At a glance
TSDD charges 0.98% a year. It has $39.0M in assets; it paid 10.94% of its price in distributions over the past 12 months, annual. Over the past year it returned −29.5% with distributions reinvested (S&P 500: +11.5%); over three years it returned −75.3% a year.
The short version
GraniteShares 2x Short TSLA Daily ETF (TSDD) aims to return -2 times (-200%) the daily move of Tesla stock. It gets that exposure mainly through swaps instead of owning shares. It gains when Tesla falls and loses about twice Tesla's gain on up days. Exposure resets each day, so results over longer periods can stray far from -2x. Its expense ratio is 0.98%. From its April 22, 2024 peak to October 27, 2026, it fell 99.1%.
Price history
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TSDD -29.5% 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 | |
|---|---|---|---|---|---|---|
| TSDD price data to Oct 27, 2026 | -23.2% | -29.5% | -75.3% | — | — | -72.4% |
- Over the year to Oct 27, 2026, TSDD returned -29.5%.
- Its worst full calendar year was 2024 (-89.2%); its best was 2025 (-75.0%).
- The deepest fall in its price history was 99.1% (Apr 22, 2024 to Oct 27, 2026), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -23.2% |
| 2025 | -75.0% |
| 2024 | -89.2% |
| 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 | $0.6500 |
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 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 $13.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -8.92%, -25.89%, -0.43%.
How it works
TSDD does not track an index. It is an actively managed ETF. Its goal is to end each trading day with exposure equal to about -200% of its net asset value against Tesla stock. A "day" runs from one market close to the next. The fund gets this exposure mainly through swaps. A swap is a contract in which a bank or broker agrees to exchange the return on a set dollar amount of Tesla stock with the fund. If the fund can't add enough swap exposure, it may use exchange-listed Tesla options with terms of one week to one month. These include deep in-the-money puts, or a "synthetic forward": purchasing a put and writing a call at the same strike price.
As of June 30, 2026, the fund held five swaps totaling about -200% of its $39.0 million in net assets. BofA Securities accounted for about -117% and Cantor Fitzgerald about -83%. Smaller swaps were with TD Cowen, Goldman Sachs and Clear Street. The fund expects to post 25% to 50% of its assets as collateral. It can hold its cash in Treasuries, money market funds or short-term bond ETFs, including GraniteShares' own Short Term Box ETF (LBOX). If a counterparty fails to pay, the fund could lose money.
Because exposure resets daily, returns compound day by day. Over weeks or months, the fund's result can differ sharply from -2x Tesla's move, and it is usually worse when the stock swings up and down.
What it really costs
- TSDD charges 0.98% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.24% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $100 in the first year and $1,455 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSDD | $100 | $363 | $647 | $1,455 |
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
It is built for one-day bets against a single stock, and over time it has lost almost all of its value.
TSDD launched on August 21, 2023, so it has no record from the 2008 financial crisis, the 2020 COVID crash or the 2022 bear market. Its own record is severe. It lost 89.2% in 2024 and 75.0% in 2025, and it was down 23.2% in 2026 through October 27. From its April 22, 2024 peak, it fell 99.1% and had not recovered as of October 27, 2026. Anyone who needed cash during a stretch like that would have taken near-total losses. The trailing yield was 10.94% as of October 27, 2026, from one annual payout of $0.65 per share. That is not a dependable income stream. Costs are 0.98% a year. In the SEC's standard example, $10,000 invested would cost $1,455 over 10 years. 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 and can watch the position every trading day.
- Experienced traders who understand swaps, counterparty risk and how daily resets can erode returns over weeks and months.
- Traders hedging a Tesla position for a short time who accept a 0.98% expense ratio and three-year volatility near 120%.
Look elsewhere if
- Retirees and buy-and-hold investors: TSDD lost 89.2% in 2024 and 75.0% in 2025, and it fell 99.1% from its peak.
- Income seekers: the 10.94% trailing yield came from a single annual payout of $0.65 per share, not a steady stream.
- Investors who want diversification: all of the fund's exposure is to one company, Tesla, held through five swaps.
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
Is TSDD a good long-term investment?
No. It isn't designed for long holding periods. TSDD aims for -2 times Tesla's return for a single day, and its exposure resets daily. Over time, compounding pulled its results far from that target. It lost 89.21% in 2024 and 74.97% in 2025. From April 22, 2024 to October 27, 2026, it fell 99.1% and did not recover. The fund's own documents describe it as a daily product.
How does TSDD short Tesla?
Mostly through swaps, not by shorting shares directly. As of June 30, 2026, TSDD held five swap contracts with exposure totaling about -200% of its net assets. BofA Securities and Cantor Fitzgerald held the largest shares. If the fund can't add enough swap exposure, it may use exchange-listed Tesla options instead. It posts 25% to 50% of its assets as collateral and keeps its cash in Treasuries, money market funds or short-term bond ETFs.
Does TSDD pay a dividend?
Yes, but only once a year, and the amount isn't predictable. Over the trailing 12 months, TSDD paid $0.65 per share, a yield of 10.94% as of October 27, 2026. That payout is small next to the fund's price swings: it lost 23.16% in 2026 through October 27. For funds like this, distributions can change a lot from year to year, so they are not a dependable income source.
What is TSDD's expense ratio?
TSDD's expense ratio is 0.98%, according to its prospectus filed October 28, 2026. The management fee is 0.95%. In the SEC's standard example, $10,000 invested with a 5% annual return would cost about $100 after one year, $363 after three years, $647 after five years and $1,455 after ten years. No similar Tesla funds were available in the data used here for a cost comparison.
If Tesla falls over a month, will TSDD go up?
Not always. TSDD targets -2x Tesla's move for one day only. Over longer periods, daily compounding can produce results far from -2x, especially when the stock swings back and forth. The fund's three-year volatility was 119.9% as of October 27, 2026. Its strongest quarter was a gain of 71.46% in the period ending March 31, 2025. Its weakest was a loss of 74.43% in the period ending December 31, 2024.