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TSLS vs TSLZ

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

T-REX 2X Inverse Tesla Daily Target ETF

TSLZBCboe

Overlap

Expense ratio

TSLS −0.10pt a year

TSLS0.95%TSLZ1.05%

Avg volume · 30D

TSLZ 8.1×the volume

TSLS304KTSLZ2.47M

3Y return · a year

TSLS +39.0pt

TSLS−34.5%TSLZ−73.5%

TSLS vs TSLZ Performance

Nov 6, 2025 – Nov 6, 2026

+9.3%TSLS−14.3%TSLZ

Nov 6, 2025 to Nov 6, 2026. TSLS +9.3%. TSLZ −14.3%. Use the arrow keys to read each point.0%20%40%Nov 2025May 2026Nov 2026
Expense ratio
TSLS 0.95%, better
TSLZ 1.05%
Fund size
TSLS $48M
TSLZ $31M
1Y total return
TSLS +9.3%, better
TSLZ −14.3%
Yield (12M)
TSLS 2.82%, better
TSLZ 0.73%
Holdings
TSLS 5
TSLZ 2
Avg volume (30D)
TSLS 304K sh
TSLZ 2.47M sh, better
NAV per share
TSLS $58.05
TSLZ $12.13
52W range

ETF.net Grade

TSLS: Cost 97, Risk 76, Mission 87, Tradability 44, Holdings not scored, Durability 81. TSLZ: Cost 65, Risk 50, Mission 100, Tradability 45, Holdings not scored, Durability 64.
Pillar letters and Scores for TSLS, TSLZ, with each pillar’s weight
PillarTSLSTSLZ
Cost30% weightA97HigherB65
Mission25% weightA87A100Higher
Risk15% weightA76HigherC50
Tradability15% weightC44C45Higher
Holdings10% weightNot scoredNot scored
Durability5% weightA81HigherB64

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. TSLS and TSLZ 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 TSLZ 14th of 43 funds in the Single-Stock Inverse Category.

  1. Rank 1AAAPDDirexion Daily AAPL Bear 1X ETFScore 84
  2. Rank 1ATSDDGraniteShares 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 12ANVDGraniteShares 2x Short NVDA Daily ETFScore 70
  6. Rank 14BTSLZT-REX 2X Inverse Tesla Daily Target ETFScore 68
  7. Rank 15BNVDSTradr 1.5X Short NVDA Daily ETFScore 67

Our read on each fund

ETF.net Research

TSLSADirexion Daily TSLA Bear 1X ETF

TSLZBT-REX 2X Inverse Tesla Daily Target ETF

In short

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.

TSLZ Shorting Tesla without a margin account. TSLZ uses swaps to aim for -2x Tesla's move each trading day, resets at the close, and is the cheaper of the two double-short Tesla funds. Built for day-scale trades, not the long haul.

Stated mandate

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.

TSLZ The Fund seeks daily investment results equal to -200% of the daily performance of Tesla, Inc., before fees and expenses. It is intended as a short-term trading vehicle and is not designed to track Tesla over periods longer than one trading day.

Why people hold it

  • 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.
  • TSLZ At 1.05%, it's the cheaper of the two double-short Tesla ETFs (TSDD charges 1.13%) and sits below the typical fee in the leveraged single-stock bear group.
  • Total return swaps with major financial institutions do the work, so the -2x Tesla exposure arrives in a plain brokerage account: no share borrow, no locate.sec.gov
  • Actively traded, and it has tracked its stated -2x daily target closely, one of the stronger implementations among leveraged single-stock bear funds.

Worth knowing

  • 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.
  • TSLZ Daily reset: the -2x target applies to one session. Hold longer and compounding pushes the result away from -2x Tesla's move over that stretch.
  • Twice the daily move in both directions. For less octane, Direxion's TSLS targets -1x on Tesla at 0.95%.
  • The prospectus calls it a short-term trading vehicle, and swap exposure means counterparty risk rather than borrowed shares.sec.gov

Full TSLS profile⁠

Full TSLZ profile⁠

TSLS vs TSLZ 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.

TSLS vs TSLZ Cost

Overpaying TSLZ vs TSLS

$1,626

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

  • TSLS 0.95%

    $17,869

  • TSLZ 1.05%

    $19,495

$10,000
30 years

Cost over time

  • TSLS 0.95%
  • TSLZ 1.05%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TSLZ $19,495TSLS $17,869

Year by year

YearTSLSTSLZOverpaying
10$1,678$1,847$169
20$6,322$6,927$605
30$17,869$19,495$1,626

Expense ratio

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

TSLS 2nd cheapest of 43 funds

TSLZ 20th cheapest of 43 funds

TSLS vs TSLZ Dividends

Last 12 months to Nov 6, 2026
Yield (12M)
TSLS 2.82%, better
TSLZ 0.73%
Payout (12M)
TSLS $1.57
TSLZ $0.08
Last payment
TSLS $0.40
TSLZ $0.08
Ex-dividend
TSLS Sep 22, 2026
TSLZ Dec 24, 2025
Paid on
TSLS Sep 29, 2026
TSLZ Dec 26, 2025
Frequency
TSLS Quarterly
TSLZ Annual

Distribution history

Per share, 2022 to 2026, same scale for both

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$5020232026YTD
TSLZAnnual · 3 paymentsAll TSLZ payments⁠
One bar per payment. 3 payments from 2022 to 2026 YTD. Dec 26, 2023 $55.18; Dec 24, 2024 $1.04; Dec 24, 2025 $0.08. Use the arrow keys to read each point.$0$5020232026YTD

TSLS vs TSLZ Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years
TSLS 51.7%, betterTSLZ 103.6%
Return per unit of riskSharpe ratio, 3 years
TSLS −0.76, betterTSLZ −0.87
Worst fallMax drawdown, 5 years
TSLS −90.7%since Aug 2022TSLZ −99.2%since Oct 2023
Market sensitivityBeta, 5 years
TSLS −1.37TSLZ −2.32

TSLS and TSLZ in the news

All news⁠

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