For investors seeking momentum, Direxion Daily Financial Bull 3x Shares FAS is probably on radar now. The fund just hit a 52-week high and is up over 75% from its 52-week low price of $35.99/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:

FAS in Focus

This product offers 300% of the performance of the Russell 1000 Financial Services Index. It charges 95 bps in fees (see all leveraged Equity ETFs here).

Why the Move?

The next Fed chair Powell’s recent comments made the financial sector a winner on Tuesday. Powell said that the case for a rate hike in December is ‘coming together.’ Plus, Powell is a supporter of deregulation in the banking sector. All these comments were enough to spur investors’ optimism around financial stocks.

More Gains Ahead?

The fund has a positive weighted alpha of over 75.00. A positive weighted alpha hints at more gains. As a result, there is definitely some promise for investors who want to ride on this surging ETF.

(We are reissuing this article to correct a mistake. The original article, issued on Nov 29, 2017, which incorrectly mentioned the ticker code of Direxion Daily Financial Bull 3x Shares as UYG instead of FAS, should no longer be relied upon.)

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