Direxion Small Cap Bull 3X Shares (ARCA: TNA)

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Direxion Small Cap Bull 3X Shares

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The fund invests at least 80% of its net assets in financial instruments, such as swap agreements, and securities of the index, ETFs that track the index and other financial instruments that provide daily leveraged exposure to the index or ETFs that track the index. The index measures the performance of approximately 2,000 small-capitalization companies in the Russell 3000 Index, based on a combination of their market capitalization and current index membership. The fund is non-diversified.

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Direxion Daily Small Cap Bull 3X Shares

TENAGA NASIONAL BERHAD by Tenaga Nasional Berhad

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TENAGA NASIONAL BERHD ADR by Tenaga Nasional Berhad

For speculative traders seeking exposure to daily sentiment swings, the new year seemingly offers plenty of ammunition. With President Donald Trump entering his second term, the outspoken leader wasted no time reshaping U.S. policy with a<a href="https://www.benzinga.com/government/regulations/25/01/43084601/trump-day-1-executive-order-tsunami-incoming-heres-what-hes-signing-first"> flurry of executive orders</a>. These actions encompass a range of subjects, including energy, immigration, inflation, social policies and trade.
Thanks to a unique vision that sharply contrasts with the prior Biden administration, several sectors rose to the forefront. Perhaps the most prominent example is the cryptocurrency market. Ever since Trump's electoral victory last November, the ecosystem for blockchain-derived assets has been invigorated. Throughout the campaign trail, the former real estate mogul openly and enthusiastically<a href="https://www.benzinga.com/markets/cryptocurrency/25/01/43062997/exclusive-how-donald-trumps-crypto-plans-will-bitcoin-xrp-solana"> embraced decentralized digital assets</a>.
In addition, President Trump's pro-business mandates – which notably include deregulation and lower corporate taxes – may reinvigorate a risk-on framework. Emerging industries, such as quantum computing and space economy specialists, have been clear beneficiaries of the conducive environment. These factors combine with a greater emphasis on building out<a href="https://www.benzinga.com/25/01/42862503/3-digital-infrastructure-etfs-in-focus-as-trump-reveals-billion-dollar-data-center-construction-plan"> digital infrastructures</a> to create plenty of upside opportunities for investors to find.
Still, not everything is leaning toward the northward direction. Given the sharp pivot from the prior administration, there are bound to be losers. Among them sit market segments tied to renewable energy. In particular,<a href="https://www.benzinga.com/trading-ideas/movers/25/01/43147598/ev-stocks-are-falling-today-whats-going-on"> shares of electric vehicle stocks faltered recently</a> amid radical changes under Trump 2.0. With the president promising to "drill, baby, drill," the<a href="https://www.benzinga.com/government/regulations/25/01/43097430/trumps-drill-baby-drill-era-begins-oil-prices-tumble-us-energy-stocks-edge-up"> move toward hydrocarbons</a> has caused anxiety among green energy proponents.
