Tesla (TSLA) Leveraged, Inverse, and Income ETFs
REX offers three ETFs built on Tesla common stock. TSLT seeks 200% of the daily performance of TSLA. TSLZ seeks 200% of the inverse (or opposite) of the daily performance of TSLA. TSII seeks between 105% and 150% of the daily performance of TSLA while writing covered calls against that position, seeking weekly income.
All three seek daily leveraged investment results, use derivatives, and are not suitable for all investors. It is possible to lose the entire amount invested. Investing in TSLZ, TSLT and TSII is not equivalent to investing directly in TSLA.
TSLT · TSLZ · TSII
Leveraged and Inverse
Daily 2X exposure, both directions
Both funds track TSLA and use the same daily reset mechanics. The only difference is which way the exposure points. Each seeks its stated multiple over a single trading day.
T-REX 2X Long Tesla Daily Target ETF
Seeks daily investment results, before fees and expenses, of 200% of the daily performance of TSLA common stock.
| Expense Ratio | 1.05% |
| CUSIP | 26923N835 |
T-REX 2X Inverse Tesla Daily Target ETF
Seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of TSLA common stock.
| Expense Ratio | 1.05% |
| CUSIP | 26923N181 |
The Funds do not seek to achieve the stated investment objective for a period of time different than a trading day. Investing in the Funds is not equivalent to investing directly in TSLA.
Growth & Income
A third approach: daily leverage plus a covered call overlay
TSII, the REX Tesla Growth & Income ETF, seeks daily investment results, before fees and expenses, between 105% and 150% of the daily performance of Tesla common stock. It writes covered call options against that position, and the premiums collected are the source of the income the fund seeks to distribute weekly.
Two things are happening at once. The leverage is modest compared with a 2X fund but it is still daily leveraged exposure, so it resets at each market close and the compounding effects described below apply. The call writing then gives up gains in TSLA above the strike in exchange for premium. In a strong rally the strategy is likely to lag. In a flat or moderately rising market, premium income is collected while the position participates up to the strike.
Because option premiums rise with volatility, and because TSLA has historically carried elevated implied volatility, the premium available to a covered call strategy on this stock has tended to be larger than on a diversified index. That cuts both ways: the same volatility that raises premiums reflects a genuinely wider range of outcomes in the underlying, and the fund retains full downside exposure to the shares it holds.
REX Tesla Growth & Income ETF
| Daily Performance Objective | 105% to 150% |
| Overlay | Covered call |
| Distributions | Weekly |
| Expense Ratio | 1.52% |
| CUSIP | 761562404 |
Fund data as of August 14, 2026. Distributions are not guaranteed and may vary substantially from period to period. Distributions may include return of capital, which reduces net asset value and an investor’s cost basis. Current distribution information is on the fund page.
There is no guarantee that the Fund will be successful in its attempt to provide leveraged exposure to TSLA or pay weekly distributions. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking targeted daily leveraged investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if TSLA’s performance is flat, and it is possible that the Fund will lose money even if TSLA’s performance increases over a period longer than a single day. An investor could lose the full principal value of his or her investment within a single day.
Compare
All three TSLA funds side by side
Fund data as of August 14, 2026.
| TSLT | TSLZ | TSII | |
|---|---|---|---|
| Fund name | T-REX 2X Long Tesla Daily Target ETF | T-REX 2X Inverse Tesla Daily Target ETF | REX Tesla Growth & Income ETF |
| Strategy | Daily leveraged long | Daily inverse leveraged | Daily leveraged, covered call overlay |
| Daily performance objective | 200% of the daily performance of TSLA | 200% of the inverse (or opposite) of the daily performance of TSLA | 105% to 150% of the daily performance of TSLA |
| Objective period | A single trading day | A single trading day | A single trading day |
| Exposure reset | Daily, at every market close | Daily, at every market close | Daily, at every market close |
| Seeks to rise when TSLA | Rises | Falls | Rises, up to the strike |
| Distributions | None sought | None sought | Weekly, not guaranteed |
| Upside above strike | Not capped | Not applicable | Given up for premium |
| Expense ratio | 1.05% | 1.05% | 1.52% |
| CUSIP | 26923N835 | 26923N181 | 761562404 |
Expense ratios are stated in each fund’s prospectus and are subject to change. Neither leveraged fund seeks to achieve its stated objective over a period greater than a single trading day.
