Bullish or bearish on Tesla? Direxion looks to have you covered either way
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Whether investors are bullish or bearish on Elon Musk's Tesla (NASDAQ:TSLA), Direxion Funds plans to have them covered. The issuer has filed for three ETFs that track the electric vehicle maker.
According to the U.S. Securities Exchange Commission prospectus, the three funds include Direxion Daily TSLA Bear 1X Shares, Direxion Daily TSLA Bear 2X Shares, and Direxion Daily TSLA Bull 2X Shares.
The Bear 1X Shares fund plans to deliver investors a -100% daily return on TSLA, meaning that if shares of the EV maker drop $1, the fund will rise by $1 for the single day.
Meanwhile, the Bear 2X Shares and Bull 2X Shares will provide daily -200% and +200% returns on the price of TSLA. So if the stock gains $1 on a particular day, the Bear 2X shares will fall by $2 and the Bull 2X shares will rise by $2 for the single day.
In order for the exchange traded funds to achieve their investment objectives, the funds will invest primarily in financial instruments, such as swap agreements, that provide leveraged and inverse exposure to TSLA.
At this current juncture, none of the ETFs have formal ticker symbols or expense ratios attached to them. 
Teslaâs price action: -5% on Thursday, -23.6% year-to-date, and +15.9% over a one-year period.
Direxion is not the only issuer that looks to capitalize on the popularity of TSLA. Innovator ETFs Trust intends to launch the Innovator Hedged Tesla ETF, which will provide a risk-managed investment approach to the share price of Tesla.