Aims for twice Tesla's return each day, using swaps and options. Because it resets daily, its return over weeks or months can differ a lot from twice Tesla's.
TSLL, the Direxion Daily TSLA Bull 2X Shares, is a $3.7 billion ETF whose main story is physical AI layer. Over the past year it returned −48.7%, against +16.8% for broad US ETFs. Figures to October 2, 2026; past performance, not a recommendation.
The narrative it carries
This is its only narrative.
Physical AI layer →
Robots, factory automation and driverless vehicles: the machines AI puts to work in plants, warehouses and on roads.
The band is where this narrative’s level sits among the 22 this week. QUIET means less talked about, not falling.
| # | ETF | SHARE | ASSETS | 1 YEAR | COST |
|---|---|---|---|---|---|
| 1 | BOTZ | 28.7% | $3.33bn | −0.3% | 0.68% |
| 2 | ARTY | 25.4% | $4.22bn | +70.8% | 0.47% |
| 3 | ROBO | 17.4% | $2.02bn | +23.6% | 0.95% |
| 4 | ARKQ | 11.4% | $1.89bn | +8.0% | 0.75% |
| 5 | ROBT | 4.7% | $775.2m | +10.8% | 0.65% |
| 48 other ETFs | 12.4% |
Share is each ETF’s slice of the capital carrying this narrative. 1 year is market price total return; cost is the expense ratio. See all 53 ETFs on the narrative page →
FRI OCT 2MARKET PRICE TOTAL RETURN
| 1M | 3M | YTD | 1Y | 3Y* | 5Y* | |
|---|---|---|---|---|---|---|
| TSLL | +5.3% | −19.8% | −47.5% | −48.7% | −10.1% | – |
| Physical AI layerits narrative | +4.6% | +1.2% | +21.1% | +22.5% | +23.5% | +6.6% |
| The marketbroad US ETFs | +0.8% | +2.6% | +14.6% | +16.8% | +22.9% | +12.9% |
1M, 3M, 1Y, 3Y, 5Y: one month to five years. YTD: year to date. * A year, annualised. A dash means the ETF has not traded for the whole period. Since it started trading on August 9, 2022: −16.2% a year.
$10,000 invested August 31, 2022
Year by year
Total return in each calendar year; this year is year to date. A year appears only if TSLL traded for all of it.
Total return on the market price, with each distribution reinvested on its ex-date. Not the NAV return the issuer publishes; the two differ when the ETF trades above or below the value of its holdings. The narrative is the asset-weighted return of the unlevered ETFs that carry it. The market is the asset-weighted return of broad US index ETFs. Past performance is no guarantee of future results.
FRI OCT 2MARKET PRICE TOTAL RETURN
How closely it moves
TSLL moves partly with the market. When the market has moved 1%, TSLL has tended to move 3.62%.
TSLL moves partly with physical AI layer. When physical AI layer has moved 1%, TSLL has tended to move 2.20%.
Weekly returns over 157 weeks. The narrative is measured without TSLL in it, so it is not compared with itself.
ETFs it moves most and least like
Correlation of weekly returns over the last 3 years, among unlevered ETFs StoryVector covers.
Where it sits in Physical AI layer
Each dot is one of 17 unlevered ETFs whose main narrative is physical AI layer, placed by its return (up) and how much it swung (right) over the last year. TSLL is levered or inverse, so it is shown against them but not counted among them.
Risk
Cost against its peers
TSLL is levered or inverse, so it is shown against the unlevered ETFs but not ranked among them.
How it is built
Seeks 2x the daily return of its exposure, and gets its exposure through swaps. It carries the narrative but does not count toward Share of Narrative, because only unlevered long exposure does.
Narrative exposure
Common questions
What story is TSLL selling?
TSLL’s main story is physical AI layer, which covers robots, factory automation and driverless vehicles: the machines AI puts to work in plants, warehouses and on roads.
Which ETFs compete with TSLL?
The ETFs whose weekly returns move most like TSLL’s over the past 3 years are TSLY (0.95), TSLP (0.95) and TESL (0.81).
How has TSLL performed against its story?
Over the past year TSLL returned −48.7%, the ETFs carrying physical AI layer +22.5% and broad US ETFs +16.8%, to October 2, 2026. Its weekly returns have a correlation of 0.52 with the story. Past performance only.
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