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TSLS vs TSMZ

Direxion Daily TSLA Bear 1X ETF

TSLSANasdaq

Direxion Daily TSM Bear 1X ETF

TSMZCNasdaq

Overlap

Expense ratio

TSLS −0.06pt a year

TSLS0.95%TSMZ1.01%

Avg volume · 30D

TSLS 3.9×the volume

TSLS410KTSMZ104K

TSLS vs TSMZ Performance

Oct 31, 2025 – Oct 30, 2026

+1.0%TSLS−33.5%TSMZ

Oct 31, 2025 to Oct 30, 2026. TSLS +1.0%. TSMZ −33.5%. Use the arrow keys to read each point.−20%20%40%Oct 2025Apr 2026Oct 2026
Expense ratio
TSLS 0.95%, better
TSMZ 1.01%
Fund size
TSLS $39M
TSMZ $3M
1Y total return
TSLS +1.0%, better
TSMZ −33.5%
Yield (12M)
TSLS 3.11%
TSMZ 3.95%, better
Holdings
TSLS 4
TSMZ 3
Avg volume (30D)
TSLS 410K sh, better
TSMZ 104K sh
NAV per share
TSLS $50.04
TSMZ $7.54
52W range

ETF.net Grade

TSLS: Cost 97, Risk 75, Mission 87, Tradability 45, Holdings not scored, Durability 82. TSMZ: Cost 78, Risk 56, Mission 96, Tradability 21, Holdings not scored, Durability 51.
Pillar letters and Scores for TSLS, TSMZ, with each pillar’s weight
PillarTSLSTSMZ
Cost30% weightA97HigherA78
Mission25% weightA87A96Higher
Risk15% weightA75HigherB56
Tradability15% weightC45HigherF21
Holdings10% weightNot scoredNot scored
Durability5% weightA82HigherC51

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 TSMZ 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 TSMZ 28th 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 28CRKLZDefiance Daily Target 2X Short RKLB ETFScore 40
  7. Rank 28CTSMZDirexion Daily TSM Bear 1X ETFScore 40
  8. Rank 36DQBTZDefiance Daily Target 2X Short QBTS ETFScore 39

Our read on each fund

ETF.net Research

TSLSADirexion Daily TSLA Bear 1X ETF

TSMZCDirexion Daily TSM Bear 1X 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.

TSMZ A one-to-one short on the world's biggest chip foundry. TSMZ aims to deliver 100% of the inverse of Taiwan Semiconductor's daily move, with no leverage stacked on top, at 1.01% net of a waiver through September 1, 2027.

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.

TSMZ The fund seeks daily investment results equal to 100% of the inverse performance of Taiwan Semiconductor Manufacturing Co Ltd common shares, before fees and expenses.

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.
  • TSMZ Straight -1x, not 2x or 3x. The fund targets 100% of the inverse of TSM's daily move before fees, so a day's result is sized to the stock itself.direxion.com
  • 1.01% net of a waiver through September 1, 2027 (1.47% gross) runs below the median of its 54-fund category, and a shade under Direxion's AVS at 1.03% net of a waiver through September 1, 2027.
  • On the one thing a daily product has to do, it delivers: measured results have tracked the stated inverse target tightly since the October 2024 launch.

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.
  • TSMZ The target resets every day. Over longer holds, the path TSM takes matters as much as where it lands, and volatility compounds against you.direxion.com
  • One of the smaller and less actively traded names in its peer group, so spreads and order sizing deserve more attention than with the headline single-stock shorts.
  • One stock, no cushion. Direxion's own materials note these funds track a single stock rather than an index, "eliminating the benefits of diversification."direxion.com

Full TSLS profile⁠

Full TSMZ profile⁠

TSLS vs TSMZ 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 TSMZ Cost

Overpaying TSMZ vs TSLS

$981

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

  • TSLS 0.95%

    $17,869

  • TSMZ 1.01%

    $18,850

$10,000
30 years

Cost over time

  • TSLS 0.95%
  • TSMZ 1.01%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$5K$10K$15K$20K051015202530TSMZ $18,850TSLS $17,869

Year by year

YearTSLSTSMZOverpaying
10$1,678$1,780$102
20$6,322$6,686$364
30$17,869$18,850$981

Expense ratio

  • 0.95%TSLS, cheaper
  • 1.01%TSMZ
  • Middle half of Single-Stock Inverse funds
  • Median 1.05%

TSLS 2nd cheapest of 43 funds

TSMZ 10th cheapest of 43 funds

TSLS vs TSMZ Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
TSLS 3.11%
TSMZ 3.95%, better
Payout (12M)
TSLS $1.57
TSMZ $0.32
Last payment
TSLS $0.40
TSMZ $0.07
Ex-dividend
TSLS Sep 22, 2026
TSMZ Sep 22, 2026
Paid on
TSLS Sep 29, 2026
TSMZ Sep 29, 2026
Frequency
TSLS Quarterly
TSMZ Quarterly

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$1020232026YTD
TSMZQuarterly · 8 paymentsAll TSMZ payments⁠
One bar per payment. 8 payments from 2022 to 2026 YTD. Dec 23, 2024 $0.19; Mar 25, 2025 $0.25; Jun 24, 2025 $0.12; Sep 23, 2025 $0.11; Dec 23, 2025 $0.11; Mar 24, 2026 $0.08; Jun 23, 2026 $0.06; Sep 22, 2026 $0.07. Use the arrow keys to read each point.$0$1020232026YTD

TSLS vs TSMZ 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%TSMZ 34.4%since Nov 2024
Return per unit of riskSharpe ratio, 3 years
TSLS −0.76TSMZ −1.35since Nov 2024
Worst fallMax drawdown, 5 years
TSLS −90.7%since Aug 2022TSMZ −75.1%since Oct 2024
Market sensitivityBeta, 5 years
TSLS −1.41TSMZ −1.25

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