Moreover, elements outside of direct executive control may cause the equities arena to stumble. Perhaps most worryingly,<a href="https://www.benzinga.com/trading-ideas/25/01/43064849/4-stocks-to-buy-for-higher-for-longer-interest-rates"> interest rates could stay elevated</a> for longer than desired, in large part due to a red-hot labor market. When these factors are seen in conjunction with a<a href="https://www.benzinga.com/economics/macro-economic-events/25/01/42896114/us-2025-recession-odds-plummet-good-news-or-warning-sign"> potential misreading of broader risk</a>, investors could be facing a surprisingly dynamic ecosystem.
The Direxion ETFs: To put it simply, the market could be liable to move in any direction, depending on the prevailing winds. With that in mind, the most adventurous and aggressive investors may consider ultra-leveraged exchange-traded funds. For the optimists, the Direxion Daily Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) seek the daily investment results of 300% of the performance of the Russell 2000 index.
With exposure to the TNA ETF, traders can potentially enjoy significant upside without having to buy call options. Instead, market participants can pick up units of TNA, similar to any publicly traded enterprise. In the same vein, bearish speculators can acquire units of the Direxion Daily Small Cap Bear 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TZA#NYSE">TZA</a>) rather than needing to resort to purchasing put options.
While the Direxion 3X ETFs are convenient, investors should note the volatility risks involved in these financial products. As Direxion's<a href="https://www.direxion.com/product/daily-small-cap-bull-bear-3x-etfs"> website</a> states, these leveraged ETFs are designed for trading exposure lasting no longer than one day.
The TNA ETF: Although the chart for the Daily Small Cap Bull ETF is a choppy affair, anticipation of a much more business-friendly environment has bolstered sentiment recently.
<ul>
<li>Over the trailing one-month period, TNA gained almost 8% of value, driving the price action above the 200-day moving average (DMA).</li>
<li>Technical resistance lies at the 50 DMA, which currently stands a bit above $48. For the bulls, this will be the next natural target.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXf2tMb0MYkL5HZuEUDtUKPeZwaP9R5TSmRfBmockq0UJfV14B2-jV3iOd2PMgBfcrd3y4mYg8_V6PqVgu54CBeeufT8yoxyiyBY75eXgZBSc4VfiQXyFUze6jReRwoJn-4ejiKF8Q?key=U_Y0u8R0Y_cA_5nvA0CDLRBd" alt="" /></figure>
The TZA ETF: A volatile canvas, the Daily Small Cap Bear ETF has struggled over the past 52 weeks, losing more than 45%. However, an economic shock could revitalize the inverse fund.
<ul>
<li>For proponents of the TZA ETF, it's vital for the bear fund to keep its head above the psychologically and technically significant $10 level.</li>
<li>Right now, the 50 DMA provides support for TZA. Moving forward, the upside target is where the 200 DMA stands at a few clicks above $15.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXcTGV5-x-BFejfGg3BKhhEbig7erIttWKGg-gXPRU-aAQut2XepCP7dn1qpfHH4zSqsdiNgU8l6wzmdBoiLpQMeueWHPDdBxOPDLkI1G6ZP4TjUr7mVBr7zMJej1Gz8hexIytKG0g?key=U_Y0u8R0Y_cA_5nvA0CDLRBd" alt="" /></figure>
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Trump 2.0 Presents Both Promise And Pitfalls For Direxion's Small Cap Bull And Bear Funds