TSLT, TSLZ, and TSII are three of more than 30 single stock ETFs across the T-REX and REX lineups. See the full T-REX lineup.
The Underlying
Why TSLA moves the way it does
Tesla manufactures electric vehicles and energy storage systems, and its equity has long traded on expectations about future production, margins, and new business lines rather than on current results alone. Quarterly delivery figures, pricing decisions, and regulatory developments have each moved the stock materially in a single session.
The company also draws unusually heavy retail participation and one of the deepest single stock options markets in the United States. That combination has kept implied volatility in TSLA well above that of a typical large capitalization stock for extended periods, and public statements by company leadership have at times moved the shares on their own.
It is the reason the daily compounding effects described below tend to be larger in TSLT and TSLZ than they would be in a fund tracking a diversified index. Everything about how these two funds behave over multiple days scales with the volatility of the underlying.
REX Shares is not affiliated with Tesla, and nothing on this page is a view on the merits of the stock.
How 2X Daily Works
The objective is daily, and that word does the work
This applies to all three funds. TSLT seeks 200% of the daily performance of TSLA and TSLZ seeks 200% of the inverse (or opposite) of the daily performance of TSLA. TSII seeks between 105% and 150%. All three reset exposure daily at each market close.
Each fund seeks its stated daily objective on any single trading day. At each market close, exposure is reset so the next session begins at that target level of the fund’s new net asset value.
Because each day’s return compounds on the one before it, performance over any period longer than a single day is very likely to differ from the stated daily objective applied to that period, before fees and expenses. The size of that difference grows with both the holding period and the volatility of the underlying. Lower leverage reduces the size of the effect but does not remove it.
The Daily Reset
Underlying rises
The fund increases exposure. More notional is needed to maintain the multiple on a now larger net asset value.
Underlying falls
The fund decreases exposure. Less notional is needed to maintain the multiple on a now smaller net asset value.
The next day begins
Exposure sits at exactly the stated multiple again. Yesterday’s path is no longer in the ratio, but it is in the base.
What to understand before using any of the three
All three funds are complex products intended for investors who understand their mechanics and actively monitor their positions. None is suitable for all investors.
All three funds reset daily. Returns over more than one day will very likely differ from the stated objective.
Each of the three resets exposure daily. Over longer periods, returns are the result of each day’s returns compounded, which is very likely to differ from the stated daily objective applied to that period, before fees and expenses. The divergence grows with holding period and volatility, and is largest in the 2X funds.
It is possible to lose the entire amount invested, and losses can occur in a single trading day. Investing in TSLZ, TSLT and TSII is not equivalent to investing directly in TSLA.
Concentration
All three funds are exposed to one company. Company specific events drive daily moves with no diversification to offset them.
Leverage
Each fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage.
Derivatives
Each fund uses options, swaps, or both. Investing in derivatives may be considered aggressive and may expose a fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives.
TSII: capped upside
On top of daily leveraged exposure, writing calls gives up gains above the strike in exchange for premium. The fund retains full downside exposure to the position and is likely to lag TSLA in a strong rally.
TSII: distribution risk
There is no assurance that the fund will make a distribution at any given time, and the amounts will likely vary greatly from one distribution to the next. Distributions may consist of return of capital, which reduces net asset value and an investor’s cost basis over time. Net asset value typically drops by the amount of each distribution on the ex-dividend date.
The SEC Office of Investor Education and Advocacy notes that leveraged and inverse products are meant to be held for a single day or less. Read each fund’s prospectus in full before investing.
