At a glance
TSLQ charges 1.15% a year. It has $114.4M in assets; it paid 13.48% of its price in distributions over the past 12 months, annual. Over the past year it returned −27.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −70.8% a year.
The short version
Tradr 2X Short TSLA Daily ETF (TSLQ), from AXS Investments, uses swaps to try to deliver twice the opposite of Tesla's (TSLA) stock return over a single trading day. Because its exposure resets every day, results over longer periods can drift far from -2 times Tesla's move. It charges 1.15% a year and lost 98% over the three years to October 27, 2026. It is a short-term trading tool, not a long-term holding.
Price history
The interactive chart needs JavaScript.
TSLQ -27.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| TSLQ official prospectus, to Dec 31, 2025 | — | -74.57% | — | — | — | -64.39% |
| TSLQ price data to Oct 27, 2026 | -21.6% | -27.5% | -70.8% | — | — | -60.1% |
- Over the year to Oct 27, 2026, TSLQ returned -27.5%.
- Its worst full calendar year was 2024 (-82.8%); its best was 2023 (-64.5%).
- The deepest fall in its price history was 98.9% (Dec 27, 2022 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -21.6% | — |
| 2025 | -74.6% | -74.57% |
| 2024 | -82.8% | -83.17% |
| 2023 | -64.5% | -59.96% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2025 | $1.9200 | -51.5% |
| 2024 | $3.9600 | +6.2% |
| 2023 | $3.7300 |
What's inside
As of Jun 30, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (0% of net assets), with its inverse exposure coming from 5 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $33.6M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.91%, -25.73%, -0.24%.
How it works
TSLQ does not track an index and does not own Tesla shares. It is an actively managed ETF that aims to return -200% of Tesla's daily performance, before fees and expenses. A "single trading day" runs from one calculation of the fund's net asset value (NAV, the per-share value of its holdings) to the next. To get this exposure, the fund signs swaps with large financial institutions. A swap is a contract in which the two sides exchange the return on a set dollar amount of Tesla stock. As of June 30, 2026, the fund's N-PORT filing listed five derivative positions on Tesla: one total return swap and four contracts for difference (CFDs).
The fund keeps at least 80% of its exposure in instruments that move opposite to Tesla at twice its daily rate, so it is concentrated in the auto manufacturing industry. Depending on how much collateral its counterparties require, 40% to 80% of the portfolio may sit in Treasury securities, money market funds, short-term bond ETFs or investment-grade commercial paper.
The advisor rebalances every day to keep exposure near -200%. Because each day's return compounds on the last, results over weeks or months will very likely differ from -2 times Tesla's return, sometimes even in direction. In choppy markets the gap usually hurts holders. The prospectus warns that a Tesla gain approaching 50% in a single day could wipe out an investment entirely.
What it really costs
- TSLQ charges 1.15% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.06% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $117 in the first year and $1,461 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLQ | $117 | $378 | $659 | $1,461 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -2× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
It is built for one-day bets against a single stock and has lost most of its value when held over longer periods.
TSLQ adds little that a long-term portfolio needs. It launched in July 2022, so it has no record through the 2008 crisis, the 2020 COVID crash or the full 2022 bear market. Its own record is steep losses. According to the prospectus, it lost 59.96% in 2023, 83.17% in 2024 and 74.57% in 2025. From its peak on December 27, 2022, it fell 98.9% through October 27, 2026 and had not recovered. Anyone forced to sell in a bad stretch would lock in those losses, and daily compounding makes a full recovery hard. Its trailing yield was 13.48% as of October 27, 2026, paid once a year, but that payout is small next to its price declines. It costs 1.15% a year, or $117 in the first year under the SEC's standard $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a one-day bet against Tesla stock without borrowing shares or opening a margin account to short it.
- Traders who check positions daily and accept that a single-day Tesla jump approaching 50% could erase their whole investment.
- Holders of a large Tesla position looking for a hedge lasting a day or two who accept the 1.15% expense ratio and swap counterparty risk.
Look elsewhere if
- Retirees and long-term investors: the fund fell 98.9% from its December 27, 2022 peak through October 27, 2026 and had not recovered.
- Income seekers: its 13.48% trailing yield, paid once a year, came alongside a 27.5% one-year price loss as of October 27, 2026.
- Investors who want diversification: all of its exposure is to one stock, Tesla, held through swaps and CFDs rather than a basket of companies.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Can you hold TSLQ long term?
It is not designed for that. The prospectus says the fund does not try to meet its goal over any period longer than a single trading day. Held longer, daily compounding has been very costly: the fund lost 59.96% in 2023, 83.17% in 2024 and 74.57% in 2025. Its average annual return since inception was -64.39% as of December 31, 2025. These losses came in years when Tesla's moves could have favored a short position over shorter stretches.
Does TSLQ pay a dividend?
Yes. It pays a distribution once a year. Over the 12 months to October 27, 2026, it paid $1.92 per share, for a trailing yield of 13.48%. That figure can mislead, though. The share price fell 27.5% over the same year, so the payout did not make up for the loss in value. A high yield on a fund whose price is shrinking fast says little about its long-term value.
What is TSLQ's expense ratio?
TSLQ's expense ratio is 1.15% a year, according to its prospectus filed July 23, 2026. The management fee alone is 0.95%. Under the SEC's standard example, which assumes $10,000 invested with a 5% yearly return, total costs would be about $117 after one year, $378 after three years, $659 after five years and $1,461 after ten years. That is far above a typical index fund, though holding this fund for years is not its intended use.
What happens to TSLQ if Tesla stock jumps 50% in one day?
An investor could lose nearly everything. Because the fund aims for -200% of Tesla's daily return, the prospectus warns that a one-day move in Tesla approaching 50% could lead to a total loss of an investment. This holds even if Tesla falls back later. The fund's past swings show the risk: its worst quarter was a 74.43% loss in the quarter ending December 31, 2024, and its one-year volatility was 90.2% as of October 27, 2026.
What's the difference between TSLQ and shorting Tesla stock?
Shorting Tesla means borrowing shares and selling them, which needs a margin account and has no cap on losses if the stock keeps rising. With TSLQ, the most an investor can lose is the amount put in. TSLQ also delivers twice the opposite of Tesla's move, resets every day and charges 1.15% a year. A direct short does not reset, so over weeks or months the results of the two approaches can differ sharply.