For investors seeking momentum, Direxion Daily MSCI Developed Markets Bull and Bear 3X Shares is probably on radar now. The fund just hit a 52-week high and is up nearly 96.5% from its 52-week low price of $40.51/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:

DZK in Focus

This fund looks to track the 300% of the performance of the MSCI EAFE Index. The fund is tilted toward Japan with about 23.1% exposure, followed by Britain (15.78%) and France (10.43%). Nestle, Royal Dutch Shell Plc and   HSBC Holdings Plc are the top three stocks of the fund. The net expense ratio of the fund is 1.17% (see all leveraged equity ETFs here).

Why the Move?

Global economic readings were more-or-less upbeat lately. International Monetary Fund (IMF) estimates 3.6% and 3.7% global growth in 2017 and 2018, respectively, compared with 3.2% in 2016. Prolonged easy money policy made a recoil possible in the developed economies. Amid such uncertainty, a look at this leveraged developed market ETF makes sense.

More Gains Ahead? 

It seems that this fund might stay strong given a positive weighted alpha of 78.33. As a result, there is still some promise for investors who want to ride on this surging ETF.

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