Like those represented by the iShares Russell 2000 ETF (ARCA:IWM), small-cap stocks are especially sensitive to interest rate changes. Historically, after the Federal Reserve implements rate cuts, all market cap sectors tend to rally, but small caps often outperform their larger-cap peers.
This outperformance is mainly because small-cap companies rely more heavily on external financing. When borrowing costs decline, as they do following a rate cut, small-cap companies see a significant tailwind, making it easier to secure the capital they need to fund growth and operations.
Earlier in 2024, small caps underperformed large caps because the expected rate cuts were delayed, resulting in a historically wide performance gap between the two. Small caps lagged, but now that rates have been cut by 50bps, the landscape could shift. Small-cap stocks&#39; valuation remains relatively attractive, allowing investors to capitalize on a potential rebound. Additionally, the fourth quarter has traditionally been a strong period for small-cap performance, providing a seasonally favorable environment for these stocks to play catch-up to the broader market.
<h2>The Performance of the IWM</h2>
The IWM, which tracks the performance of 2,000 small-cap U.S. stocks, has outperformed the broader market and the tech-heavy Nasdaq in recent weeks. This month alone, the IWM has gained nearly 4%, significantly outpacing the S&amp;P 500 and tech sector. This strength follows the ETF&#39;s break above a multi-year resistance level in July. After briefly pulling back, the IWM successfully turned the previous $210 resistance area into a newfound support level. This shift suggests buyers are stepping in to support prices at higher levels, indicating a potential change in momentum.
With the recent 50bps rate cut boosting market sentiment, the IWM shows relative strength. The ETF is now trading just 3.4% below its 52-week high. Given its lagging year-to-date performance compared to larger-cap stocks, the IWM may be poised for a breakout as we move into the year&#39;s final quarter, which is historically a period when small caps have performed well. This could be the perfect opportunity for small-cap stocks to play catch-up and deliver strong returns.
<h2>How to Gain Exposure to Small-Cap Stocks</h2>
<h3>The First and Obvious Choice: IWM</h3>
The iShares Russell 2000 ETF&nbsp;is the go-to option for investors seeking broad, diversified exposure to small-cap stocks. The fund tracks the Russell 2000 Index, which includes approximately 2,000 small-cap companies from across the U.S. With a market cap of over $70 billion, IWM provides exposure to a wide range of industries, including financials (18.8% of the portfolio), consumer discretionary (10.8%), and healthcare (10.6%). The ETF offers a dividend yield of 1.2% and has a low expense ratio of 0.19%. Analysts have assigned the ETF a Moderate Buy rating, with a consensus price target of $231.75, forecasting nearly 5% upside potential.
<h3>For Risk-Tolerant Investors: TNA</h3>
Direxion Daily Small Cap Bull 3X Shares (ARCA:TNA) might be a compelling option for those looking to amplify their returns- and willing to accept elevated risk. This leveraged ETF seeks to deliver 300% of the daily performance of the Russell 2000 Index, meaning that for every 1% move in the index, TNA aims to provide a 3% return. However, with this higher reward potential comes increased risk. The ETF has a market cap of $2.74 billion, an expense ratio of 1.08%, and a small dividend yield of 0.23%. Year-to-date, TNA is up over 11%, consolidating below its 52-week high. A critical resistance level to watch is the $50 area, which has served as a significant inflection point for the ETF and could signal a breakout if breached.
The article &quot;<a href="https://www.marketbeat.com/stock-ideas/why-small-cap-stocks-could-be-ready-to-outperform-after-rate-cuts/">Why Small-Cap Stocks Could Be Ready to Outperform After Rate Cuts</a>&quot; first appeared on MarketBeat.

