
SMST −3.50TSLS −1.41

Popular comparisons

  • SMSTBvsAAPDA

    Defiance Daily Target 2x Short MSTR ETF · Direxion Daily AAPL Bear 1X ETF

    Expense ratio
    1.38% · 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.

  • SMSTBvsTSDDA

    Defiance Daily Target 2x Short MSTR ETF · GraniteShares 2x Short TSLA Daily ETF

    Expense ratio
    1.38% · 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.

  • SMSTBvsAMZDA

    Defiance Daily Target 2x Short MSTR ETF · Direxion Daily AMZN Bear 1X ETF

    Expense ratio
    1.38% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

  • TSLSAvsAMZDA

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

    Expense ratio
    0.95% · 1.02%
    Category
    Same Category. Both funds are graded against the same funds, so their Grades compare head to head.