At a glance
TSLT charges 1.05% a year. It has $253.3M in assets. Over the past year it returned −43.6% with distributions reinvested (S&P 500: +11.5%); over three years it returned −3.3% a year.
The short version
T-REX 2X Long Tesla Daily Target ETF (TSLT), from Tuttle Capital Management, aims to return twice Tesla's (TSLA) stock move over each single trading day. It gets that exposure mainly through swap agreements with financial institutions. Because the 2x exposure resets every day, results over weeks or months can drift far from double Tesla's return. It charges 1.05% a year, pays no distributions and is built for short-term trading, not long-term holding.
Price history
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TSLT -43.6% 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 | |
|---|---|---|---|---|---|---|
| TSLT official prospectus, to Dec 31, 2025 | — | -29.49% | — | — | — | +3.04% |
| S&P 500 Index (reflects no deduction for fees, expenses or taxes) index, same period | — | +17.88% | — | — | — | +25.52% |
| TSLT price data to Oct 27, 2026 | -39.1% | -43.6% | -3.3% | — | — | -7.3% |
- Over the year to Oct 27, 2026, TSLT returned -43.6%.
- Its worst full calendar year was 2025 (-29.5%); its best was 2024 (+54.2%).
- The deepest fall in its price history was 83.2% (Dec 17, 2024 to Apr 21, 2025), not yet recovered.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | -39.1% |
| 2025 | -29.5% |
| 2024 | +54.2% |
| 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 |
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 $6.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +2.49%, +27.26%, -10.38%.
How it works
TSLT does not track an index. Its goal is 200% of Tesla's daily price move, before fees and expenses. It gets there mainly through total return swaps. In these contracts, a financial institution agrees to pay the fund twice Tesla's daily return on an amount tied to the fund's net assets. Its filed holdings showed five such swaps on Tesla stock as of June 30, 2026. The adviser can also purchase exchange-listed call options on Tesla, including customized FLEX Options guaranteed by the OCC clearinghouse. It can also hold Tesla shares directly, though shares alone don't provide leverage. The rest of the money sits in cash-like holdings such as money market funds and short-term US government debt.
At each market close, the adviser rebalances the fund back to 2x exposure. After a day when Tesla rises, it adds exposure. After a day when Tesla falls, it cuts back. This daily reset drove portfolio turnover of 102,990%, according to the prospectus. It also means returns compound day by day. Over longer periods, results can land well above or below twice Tesla's return, and they are often worse when the stock swings back and forth.
Two mechanical risks stand out. If Tesla fell more than 50% in a single day, the fund's investors would lose all their money. The fund also depends on its swap counterparties paying what they owe. It is non-diversified and tied to a single company.
What it really costs
- TSLT charges 1.05% a year.
- Using the prospectus's standard example, $10,000 invested would cost about $107 in the first year and $1,283 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| TSLT | $107 | $334 | $579 | $1,283 |
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 offers 2x Tesla exposure that resets every day, and the prospectus says it does not seek its 2x goal over any period other than a single trading day.
TSLT launched on October 19, 2023, so it has no record through the 2008, 2020 or 2022 downturns. Its own history is harsh. It fell 83.2% between December 17, 2024 and April 21, 2025, and it had not regained that peak as of October 27, 2026. Its worst calendar year, 2025, lost 29.5%, and the first quarter of 2025 alone lost 65.5%. Anyone who needed to raise cash during a slump like that would have locked in deep losses. The fund has recorded no distributions, so it provides no income. In the SEC's standard example, a $10,000 investment costs $107 in the first year and $1,283 over 10 years. Past results don't predict future ones, and a retirement plan should be judged across the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want twice Tesla's one-day move and can monitor positions daily, since exposure resets at every market close.
- Experienced investors who understand swaps and daily compounding, and who accept that a one-day Tesla drop of over 50% would wipe out the fund.
- Short-term speculators who can stomach swings like a 100% gain in late 2024 followed by a 65% loss in early 2025.
Look elsewhere if
- Long-term holders and retirees: the fund fell 83.2% from its December 2024 peak and hadn't recovered as of October 27, 2026.
- Anyone seeking income: no distributions have been recorded for TSLT, so all returns depend on price changes.
- Investors who want diversification or low costs: it is tied to one company, Tesla, and charges 1.05% a 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 TSLT good for long-term investing?
It isn't designed for it. The prospectus says TSLT seeks 2x Tesla's return only for a single trading day. Because its exposure resets daily, longer-term results compound and can drift far from double Tesla's move. As of October 27, 2026, the fund had lost 43.6% over one year and 3.3% a year over three years. It also had not recovered from an 83.2% drop that bottomed on April 21, 2025.
How does TSLT get 2x leverage on Tesla?
Mainly through total return swaps. These are contracts in which a financial institution pays the fund twice Tesla's daily return on an amount tied to the fund's net assets. Its holdings showed five swaps on Tesla as of June 30, 2026. The fund can also hold call options on Tesla or Tesla shares directly. It rebalances at every market close to bring exposure back to 2x, which produced turnover of 102,990%.
Does TSLT pay dividends?
No. TSLT has recorded no distributions, so it provides no income stream, and any return comes from changes in its share price alone. Its holdings are mainly swap agreements on Tesla plus cash-like assets such as money market funds and short-term US government debt. That makes it a poor fit for anyone who wants regular payouts from a portfolio, such as retirees drawing income.
Can you lose all your money in TSLT?
Yes. The prospectus warns that you could lose all the money you invest. If Tesla's stock fell more than 50% in a single trading day, the fund's investors would be wiped out. Large losses have already happened: TSLT lost 65.5% in the first quarter of 2025 and fell 83.2% from its December 17, 2024 peak. Its one-year volatility was 92.5% as of October 27, 2026.
What's the difference between TSLT and owning Tesla stock?
TSLT aims for twice Tesla's daily move, while owning shares gives you Tesla's actual return with no fund fee and no daily reset. TSLT charges 1.05% a year, relies on swap counterparties, and compounds daily, so its long-run results can differ sharply from 2x Tesla. No close alternative fund was identified for comparison. Against the S&P 500, TSLT returned −29.49% in 2025, while the index gained 17.88%.