Common Questions
Tesla ETF questions, answered
Yes. TSLT, the T-REX 2X Long Tesla Daily Target ETF, seeks 200% of the daily performance of Tesla (TSLA) common stock. TSLZ, the T-REX 2X Inverse Tesla Daily Target ETF, seeks 200% of the inverse (or opposite) of the daily performance of TSLA. Both seek their stated objective over a single trading day only. Investing in the Funds is not equivalent to investing directly in TSLA.
Yes. TSII, the REX Tesla Growth & Income ETF, seeks between 105% and 150% of the daily performance of Tesla (TSLA) common stock and writes covered call options against that position, seeking to distribute the premiums collected as weekly income. Distributions are not guaranteed and may include return of capital.
TSLT is the T-REX 2X Long Tesla Daily Target ETF. It seeks daily investment results, before fees and expenses, of 200% of the daily performance of Tesla (TSLA) common stock. The expense ratio is 1.05%. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
TSLZ is the T-REX 2X Inverse Tesla Daily Target ETF. It seeks daily investment results, before fees and expenses, of 200% of the inverse (or opposite) of the daily performance of Tesla (TSLA) common stock. The expense ratio is 1.05%. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day.
TSII is the REX Tesla Growth & Income ETF. It seeks daily investment results, before fees and expenses, between 105% and 150% of the daily performance of Tesla common stock, and writes covered calls against that position, seeking weekly income from the premiums collected. Because it is daily leveraged, returns over periods longer than a single day will very likely differ from 105% to 150% of the return of TSLA over that period. The expense ratio is 1.52%. Distributions are not guaranteed and may include return of capital.
Both are daily leveraged and both reset exposure daily at each market close. The difference is the amount of leverage and what the fund does with the position. TSLT seeks 200% of the daily performance of TSLA and seeks no income. TSII seeks between 105% and 150% of the daily performance of TSLA and writes covered calls against the position, giving up gains above the strike in exchange for premium it seeks to distribute weekly.
Both seek their stated daily performance objective over a single trading day. The Funds do not seek to achieve their stated investment objective for a period of time different than a trading day. Because exposure resets daily and returns compound, performance over any longer period is very likely to differ from the stated objective applied to TSLA’s performance over that period, and the difference grows with holding period and volatility. The SEC notes that leveraged and inverse products are meant to be held for a single day or less. These funds are not suitable for all investors.
Because all three reset daily, the compounding effects in all three scale with volatility, and the option premiums available to TSII do as well. TSLA has historically been a highly volatile single stock, which makes the compounding effects in TSLT and TSLZ larger than they would be in a fund tracking a diversified index. Higher volatility raises the premium TSII can collect, and it also reflects a genuinely wider range of outcomes in the underlying.
More than 30 single stock ETFs across the T-REX and REX lineups.
Leveraged, inverse, and covered call income strategies on individual names.
Important Information
Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Funds, please visit rexshares.com or call 1-844-802-4004. Read the prospectus carefully before investing.
Investing in the Funds involves a high degree of risk. As with any investment, there is a risk that you could lose all or a portion of your investment in the Funds. The Funds are not suitable for all investors.
TSLT and TSLZ seek daily leveraged or daily inverse leveraged investment results. All three Funds are designed to be utilized only by knowledgeable investors who understand the consequences of seeking targeted daily leveraged investment results, understand the risks associated with the use of leverage, and are willing to monitor their positions. The Funds do not seek to achieve the stated investment objective for a period of time different than a trading day and should not be expected to provide returns which are a multiple of the return of the underlying security for periods other than a single day. Because they rebalance exposure daily, performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from the stated multiple of the underlying security’s performance for that period, before fees and expenses. During periods of high volatility, a Fund may lose value even if the underlying security is flat over the period. It is possible to lose the entire amount invested in a single trading day.
