At a glance
TSLL charges 0.83% a year. It has $3.03B in assets; it paid 8.34% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −42.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned +5.3% a year.
The short version
Direxion Daily TSLA Bull 2X Shares (TSLL) aims to return twice the daily move of Tesla, Inc. stock. It gets most of that exposure through swap agreements with large banks and resets its leverage every trading day. Because of that daily reset, returns over longer periods can drift far from 2× Tesla's move. The fund lost 26.87% in 2025 and 42% in the 12 months to October 27, 2026. Its expense ratio is 0.83%.
Price history
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TSLL -42.0% 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 | |
|---|---|---|---|---|---|---|
| TSLL official prospectus, to Dec 31, 2025 | — | -26.87% | — | — | — | -3.56% |
| TSLL price data to Oct 27, 2026 | -37.7% | -42.0% | +5.3% | — | — | -12.8% |
- Over the year to Oct 27, 2026, TSLL returned -42.0%.
- Its worst full calendar year was 2025 (-26.9%); its best was 2023 (+139.6%).
- The deepest fall in its price history was 82.9% (Dec 17, 2024 to Apr 21, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -37.7% | — |
| 2025 | -26.9% | -26.87% |
| 2024 | +99.5% | +99.80% |
| 2023 | +139.6% | +139.55% |
| 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 |
|---|---|---|
| 2026 (to date) | $0.2800 | |
| 2025 | $0.9500 | +39.7% |
| 2024 | $0.6800 | +7.9% |
| 2023 | $0.6300 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (141.96% of net assets), with its exposure coming from 7 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| TESLA INC | 15.74% |
By country
United States 15.74%By asset type
Stocks 15.74%What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $465.4M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +27.61%, -10.16%, -48.45%.
How it works
TSLL is run by Rafferty Asset Management under the Direxion name. It aims to return 200% of the daily performance of Tesla stock (ticker TSLA), before fees and expenses. That target covers one trading day only, from one market close to the next. The fund keeps at least 80% of its net assets in Tesla shares and in swaps and options that together give 2× exposure. A swap is a contract in which a bank agrees to pay the fund the return on a set amount of Tesla stock. As of July 31, 2026, Tesla shares made up about 15.7% of net assets. Swaps supplied most of the rest of the exposure. Cash, money market funds and short-term, high-quality debt worth about 142% of net assets backed those swaps.
At each day's close, the adviser resets exposure to 2× net assets. It adds exposure after Tesla rises and cuts it after Tesla falls. All that trading led to portfolio turnover of 101%. The fund is non-diversified, meaning it can put most of its money into very few holdings. Here it depends on a single carmaker.
Daily returns compound, so results over weeks or months will very likely differ from 2× Tesla's return. The prospectus warns that the fund will lose money if Tesla ends flat over time. It can even lose money while Tesla rises. The fund also relies on a small number of swap banks, so if one fails to pay, the fund loses money.
What it really costs
- TSLL charges 0.83% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.12% waiver from the adviser, which may end.
- Using the prospectus's standard example, $10,000 invested would cost about $85 in the first year and $1,155 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLL | $85 | $291 | $514 | $1,155 |
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 targets 2× Tesla's return for one day at a time, and the prospectus warns that holding it longer can produce losses even when Tesla rises.
TSLL does not add diversification or steady growth. It is a leveraged bet on one company. It launched on August 9, 2022, so it has no record from the 2008 or 2020 crashes. It started about two months before the 2022 bear market hit bottom. Its own record is harsh. The fund lost 26.87% in 2025 and 65.16% in the first quarter of that year alone. Its deepest drop was 82.9%, from December 17, 2024 to April 21, 2025, and it had not recovered as of October 27, 2026. Anyone who had to cash out during a stretch like that would have locked in deep losses. The trailing yield was 8.34%, paid quarterly, as of October 27, 2026. But the share price fell 42% over the same 12 months. Costs are 0.83% a year. Past results don't predict future returns, 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 magnified one-day exposure to Tesla stock and can check positions daily, since the fund resets its 2× leverage every trading day.
- Experienced investors who can stomach swings like a 105.69% gain in early 2023 and a 65.16% loss in early 2025, each in a single quarter.
- Traders who want 2× Tesla exposure in a listed fund rather than through margin loans or options, and who accept a 0.83% expense ratio.
Look elsewhere if
- Retirees and long-term savers: the fund fell 82.9% from December 2024 to April 2025 and had not recovered by October 27, 2026.
- Investors who want diversification: the fund follows one stock, Tesla, and is non-diversified and concentrated in the automotive industry.
- Income seekers: the 8.34% trailing yield as of October 27, 2026 was swamped by a 42% price loss over the same year.
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 TSLL a good long-term investment?
TSLL is not built for long-term holding. Its goal is 2× Tesla's return for a single trading day, and the prospectus warns you could lose all your money. Strong years don't guarantee long-run gains. The fund rose 139.55% in 2023 and 99.8% in 2024, then lost 26.87% in 2025. From its 2022 launch through December 31, 2025, its average annual return was -3.56%.
Why doesn't TSLL return exactly 2x Tesla over time?
TSLL resets its leverage every day, so each day's return compounds on the last. When Tesla swings up and down, those resets eat into returns, and the fund falls behind 2× Tesla's move over weeks or months. The prospectus says the fund will lose money if Tesla ends flat over time. It can even lose money while Tesla's price rises.
Does TSLL pay dividends?
Yes. TSLL pays distributions quarterly. Over the 12 months to October 27, 2026, it paid about $0.97 per share, a trailing yield of 8.34%. That payout is not a reliable income stream. In leveraged funds, payouts can come from interest on cash held as collateral, and they can change sharply from year to year. Over the same 12 months, the share price fell 42%.
TSLL vs Tesla stock: what's the difference?
Owning Tesla shares directly means your gains and losses match Tesla's one for one. There is no fund fee and no daily reset. TSLL aims for twice Tesla's daily move and charges 0.83% a year. It gets most of its exposure from swaps with banks, which adds counterparty risk: the risk that a bank fails to pay. Over longer periods, TSLL's daily reset can leave it well short of 2× Tesla's return, or even negative while Tesla gains.
What is TSLL's expense ratio?
TSLL's expense ratio is 0.83%, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. The SEC's standard example assumes $10,000 invested, a 5% annual return and shares cashed out at the end of each period. On that basis, costs come to about $85 after one year, $291 after three, $514 after five and $1,155 after ten. Trading costs from 101% portfolio turnover are not included in that figure.