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Leveraged Small Cap ETF (TNA) Hits New 52-Week High

Sanghamitra Saha
Updated
Zacks.com featured highlights include: Lululemon, Sirius, Kohl's and Olympic Steel

For investors seeking momentum, Direxion Daily Small Cap Bull 3x Shares TNA is probably on the radar now. The fund just hit a 52-week high and is up nearly 87.1% from its 52-week low price of $48.17/share.

 

But are more gains in store for this ETF? Let’s take a quick look at the fund and the near-term outlook on it to get a better idea on where it might be headed.

 

TNA in Focus       

 

The fund offers 300% exposure to the performance of the Russell 2000 Index The product charges 95 bps in fees (see Leveraged Equity ETFs here).

 

Why the Move?   

 

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Small-cap stocks are more domestically-focused and thus not exposed to geopolitical risks and negative currency translations. Both criteria enabled the fund to cash in on an improving U.S. economy while dodging tensions stemming from trade war and a rising dollar.

 

More Gains Ahead? 

 

It seems that the fund will perform decently in the near term given a positive weighted alpha of 67.75.

 

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DIRX-SC BULL 3X (TNA): ETF Research Reports
 
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