For investors seeking momentum, Direxion Daily Small Cap Bull 3x Shares (TNA Quick QuoteTNA - Free Report) 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.

 

 

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).

 

 

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.

 

 

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

 

 

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