TSII seeks daily investment results, before fees and expenses, between 105% and 150% of the daily performance of the underlying security, and employs a covered call strategy which limits potential gains above the strike price of the options written while retaining the full downside risk of the position. Because the Fund rebalances exposure daily, performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which will very likely differ from between 105% and 150% of the return of the underlying security over the same period. There is no guarantee the Fund will be successful in its attempt to provide leveraged exposure or pay weekly distributions. Distributions are not guaranteed, may vary substantially from period to period, and may include return of capital, which reduces net asset value and an investor’s cost basis. Return of capital distributions do not represent income or gains generated by the Fund’s investment activities. Net asset value typically drops by the amount of each distribution on the related ex-dividend date. Past distributions are not indicative of future distributions.
Investing in any of the Funds is not equivalent to investing directly in the underlying security. Investing in TSLZ, TSLT and TSII is not equivalent to investing directly in TSLA. Each Fund’s investment exposure is concentrated in a single issuer, and the value of the Funds may be more volatile than a more diversified pooled investment or the market as a whole.
Principal Risks
Leverage Risk. The Fund obtains investment exposure in excess of its net assets by utilizing leverage and may lose more money in market conditions that are adverse to its investment objective than a fund that does not utilize leverage.
Derivative Risk. Derivatives are financial instruments that derive value from the underlying reference asset or assets, such as stocks, bonds, or funds (including ETFs), interest rates or indexes. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or small gains, than investing directly in the reference assets underlying those derivatives, which may prevent the Fund from achieving its investment objective.
Distribution Risk. As part of TSII’s investment objectives, the Fund seeks to provide current income. There is no assurance that the Fund will make a distribution at any given time. If the Fund does make distributions, the amounts of such distributions will likely vary greatly from one distribution to the next. Additionally, the distributions, if any, may consist of returns of capital, which would decrease the Fund’s NAV and trading price over time. As a result, an investor may suffer significant losses to their investment.
Tesla Investing Risk. The trading price of TSLA has been highly volatile and could continue to be subject to wide fluctuations in response to various factors. The stock market in general, and the market for technology companies in particular, has experienced extreme price and volume fluctuations that have often been unrelated or disproportionate to the operating performance of those companies.
Tesla, Inc. Risk. The future growth and success of Tesla, Inc. are dependent upon consumers’ demand for electric vehicles, and specifically, its vehicles in an automotive industry that is generally competitive, cyclical and volatile. If the market for electric vehicles in general and Tesla, Inc. vehicles does not develop as Tesla, Inc. expects, develops more slowly than it expects, or if demand for its vehicles decreases in its markets or its vehicles compete with each other, the business, prospects, financial condition and operating results of Tesla, Inc. may be harmed. Tesla, Inc. may fail to meet its publicly announced guidelines or other expectations about its business, which could cause the price of TSLA to decline significantly.
Important Information Regarding -2X TSLA Fund. The T-REX 2X Inverse Tesla Daily Target ETF (TSLZ) seeks daily inverse investment results and is very different from most other exchange-traded funds. Longer holding periods and higher volatility of TSLA increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of TSLA may affect the fund’s return as much as, or more than, the return of TSLA.
Important Information Regarding 2X TSLA Fund. The T-REX 2X Long Tesla Daily Target ETF (TSLT) seeks 2X daily leveraged investment results and thus will have an increase of volatility relative to the TSLA performance itself. Longer holding periods, higher volatility of TSLA and leverage increase the impact of compounding on an investor’s returns. During periods of higher volatility, the volatility of TSLA may affect the fund’s performance.
THE FUNDS, TRUST, ADVISER, AND SUB-ADVISER ARE NOT AFFILIATED WITH THE FUNDS’ UNDERLYING SECURITIES.
Shares of the Funds are bought and sold at market price, not net asset value, and are not individually redeemed from a Fund. Brokerage commissions will reduce returns. Past performance is not indicative of future results.
Distributed by Foreside Fund Services, LLC, not affiliated with REX Shares, LLC, or its affiliates. Fund data as of August 14, 2026. Last reviewed August 2026.
