At a glance
TSLR charges 0.98% a year. It has $107.3M in assets. Over the past year it returned −41.0% with distributions reinvested; over three years it returned +1.2% a year.
The short version
GraniteShares 2x Long TSLA Daily ETF (TSLR) aims to deliver twice (200%) the daily percentage change of Tesla stock, mainly through swap agreements with large banks. Its leverage resets every day, so over weeks or months its returns can drift far from twice Tesla's. It costs 0.98% a year and pays no distributions. It fell 82.8% from its December 2024 peak and had not recovered that loss as of October 27, 2026.
Price history
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TSLR -41.0% 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 | |
|---|---|---|---|---|---|---|
| TSLR price data to Oct 27, 2026 | -36.9% | -41.0% | +1.2% | — | — | -6.9% |
- Over the year to Oct 27, 2026, TSLR returned -41.0%.
- Its worst full calendar year was 2025 (-26.0%); its best was 2024 (+67.6%).
- The deepest fall in its price history was 82.8% (Dec 17, 2024 to Apr 8, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -36.9% |
| 2025 | -26.0% |
| 2024 | +67.6% |
| 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 |
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 | |
|---|---|---|
| Treasury Bill Bonds and notes | 92.75% |
By country
United States 92.75%By issuer
US Treasury 92.75%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 $57.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.95%, +27.73%, -10.30%.
How it works
TSLR does not track an index. It is an actively managed ETF tied to a single stock, Tesla (NASDAQ: TSLA). Its goal is twice Tesla's percentage change for one day, measured from one trading day's close to the next. It gets most of that exposure through swaps, which are contracts where a bank agrees to pay the fund Tesla's return on a set dollar amount. If the fund can't add more swaps, it can buy deep in-the-money call options, pair a bought call with a sold put (a "synthetic forward"), or buy Tesla shares directly. At the end of each trading day, its total exposure is reset to about 200% of its assets.
As of June 30, 2026, the fund's swaps added up to about 200% of its net assets of $107.3 million. They were spread across five counterparties: TD Cowen (79%), Wells Fargo (77%), J.P. Morgan (31%), BofA Securities (12%) and Clear Street (under 1%). About 92.7% of assets sat in a US Treasury bill with an average maturity of about 0.1 years. The fund expects to post 25% to 50% of its assets as collateral for its swaps. If a bank fails to pay, the fund could lose money.
Because the leverage resets daily, longer-term returns depend on the path Tesla takes. In choppy markets, gains and losses compound unevenly, and that usually drags returns below twice Tesla's move.
What it really costs
- TSLR charges 0.98% a year.
- Of that, 0.95% is the management fee; the rest covers other fund expenses.
- The fee includes a 0.07% 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 $1,275 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLR | $100 | $327 | $572 | $1,275 |
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.
- 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
TSLR resets twice-daily exposure to a single stock, and its prospectus says results over longer periods are very likely to differ from that target.
TSLR launched on August 22, 2023, so it has no record from the 2008, 2020 or 2022 downturns. Its own history is severe enough. Its worst calendar year was 2025, at -26%, and it was down 36.9% in 2026 through October 27. Its deepest drop was 82.8%, from December 17, 2024 to April 8, 2025, and it had not recovered as of October 27, 2026. Its worst quarter lost 65%. Anyone forced to sell in a bad stretch could lock in losses that would be very hard to win back. It pays no distributions, so it offers no income. It costs 0.98% a year. In the SEC's standard $10,000 example, that comes to $100 after one year and $1,275 over ten. Past results don't predict future ones, and a retirement plan has to look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders seeking 200% of Tesla's daily move over days, not years, via swaps (contracts paying Tesla's return) with TD Cowen, Wells Fargo and others.
- Investors confident in Tesla who check positions daily and stomach quarterly swings: a 102.77% gain in late 2024, then a 65% loss in early 2025.
- Short-term holders who accept a 0.98% annual fee (expense ratio), or $100 on $10,000 in the first year under the SEC's standard example.
Look elsewhere if
- Long-term holders and retirees: the fund fell 82.8% between December 17, 2024, and April 8, 2025, and had not recovered by October 27, 2026.
- Income seekers: the fund has recorded no distributions; its Treasury bill holdings, 92.75% of net assets as of June 30, 2026, support its swap positions.
- Anyone needing diversification: everything rides on Tesla's stock, and annualized price swings (volatility) ran at 115% over three years to October 27, 2026.
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 TSLR a good long-term investment?
It isn't designed to be held for the long term. TSLR targets twice Tesla's daily move, and its prospectus warns that over longer periods, compounding makes its results very likely to differ from that. As of October 27, 2026, it had returned -41% over one year and about 1.2% a year over three years. It gained 67.6% in 2024, then lost 26% in 2025 and 36.9% in 2026 through October 27.
Does TSLR pay dividends?
No. The fund has no recorded distributions, so it provides no income. All of its return comes from changes in its share price, which can move sharply in both directions. Its annualized volatility over one year was 92.8% as of October 27, 2026. Investors who want regular payouts from a portfolio would need to look at very different kinds of funds.
What is the TSLR expense ratio?
TSLR's expense ratio is 0.98% a year, according to its prospectus filed October 28, 2026. That includes a 0.95% management fee. In the SEC's standard example of $10,000 invested with a steady 5% annual return, total costs come to $100 after one year, $327 after three years, $572 after five and $1,275 after ten. TSLR's actual returns have looked nothing like a steady 5%.
Why doesn't TSLR return 2x Tesla over a year?
Because it resets to twice Tesla's move every day, not over a year. Each day's gain or loss is applied to a new starting value, so returns compound unevenly. If Tesla swings up and down and ends roughly flat, a 2x daily fund usually ends lower. In a steady rally it can beat twice Tesla's return. The prospectus says returns over longer periods are very likely to differ from 2x.
What does TSLR actually hold?
Mostly swap contracts and a Treasury bill, not Tesla shares. As of June 30, 2026, swaps with TD Cowen, Wells Fargo, J.P. Morgan, BofA Securities and Clear Street gave exposure equal to about 200% of its assets. About 92.7% of assets sat in a US Treasury bill used as cash and collateral. The fund may also use options on Tesla or buy the stock directly if swaps are limited.