Under normal market conditions, this ETF seeks to provide a daily return that is 200% inverse (opposite) to the performance of Tesla (TSLA) stock. To achieve this, it typically allocates at least 80% of its net assets to swap agreements. These agreements, entered into with major global financial institutions, involve the fund and the institution exchanging returns to generate daily exposure equivalent to negative 200% of the fund's net asset value, based on TSLA's movements.