At a glance
TSL charges 1.18% a year. It has $12.4M in assets. Over the past year it returned −17.8% with distributions reinvested; over three years it returned +20.3% a year.
The short version
GraniteShares 1.25x Long Tesla Daily ETF (TSL) aims to return 1.25 times the daily percentage move of Tesla stock (TSLA), before fees. It gets that exposure mainly through swaps, which are contracts with a financial firm to exchange returns. Because the leverage resets every day, results over months or years can stray far from 1.25 times Tesla's return. Its expense ratio is 1.18%, and it fell 63.3% from December 2024 to April 2025.
Price history
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TSL -17.8% 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 | |
|---|---|---|---|---|---|---|
| TSL price data to Oct 27, 2026 | -16.2% | -17.8% | +20.3% | — | — | +9.2% |
- Over the year to Oct 27, 2026, TSL returned -17.8%.
- Its worst full calendar year was 2025 (+3.5%); its best was 2023 (+112.1%).
- The deepest fall in its price history was 63.3% (Dec 17, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -16.2% |
| 2025 | +3.5% |
| 2024 | +64.1% |
| 2023 | +112.1% |
| 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 |
|---|---|---|
| 2023 | $6.6600 |
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 1 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| Treasury Bill Bonds and notes | 181.67% |
By country
United States 181.67%By issuer
US Treasury 181.67%The bonds mature in 0.1 years on average (weighted by size), with an average coupon of 0%.
Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors withdrew a net $31.3M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.89%, +17.45%, -4.95%.
How it works
TSL does not track an index. GraniteShares manages it actively. It aims for 1.25 times (125%) the daily percentage change in Tesla's common stock, before fees and expenses. Each "day" runs from one trading day's close to the next. At each close, the fund resets its Tesla exposure to about 125% of its net assets.
Most of that exposure comes from swaps. These are contracts with a large financial firm that pay the fund Tesla's gain, or charge it Tesla's loss, on an agreed dollar amount. As of June 30, 2026, the fund held two positions: a Tesla equity swap with TD Cowen, with exposure equal to about 125% of net assets, and a US Treasury bill. If it can't add swaps, it may hold Tesla shares or exchange-listed Tesla options lasting one week to one month. It expects to post 25% to 50% of its assets as swap collateral. Remaining cash can go into short-term holdings such as Treasury bills, money market funds or the GraniteShares Short Term Box ETF (LBOX).
The daily reset matters most. Each day's result compounds on the last. Over weeks or longer, the fund's return can differ sharply from 1.25 times Tesla's, and it is usually worse when Tesla swings up and down. Swaps also carry counterparty risk: the firm on the other side might fail to pay.
What it really costs
- TSL charges 1.18% a year.
- Of that, 0.99% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.17% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $120 in the first year and $1,607 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSL | $120 | $411 | $723 | $1,607 |
Structure and tax notes
- Resets its exposure every day. Over periods longer than a day, compounding means returns can differ sharply from 1.25× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
- Bond prices move opposite to interest rates; the longer the maturities it holds, the more its price reacts to rate changes.
In a retirement portfolio
Its 1.25x leverage on a single stock resets every day, so it is built for short-term trading, and holding it for years can produce results far from 1.25 times Tesla's.
TSL adds amplified daily exposure to one stock, not diversification. It launched in August 2022, so it missed the 2008 and 2020 crashes, and its price record begins just after the 2022 bear market's low. Its weakest full calendar year, 2025, still ended up 3.5%, but that hides deep swings. From December 17, 2024, to April 8, 2025, it fell 63.3%. It had not regained that peak by October 27, 2026. Anyone who needs to cash out during a drop like that locks in a loss, and undoing a loss that deep takes a much larger gain.
It paid no income in the year to October 27, 2026. Costs add up: in the SEC's standard example, $10,000 in the fund costs about $120 in the first year and $1,607 over 10 years. Past results don't predict future ones, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Short-term traders seeking 1.25 times Tesla's one-day move who check positions daily and know longer holds can drift from that target.
- Traders wanting modest leverage on Tesla without borrowing from a broker, who accept that they could lose their entire stake.
- People who can tolerate sharp swings, such as its 44.2% loss in the quarter ended March 31, 2025, using money set aside for speculation.
Look elsewhere if
- Retirees: daily resets can pull long-run results away from 1.25 times Tesla's, and its 63.3% drop from December 2024 remained unrecovered by October 27, 2026.
- Investors wanting income or diversification: it paid nothing in the year to October 27, 2026, and rests entirely on Tesla stock.
- Cost-conscious investors: its 1.18% expense ratio adds up to $1,607 over 10 years on $10,000 in the SEC's standard example.
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 TSL a good long-term investment?
It isn't built to be one. TSL aims to deliver 1.25 times Tesla's return for a single day, and it resets that leverage daily. Over longer periods, compounding can push its results far from 1.25 times Tesla's, usually for the worse when the stock swings back and forth. The fund fell 63.3% from December 17, 2024, to April 8, 2025. It had not regained that peak by October 27, 2026, when its one-year return was a loss of 17.8%.
How does TSL get 1.25x leverage on Tesla?
Mostly through a swap. This is a contract in which a financial firm pays the fund Tesla's gains and the fund pays the firm Tesla's losses, on an agreed dollar amount. As of June 30, 2026, TSL held one Tesla equity swap with TD Cowen, with exposure equal to about 125% of net assets, plus a US Treasury bill. The fund may also use exchange-listed Tesla options or hold shares directly. If the swap firm failed to pay, the fund could lose money. This is called counterparty risk.
Does TSL pay dividends?
It paid none in the year to October 27, 2026, so its yield over that period was 0%. Any return comes from changes in its share price, and those can be large in both directions. According to its prospectus, its strongest quarter, ended March 31, 2023, returned 85.3%. Its weakest, ended March 31, 2025, lost 44.2%. The fund produces no cash to spend unless shares are redeemed.
TSL vs. Tesla stock: what's the difference?
The differences are leverage, cost and structure. Owning Tesla (TSLA) shares directly gives Tesla's own return, with no fund fee and no daily reset. TSL aims for 1.25 times Tesla's daily move and charges a 1.18% expense ratio. It gets its exposure mainly through a swap, which adds the risk that the financial firm on the other side fails to pay. Over months, compounding can leave TSL well above or below 1.25 times Tesla's return.
What is TSL's expense ratio?
TSL's expense ratio is 1.18% a year, according to its prospectus filed October 28, 2026. The expense ratio is the yearly fee taken from fund assets. That figure is after a 0.17% fee waiver, and the management fee alone is 0.99%. In the SEC's standard example, $10,000 invested with a 5% yearly return would cost about $120 over one year, $411 over three, $723 over five and $1,607 over 10. The example assumes shares are redeemed at the end of each period.