What Is TSLL? Direxion Daily TSLA Bull 2X Shares
Short answer
TSLL is Direxion's 2x leveraged single-stock ETF that seeks 200% of Tesla's DAILY return using swaps, with the leverage resetting each day. Because of that daily reset, returns compound over multiple days and can drift far from 2x Tesla's longer-term performance, and in choppy markets volatility drag (decay) can steadily erode value. It carries a high expense ratio of roughly 0.95% and is explicitly designed as a short-term trading instrument, not a buy-and-hold position. Anyone holding it more than a day or two takes on amplified risk in both directions, and a leveraged fund can fall sharply even when the underlying recovers.
TSLL is issued by Direxion and tracks 2x daily Tesla (TSLA). It charges a 0.95% (gross; roughly 0.73% net of acquired fund fees) expense ratio, holds approximately roughly $4 to $5 billion in assets under management, yields about variable and unreliable (leveraged funds make irregular distributions; recent figures have ranged widely, roughly 3% to 7%), not an income vehicle, and launched in August 9, 2022 (launched as a 1.5x fund; objective increased to 2x on April 2, 2024).
What is TSLL?
TSLL is Direxion's 2x leveraged single-stock ETF that seeks 200% of Tesla's DAILY return using swaps, with the leverage resetting each day. Because of that daily reset, returns compound over multiple days and can drift far from 2x Tesla's longer-term performance, and in choppy markets volatility drag (decay) can steadily erode value. It carries a high expense ratio of roughly 0.95% and is explicitly designed as a short-term trading instrument, not a buy-and-hold position. Anyone holding it more than a day or two takes on amplified risk in both directions, and a leveraged fund can fall sharply even when the underlying recovers.
TSLL is issued by Direxion and tracks 2x daily Tesla (TSLA), so a single ticker gives you the whole basket of underlying holdings weighted by the index's methodology rather than by any active stock-picking.
TSLL holdings: what's actually inside
TSLL is weighted toward its largest constituents. As of early 2026, the top holdings are:
| Rank | Ticker | Company | % of TSLL | |
|---|---|---|---|---|
| 1 | TSLA | Tesla | ~200% notional via swaps |
The remaining holdings make up the balance of the fund, with weights tapering off below the top names. Because the index reconstitutes on a rolling basis, the roster stays current without active management. Each ticker above links to its individual stock guide in Walnut.
Themes TSLL is commonly used to express
ETFs are passive bundles; thematic baskets in Walnut let you concentrate within them. If you hold TSLL as a core position, these are the themes you might layer on as satellites.
The bottom line on TSLL
TSLL gives amplified, 2x-daily, short-term exposure to Tesla through a leveraged swap-based ETF, with a high expense ratio and daily-reset compounding that makes it a trading tool rather than a long-term holding. Held over time it is exposed to volatility drag and can lose value even if Tesla's stock is flat or recovers, so it suits only active traders who manage the position closely and accept large, fast losses.
More on TSLL
Whether TSLL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, concentration, and what would have to be true for it to outperform from here in is TSLL a buy?
TSLL yields variable and unreliable (leveraged funds make irregular distributions; recent figures have ranged widely, roughly 3% to 7%), not an income vehicle as of early 2026, paid by passing through the dividends of its underlying holdings. For the payout schedule, history, and how the distributions are taxed, see TSLL dividend: yield and schedule.
Build a portfolio around TSLL with Walnut
Use TSLL as your core holding, then let Walnut's AI propose thematic satellites: AI infrastructure, dividend growth, clean energy, whatever you believe in. Connect your broker, build the basket in conversation, track it as one unit.
FAQ
What is TSLL?
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TSLL is the Direxion Daily TSLA Bull 2X Shares, a leveraged single-stock ETF that seeks to deliver 200% of the daily price return of Tesla (TSLA) stock, before fees and expenses. It uses swaps and other derivatives to create that 2x exposure rather than just holding Tesla shares. It is intended as a short-term trading tool for active traders.
What is TSLL's expense ratio?
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TSLL's expense ratio is roughly 0.95% gross, which is high relative to plain index ETFs and reflects the cost of running a leveraged derivatives strategy. Direxion notes the figure is closer to about 0.73% net once acquired fund fees and expenses are excluded. These fees are charged regardless of whether the fund rises or falls.
What does TSLL track?
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TSLL tracks 2x the DAILY price movement of a single stock, Tesla (TSLA). It does not track an index or a basket of companies. It targets 200% of Tesla's return for one trading day at a time, and the leverage is reset at the end of each day, so its multi-day performance can differ substantially from twice Tesla's cumulative move.
Should I hold TSLL long term?
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TSLL is not designed for long-term, buy-and-hold investing. Because the 2x leverage resets daily, returns compound over multiple days, and in volatile or sideways markets this causes volatility drag (decay) that can steadily erode value, even if Tesla's stock ends up flat or higher. Held for weeks or months, TSLL can lag far behind 2x Tesla's actual move and can lose money in choppy conditions. It is built as a short-term trading instrument, not a long-term holding. Walnut is informational, not investment advice.
How does 2x leverage work?
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Each day TSLL aims to return 200% of Tesla's daily percentage change, so if Tesla rises 3% in a day TSLL targets about 6%, and if Tesla falls 3% TSLL targets about -6%, before fees. The fund obtains this exposure through total return swaps rather than borrowing to buy stock. Crucially, this 2x objective applies only to a single day; because the exposure resets daily, gains and losses compound over time and longer-horizon results can deviate sharply from 2x Tesla's return.
Is TSLL a good investment?
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Whether TSLL fits any portfolio depends entirely on an individual's strategy, risk tolerance, and time horizon, and Walnut is informational, not investment advice. TSLL is a high-risk, leveraged product that can lose value very quickly, including from daily-reset compounding and volatility drag even when Tesla recovers, and it carries a high expense ratio. It is meant for sophisticated active traders who monitor positions daily, not for passive or risk-averse investors, and amplified leverage means losses can be large and fast.
How is TSLL different from owning Tesla stock directly?
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Owning Tesla stock gives you direct, unleveraged ownership with no daily reset, no derivatives, and a much lower cost. TSLL instead uses swaps to seek 2x Tesla's DAILY move, resets that leverage every day, and charges roughly 0.95%. Over multiple days TSLL's returns compound and can diverge widely from simply owning twice as much Tesla, and it can decay in volatile markets, so the two behave very differently over any period longer than a single day.
What are the main risks of TSLL?
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The main risks include amplified losses (a 2x fund magnifies downside as well as upside), daily-reset compounding and volatility drag that can erode value over time, and counterparty risk from the swaps used to create leverage. Single-stock concentration adds further risk, since the fund's fate is tied entirely to Tesla, a historically volatile stock. The high expense ratio and the possibility of large, rapid losses make it appropriate only for traders who actively manage the position.
How do I compare TSLL to similar ETFs?
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Put a few fields side by side: the expense ratio (fees compound over decades), the index or strategy it tracks, the top holdings and how much they overlap with what you already own, the dividend yield, and the AUM, liquidity, and bid-ask spread that affect trading costs. For index funds, tracking error (how closely it follows its index) and tax efficiency matter too. TSLL's figures are above; the full method is in Walnut's guide on how to compare ETFs.
Related ETFs
Walnut is informational, not investment advice. Holdings weights and fund statistics on this page are approximations stamped to early 2026; verify current figures against Direxion's fund page or your broker before investing.