GraniteShares 1.25x Long TSLA Daily ETFTSL

The GraniteShares 1.25x Long TSLA Daily ETF (TSL) is a concentrated, daily-reset product that promises 1.25 times Tesla’s share price return each trading day, reset at market close. It is not an index, a basket, or a traditional ETF that holds shares directly. Instead, it uses cash-settled total return swaps with a counterparty to deliver the daily concentrated exposure, a structure that introduces issuer concentration and daily compounding risk. The fund’s expense ratio is 1.00% per annum, deducted daily, and the issuer’s marketing frames it as ‘amplified Tesla access’ while the fine print quietly describes ‘counterparty exposure and daily reset mechanics’.

The fund’s mandate is explicitly time-bound and daily-reset, meaning the 1.25x leverage only applies to the intraday move and is recalibrated every session. This is not a buy-and-hold vehicle. It is a high-turnover, high-fee instrument that converts daily volatility into compounded tracking error relative to the underlying stock, a feature regulators and analysts alike flag as a risk for retail users who expect simple concentrated exposure. The issuer’s website and Nasdaq listing both confirm the fund’s existence, ticker, and exchange, but neither source discloses AUM, daily volume, or bid-ask spread, leaving liquidity and cost transparency to the fine print and the regulator’s EDGAR filings.

The SEC EDGAR record for TSL shows the fund is registered under the Investment Company Act of 1940 and files semi-annual reports, which is standard for exchange-traded funds. The filings do not contain Tesla’s revenue, profit, cash, or margin figures because the fund’s returns derive from a derivative overlay on Tesla’s price, not the company’s financials. The fund’s prospectus states that the ‘tracking error can be material over longer horizons due to daily resets’-a polite way of saying the compounding math will bite you on quiet markets as well as volatile ones. The filings also disclose that the fund’s counterparty risk is concentrated in a single large bank, a concentration that amplifies issuer-specific credit risk.

For context, the fund’s exchange listing and ticker routing are confirmed by Nasdaq’s ETF page and the fund’s SEC EDGAR filings. These sources do not provide live chart levels, trading volumes, AUM, or bid-ask spreads, which means any attempt to read momentum, support, resistance, or liquidity from public pages alone would be speculative. The FINRA Fund Analyzer tool can compare TSL’s fees and structure against other concentrated products, but it does not replace the fund’s own filings as the definitive source for investment mechanics. The core tension is simple: the fund’s marketing sells amplified Tesla exposure with a glossy wrapper; the regulatory filings show it is a fee-generating, counterparty-dependent, daily-reset derivative bet that resets every session.

What remains unproven from the public rail is the fund’s AUM, daily dollar volume, average spread, and intraday liquidity. The issuer’s marketing pages do not publish these figures, and Nasdaq’s ETF page does not expose them either. Until these data points appear in an SEC filing or a regulated market venue, the liquidity story is incomplete. A deeper file would include the fund’s latest semi-annual report for AUM, the counterparty’s name and credit rating, and a live trading view for intraday spreads and volume. Absent those, treat the liquidity and cost story as ‘visible in the fine print, opaque in the marketing’.