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Why Small-Cap Stocks Could Be Ready to Outperform After Rate Cuts

As investors navigate an unpredictable market landscape, small-cap stocks might be on the brink of a resurgence. With the Federal Reserve signaling potential rate cuts, the conditions could soon favor companies that thrive on <a href="https://www.benzinga.com/trading-ideas/small-cap-analysis">lower borrowing costs</a>.
In an exclusive interview with Benzinga, Ed Egilinsky, Managing Director at Direxion, shared his views on the evolving small-cap sector. 
&#8220;Small caps tend to be more reliant on taking on debt to help grow their business, and borrowing at lower rates could be helpful to their bottom line,&#8221; he noted. With potential rate cuts on the horizon, Egilinsky believes there are trading opportunities within the small-cap space.
Read Also: <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/08/40348381/small-caps-set-for-a-comeback-heres-why-they-deserve-your-attention">Small Caps Set For A Comeback? Here&#8217;s Why They Deserve Your Attention</a>
<h2 class="wp-block-heading">The Bull Vs. Bear Debate: Where Should Traders Bet?</h2>
For those looking to ride the wave, leveraged ETFs like the Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) and the Direxion Small Cap Bear 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TZA#NYSE">TZA</a>) could be valuable tools. &#8220;We&#8217;ve seen significant inflows from traders tilted toward the bull side through our 3x bull TNA,&#8221; Egilinsky shared, pointing to recent trends that suggest a bullish outlook.
Investors looking for non-leveraged diversified exposure to the small-cap space may also consider ETFs tracking the Russell 2000 index. The Russell 2000 Index is one of the more popular indices tracking the performance of 2,000 small-cap companies. Popular ETFs tracking the index include: the iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) and the Vanguard Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VTWO#NYSE">VTWO</a>). 
<h2 class="wp-block-heading">Fed Policy, Market Sentiment: A Recipe For Volatility?</h2>
Egilinsky highlighted the impact of a potential Fed pivot on small-cap stocks, suggesting that these companies might outperform their larger counterparts as borrowing costs decrease. 
&#8220;If you adhere to the theory of mean reversion, you might believe at some point that small caps on a relative valuation basis might represent a better opportunity than large caps,&#8221; he explained.
Active traders should remain vigilant, ready to capitalize on both bullish and bearish movements in the market. 
With a dynamic year ahead, the small-cap sector offers plenty of opportunities for those looking to diversify their portfolios beyond the dominant large-cap names.
Read Also: 
<ul>
<li><a href="EXCLUSIVE: 'Fed Pivot May Be Imminent' — Small Caps Are Poised For Big Comeback, Says WisdomTree Strategist">EXCLUSIVE: &#8216;Fed Pivot May Be Imminent&#8217; — Small Caps Are Poised For Big Comeback, Says WisdomTree Strategist</a></li>
</ul>

