In the initial flurry of single-stock ETFs hitting the U.S. over the past month, there has been one name that comes up over and over again: Tesla . The volatile electric vehicle stock is one of the most heavily traded names on Wall Street, and it's popular with more adventurous retail investors and hedge funds. That has made it a staple of new single-stock ETFs. The Tesla funds have proven to be some of the most popular among the newly-created class of single-stock funds, though they remain far less actively traded compared to more established ETFs. Source: FactSet Here is a short overview of these new ways to bet on Tesla. Investors should be aware that these funds have very short track records and small assets under management, so there could be risks in jumping into them this early. Levering up: There are two funds that allow investors to get greater exposure to Tesla shares. The biggest of these is the Direxion Daily TSLA Bull 1.5x Shares ETF (TSLL) . The fund only began trading Aug. 9, and has had a few days when volume topped one million shares. The fund has about $22.6 million in assets under management, according to FactSet. GraniteShares also has a 1.25x Long TSLA Daily ETF (TSL) , though it is being traded less frequently. The "Daily" in the name of these ETFs is a key thing for investors to recognize. Because these funds rebalance every day, using options, they may not deliver the stated relative return if held over longer periods of time. The expense ratios for these funds can also cut into the benefits of being leveraged long. The Direxion fund has a net expense ratio of 0.97%, while the GraniteShares fund is at 1.15%. Betting against Tesla: The funds that bet against Tesla have been more popular in the early weeks of single-stock ETFs. The AXS TSLA Bear Daily ETF (TSLQ) has been the most successful, bringing in more than $47 million of fund flows in a little over a month, according to FactSet. The Direxion Daily TSLA Bear 1X Shares (TSLS) fund and the GraniteShares 1X Short TSLA Daily ETF (TSLI) have gained less traction, though they've only been active for about two weeks. These funds also have the daily rebalancing concerns that the leveraged-long funds do. The AXS fund, for example, is down 22.2% since July 14. Over the same time period, Tesla is up 24.5%. These funds are also relatively pricey. The AXS fund has an expense ratio of 1.15%. Hedging: Last month, Innovator ETFs launched the Hedged TSLA Strategy ETF (TSLH) for investors who would like to avoid some of Tesla's volatility. The fund, which will rebalance quarterly, aims to buy options on Tesla and short-term Treasurys in an attempt to provide a downside floor of 10%, which could help protect investors during a big pullback. The fund's use of options also creates a cap on total gains, however. For the current three-month period, the cap is set at a little more than 9%. Because Innovator's defined outcome ETFs, including the Hedged TSLA fund, use options and don't hold the underlying stock, their returns can deviate from the expected return before the end of their stated outcome period. The Hedged TSLA Strategy ETF has not finished its first quarter yet, so it has little track record to evaluate at this point. It has an expense ratio of 0.79%, and about $2.6 million in assets.