At a glance
TSLZ charges 1.05% a year. It has $31.7M in assets; it paid 0.89% of its price in distributions over the past 12 months, annual. Over the past year it returned −31.1% with distributions reinvested (S&P 500: +11.5%); over three years it returned −76.0% a year.
The short version
T-Rex 2X Inverse Tesla Daily Target ETF (TSLZ), run by Tuttle Capital Management, uses swap contracts to aim for twice the opposite of Tesla stock's return each trading day. Because that -200% target resets daily, results over longer stretches can drift far from it: the fund fell 99.2% from its April 2024 peak through October 27, 2026. It is designed for short-term bets against Tesla and costs 1.05% a year.
Price history
The interactive chart needs JavaScript.
TSLZ -31.1% 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 | |
|---|---|---|---|---|---|---|
| TSLZ official prospectus, to Dec 31, 2025 | — | -75.98% | — | — | — | -81.92% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +25.52% |
| TSLZ price data to Oct 27, 2026 | -24.5% | -31.1% | -76.0% | — | — | -74.8% |
- Over the year to Oct 27, 2026, TSLZ returned -31.1%.
- Its worst full calendar year was 2024 (-88.8%); its best was 2025 (-74.7%).
- The deepest fall in its price history was 99.2% (Apr 22, 2024 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -24.5% |
| 2025 | -74.7% |
| 2024 | -88.8% |
| 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 | $0.0800 | -91.6% |
| 2024 | $0.9500 |
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 exposure coming from 3 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 $11.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -9.24%, -26.06%, -0.56%.
How it works
TSLZ tracks no index. It targets one stock, Tesla (TSLA), seeking daily results, before fees and expenses, of -200% of Tesla's daily performance, from one market close to the next. If Tesla falls one day, the fund aims to rise twice as much; if Tesla rises, it aims to fall twice as much. It does not aim for that result over longer periods.
The adviser, Tuttle Capital Management, mainly uses swap agreements: contracts in which a financial institution pays the fund when Tesla falls and collects when it rises. As of June 30, 2026, it held three such swaps. It may also purchase Tesla put options (contracts that gain value as the stock falls) or short Tesla shares (borrowing shares to bet on a fall), though short sales carry no leverage and could leave exposure below the -200% target. Collateral sits in money market funds, bank deposits and high-quality debt maturing in under 397 days.
At each close the adviser rebalances, adding short exposure after Tesla falls and trimming it after Tesla rises. These resets compound, so returns over weeks or months can differ sharply from -200% of Tesla's move. A Tesla jump of more than 50% in one day would wipe out holders' entire investment. Shares purchased mid-day carry exposure that can differ from -200% until the next close.
What it really costs
- TSLZ charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLZ | $107 | $334 | $579 | $1,283 |
Structure and tax notes
- Resets its 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
TSLZ resets its -200% Tesla exposure every trading day, and held over longer periods it has lost nearly all of its value.
TSLZ launched in October 2023, so it has no record in the 2008 financial crisis, 2020 COVID crash or 2022 bear market. It lost 88.8% in 2024 based on market prices, and 75.98% in 2025, per the prospectus. From its April 22, 2024 peak it fell 99.2% through October 27, 2026, with no recovery. A holder needing cash during that slide would have drawn from a position worth a small fraction of its peak. The daily reset also makes it an unreliable hedge against a Tesla decline.
Income is minor: a 0.89% trailing 12-month yield as of October 27, 2026, paid once a year. The 1.05% expense ratio comes to $107 in the first year on $10,000, using the SEC's standard example. Past results don't predict future returns, and a retirement plan needs to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders seeking a short-term, leveraged bet against Tesla stock who can monitor the position at least daily.
- Traders wanting -200% daily Tesla exposure without borrowing shares or opening a margin account, with losses limited to the amount invested.
- Short-term traders who understand daily compounding and can handle swings like a 75% quarterly gain and a 75% quarterly loss within 2024.
Look elsewhere if
- Retirees and long-term savers: TSLZ fell 99.2% from its April 2024 peak through October 27, 2026, and lost 88.8% in 2024.
- Anyone wanting a lasting hedge against a Tesla slide, since daily resets can make multi-month results stray far from -200% of Tesla's move.
- Income seekers and cost-conscious investors: the trailing yield was 0.89% as of October 27, 2026, paid annually, against a 1.05% expense ratio.
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
What is TSLZ and how does it work?
TSLZ is a leveraged, inverse ETF from Tuttle Capital Management that aims to return -200% of Tesla stock's performance each trading day, before fees and expenses. If Tesla falls on a given day, the fund aims to rise twice as much in percentage terms; if Tesla rises, it aims to fall twice as much. It gets this exposure mainly through swap contracts with financial institutions, rebalances at every market close and charges 1.05% a year. It is built for short-term trading, not long holding periods.
Can you hold TSLZ long term?
It isn't designed for that. The fund targets -200% of Tesla's return for one trading day only, and the prospectus warns that longer-term results are very likely to differ from that multiple. As of December 31, 2025, its average annual return since its October 2023 launch was -81.92%, while the S&P 500 returned 25.52% a year over the same span. From its April 22, 2024 peak, it fell 99.2% through October 27, 2026.
Why can TSLZ lose money even when Tesla stock falls?
Daily compounding is the reason. The fund resets its -200% exposure at every close, so its return over weeks or months comes from stringing daily results together, not from doubling the opposite of Tesla's total move. When Tesla swings up and down, losses on up days shrink the base that later gains build on, so the fund can end a period lower even if Tesla does too. Its one-year volatility, a measure of how widely returns swing, was 90.3% as of October 27, 2026.
What's the difference between TSLZ and shorting Tesla stock?
The main differences are leverage, the daily reset and how much can be lost. Shorting Tesla directly means borrowing shares through a margin account; it gains if the price falls and can lose more than the money put up if it rises. TSLZ aims for twice the opposite of Tesla's daily move, resets at each close and limits a holder's loss to the amount invested, though a one-day Tesla jump of more than 50% would wipe that out. It also charges 1.05% a year.
Does TSLZ pay dividends?
It pays a small distribution once a year. Over the 12 months to October 27, 2026, it paid $0.08 per share, a trailing yield of 0.89%. Income plays little role here; results are driven by Tesla's daily moves. Because large traders create and redeem the fund's shares mainly for cash rather than securities, the prospectus says the fund is not expected to be tax efficient, unlike most ETFs.