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VTWO

EXCLUSIVE: Are Small-Cap Stocks Ready For A Rebound? Leveraged ETF Data Signals A Bullish Trend, Says Expert

Nasdaq (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/NDAQ#NASDAQ">NDAQ</a>) made waves Thursday when it proposed tighter delisting processes for companies that fall out of compliance with listing standards. Targeting so-called<a href="https://www.benzinga.com/money/best-penny-stocks"> penny stocks</a>, the new standard may lead to struggling entities getting the boot by the stock exchange operator.
According to Reuters, Nasdaq requires companies listed on its exchanges to maintain a minimum <a href="https://www.reuters.com/markets/us/nasdaq-considers-stricter-delisting-rules-penny-stocks-2024-08-08/">bid price</a> above $1. Failure to meet this standard for 30 consecutive sessions is deemed to be non-compliant and companies are given 180 days to rectify the matter. If compliance cannot be achieved within this window, affected enterprises can request a second 180-day extension.
If the company remains non-compliant, it has the option to appeal to Nasdaq's hearings panel. This action has the impact of effectively delaying the delisting process. However, under the proposed rule changes, publicly traded firms that saw their share price dip below $1 on the completion of 360 market sessions, will be suspended.
Also, entities with share prices that drop beneath $1 that also effected a reverse stock split within the one-year period will be subject to an immediate delisting determination. By raising listing standards, the overall quality of small-capitalization companies may benefit as only the most viable businesses are spotlighted, thus positively affecting the Russell 2000 index.
On another note, lesser-known enterprises have been on the receiving end of bullish sentiment. Last month, small-cap stocks saw a significant boost in value, which may be attributed to a<a href="https://www.benzinga.com/news/24/08/40263024/exclusive-fed-pivot-may-be-imminent-small-caps-are-poised-for-big-comeback-says-wisdomtree-strategis"> rotation away from large caps</a>, particularly from Big Tech. In its place, promising small-cap stocks are standing out.
The ETFs: For investors seeking high-risk, high-reward opportunities within this potential rotation, Direxion offers two leveraged exchange-traded funds. First, Direxion Daily Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) seeks the daily investment results of 300% of the performance of the Russell 2000. Second, for those who may be bearish, Direxion Daily Small Cap Bear 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TZA#NYSE">TZA</a>) offers 300% of the inverse of the aforementioned index's performance.
To be clear, these ETFs represent opportunities for traders who are speculating on the market for a period lasting no longer than a single day. Due to the daily compounding of leverage combined with the higher-than-average volatility of small caps, leveraged ETFs — especially 3X funds — may exhibit value decay if held over time.
The TNA Chart: TNA saw wild fluctuations recently, with the leveraged fund hitting a closing high of $49.09 within the trailing month. Currently, the ETF is exchanging hands just north of $37.
<ul>
<li>Earlier this week, TNA dropped below its 200-day moving average. However, the subsequent price action pushed the ETF above this critical gauge of intermediate-term market health.</li>
<li>The immediate target for TNA bulls would be to decisively secure the $38 support line. From there, a push toward the psychologically significant $40 level represents the next logical objective.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdfL4vt84Fi2Pwh4GinJQCEl52S-I7GvZF4P8Vp7gEgEBfL09WmahMNQBwfEO8uQOUjmP0CIR8yEGo52oce_JWQddeK0b7NtULv73eTWUHMBV6YDeOy-qLpqVU9EE-n8BgAHLBCF_DZfrpM43U8obTglTg?key=El3i6BI1-b8x0d6OjbnAYQ" alt="" /></figure>
The TZA Chart: TZA has likewise witnessed severe undulations. In this case, the inverse leveraged fund within the trailing month dropped to a closing low of $13.51. At the moment, TZA has recovered to just under the $17 level.
<ul>
<li>Last month, TZA fell conspicuously below its 50 DMA and its 20-day exponential moving average. While it has cleared the latter average, the inverse ETF is still struggling to get above the former.</li>
<li>The next logical target for TZA bulls (i.e. small-cap bears) is to secure the $18 support line. From there, pushing toward the psychologically significant $20 level appears to be the main objective.</li>
</ul>
<figure class="wp-block-image"><img decoding="async" src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXfzb_L7BUIBPest1O2UXGwE20yKMheklEY9r3veQknPaFDkytEDBuT60RbgZFRnekbvFJvSbPiSQzEZIYJfLeWPcYbZybfVDGGuuM9n5IO-IeGsOIiZzuyuGXwvNIMrfxLHizO0qBkb_sHGgVUNmDIPryq2?key=El3i6BI1-b8x0d6OjbnAYQ" alt="" /></figure>
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NDAQ

Proposed Stricter Nasdaq Delisting Process Could Put Spotlight On Direxion Small Cap Bull And Bear 3X ETFs

Investors are on the hunt for undervalued, underfollowed and emerging stocks, and retail traders have countless methods at their <a href="https://www.benzinga.com/topic/retail-investors">disposal to uncover new information.</a>
For some, this may be overwhelming.
Benzinga&rsquo;s Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks each week that are just under the<a href="https://www.benzinga.com/topic/stock-whisper-index"> surface and warrant attention.</a>
The index layers editorial commentary to help make sense of why these stocks should be of interest and whether investors and casual readers should watch them.
Here is a look at the Benzinga Stock Whisper Index for the week of June 29, 2023.
Joby Aviation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/joby#NYSE">JOBY</a>): The electric vertical takeoff and landing (eVTOL) company <a href="https://www.benzinga.com/news/23/06/33041690/joby-stock-is-taking-off-wednesday-whats-going-on">saw shares soar</a> during the week after it received a Special Airworthiness Certificate. The certification will allow the company to begin flight testing for its production prototype. Joby expects the aircraft to be used for&nbsp;logistics at&nbsp;Edwards Air Force Base in 2024 as part of a $131 million contract with the U.S. Air Force.
&ldquo;Today&rsquo;s achievement is the culmination of years of investment in our processes and technology and it marks a major step on our journey to scaled production,&rdquo; Joby CEO JoeBen Bevirt said.
Joby<a href="https://www.benzinga.com/m-a/21/02/19834732/joby-aviation-lands-spac-deal-to-bring-urban-air-mobility-company-public"> announced a SPAC merger</a> in 2021 to go public with investors in the company including Uber Technologies, Toyota Motor Corp, Baillie Gifford, Intel Corp and JetBlue Airways Corp. The company plans to launch its commercial passenger business line in 2025 with cities like Chicago, New York City, Dallas, Washington D.C., Miami, Los Angeles and San Francisco mentioned previously.
Related Link: <a href="https://www.benzinga.com/news/23/06/33045826/whats-going-on-with-lilium-archer-aviation-vertical-aerospace-shares-wednesday">What&#39;s Going On With Lilium, Archer Aviation, Vertical Aerospace Shares Wednesday&nbsp;</a>
Minerva Neurosciences (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/nerv#NASDAQ">NERV</a>): The clinical-stage biopharmaceutical company saw <a href="https://www.benzinga.com/markets/equities/23/06/33044113/why-minerva-neurosciences-stock-is-shooting-higher-today">shares rise&nbsp;this&nbsp;week </a>after a $20 million investment from Boehringer Ingelheim and Federates Hermes Kaufmann Funds was announced. The private placement was priced at a premium to where shares were trading, sending them higher. The company will use the proceeds to support its efforts for regulatory approval and market launch of the schizophrenia symptom drug roluperidone.
Carnival Corporation (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/ccl#NYSE">CCL</a>): The cruise line operator<a href="https://www.benzinga.com/news/earnings/23/06/33006332/carnival-stock-is-sliding-monday-whats-going-on"> reported second-quarter results Monday.</a> Second quarter revenue of $4.91 billion beat a Street consensus estimate of $4.77 billion. The company&rsquo;s earnings per share also beat analysts&rsquo; estimates for the quarter. Carnival said it was seeing strong booking demand, with CEO Josh Weinstein calling volumes &ldquo;tremendous.&rdquo;
While Carnival shares sold off initially after the earnings report Monday, they hit new 52-week highs later in the week after seeing strong<a href="https://www.benzinga.com/news/23/06/33025928/why-carnival-ccl-shares-are-higher-tuesday"> support from analysts</a>. Several analysts raised their price targets on the stock after the earnings report, including Jefferies going from $9 to $25 and upgrading shares from Hold to Buy.
TRxADE Health (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/meds#NASDAQ">MEDS</a>): The health services IT company finds its way into the Stock Whisper Index for a second straight week, seeing strong interest from readers. The company&#39;s shares have rocketed higher by around 200% year-to-date in 2023. The surge came after news of a reverse stock split created a float of less than 700,000 shares. The stock experienced several halts due to&nbsp;volatility as traders identified it as a low-float security. Shares sold off this week after news of an <a href="https://www.benzinga.com/news/23/06/33006912/whats-going-on-with-trxade-health-stock">acquisition of Superlatus,</a> a food products and distribution company. Shareholders of Superlatus will be paid with TRxADE shares.
Direxion Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>): The ETF finds itself in the Stock Whisper Index after seeing a sharp rise in interest from readers. The ETF from Direxion seeks to have results that are 300% of the performance of the Russell 2000 Index, which tracks 2,000 small-cap companies in the U.S. and is considered a benchmark for many small-cap mutual funds.
The ETF also found itself in the Benzinga index in January from increased interest. The recent surge in attention could coincide with the end of the first six months of the year, as investors place bets on the second half of 2023.
Check out the most recent Stock Whisper reports here:
<a href="https://www.benzinga.com/markets/penny-stocks/23/06/32786297/benzingas-stock-whisper-index-5-stocks-investors-are-secretly-monitoring-but-not-talking-abo">June 9</a>
<a href="https://www.benzinga.com/general/entertainment/23/06/32892926/benzingas-stock-whisper-index-5-stocks-investors-are-secretly-monitoring-but-not-talking-ab">June 16</a>
<a href="https://www.benzinga.com/news/23/01/30490809/benzingas-stock-whisper-index-5-stocks-investors-are-secretly-monitoring-but-not-yet-talking-about">June 23&nbsp;</a>
Stay tuned for next week&rsquo;s report, and follow Benzinga Pro for all the latest headlines and top <a href="https://pro.benzinga.com/feature/newsfeed/?gspk=bHVrZWphY29iaTUzNDg&amp;gsxid=tdEE0VrK8Jeg&amp;ref=lukejacobi5348">market-moving stories here.</a>
Read Next: <a href="https://www.benzinga.com/news/23/06/32762744/exclusive-top-10-most-searched-tickers-on-benzinga-pro-in-may-including-tesla-c3-ai-palantir-and-mor">Exclusive: Top 10 Most Searched Tickers On Benzinga Pro In May</a>

JOBY

MEDS

NERV

Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Are Secretly Monitoring But Not Talking About Yet

Investors are on the hunt for undervalued, underfollowed and emerging stocks to spot opportunities. Retail traders have countless methods at their disposal to uncover new information. For some, this may be overwhelming.
Benzinga&rsquo;s Stock Whisper Index uses a combination of proprietary data and pattern recognition to showcase five stocks each week that are just under the surface <a href="https://www.benzinga.com/topic/benzinga-moneymaker-index">and warrant attention.</a>
The index layers editorial commentary to help make sense of why these stocks are of interest and whether they broach an area for the investor and casual reader to watch.
Here is a look at the Benzinga Stock Whisper Index for the week of Jan. 19, 2023.
Bed Bath &amp; Beyond Inc&nbsp;(NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/bbby#NASDAQ">BBBY</a>): After being one of the trendier stocks in 2022, retailer Bed Bath &amp; Beyond has seen interest pick up in its stock.
The company<a href="https://www.benzinga.com/news/23/01/30471531/why-bed-bath-beyond-shares-are-moving">&nbsp;shared plans</a> that it might close more stores as part of its restructuring process. Rumors of bankruptcy have also made shares highly volatile. Interest in the stock was high for the week using Benzinga&rsquo;s proprietary data, which could signal more volatility ahead.
Related Link: <a href="https://www.benzinga.com/trading-ideas/long-ideas/23/01/30463393/bed-bath-beyond-surges-higher-in-this-key-trend-whats-going-on">Bed Bath &amp; Beyond Surges Higher In This Key Trend, What&#39;s Going On?&nbsp;</a>
Schlumberger NV (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/slb#NYSE">SLB</a>): As the world&rsquo;s largest oilfield service operator, Schlumberger isn&rsquo;t as small a company as the others on this list: the company has a market capitalization of $81 billion.
Oil stocks performed well in 2022 with Schlumberger shares up 55% over the last year. The war between Russia and Ukraine increased oil prices and put a heavier emphasis on finding oil stocks for investors.
Interest in Schlumberger placed it as one of the top stocks for the week and this comes ahead of the company&rsquo;s latest quarterly earnings report on Friday, Jan. 20. The stock<a href="https://www.benzinga.com/analyst-ratings/upgrades/23/01/30484883/benzingas-top-ratings-upgrades-downgrades-for-january-19-2023"> also saw analyst initiation </a>and a Buy rating from Benchmark with a price target of $65.&nbsp;
DermTech Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/dmtk#NASDAQ">DMTK</a>): A molecular diagnostic company, DermTech saw shares soar over the past month. The company recently reportedits melanoma test was recommended for coverage by Tricare.
Shares of DermTech trade at $4.16 at the time of writing versus a 52-week trading range of $1.55 to $16.33. Shares are up over 100% in the past month.
Direxion Small Cap Bull 3x Shares ETF&nbsp;(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>): The lone ETF on the list for the week is a leveraged fund that seeks to have results that are 300% of the performance of the Russell 2000 Index.
The Russel 2000 Index tracks 2,000 small cap companies in the U.S. and is considered a benchmark for many small cap mutual funds.
The ETF was among the top stocks for the week using Benzinga&rsquo;s data, which could suggest investors are looking for ways to get increased exposure to small cap stocks for 2023. The ETF is down over 60% in the last year.
Ontrak Inc (NASDAQ: <a class="ticker" href="https://www.benzinga.com/stock/otrk#NASDAQ">OTRK</a>): Shares of artificial intelligence and telehealth company Ontrak<a href="https://www.benzinga.com/news/23/01/30471271/ontrak-stock-is-up-more-than-100-today-whats-going-on"> increased this week</a> on news of data from the company showing a reduction in depression and anxiety symptoms. The results showed 30% of members saw a reduction in anxiety and 55% saw a reduction in depression symptoms.
Shares of the stock are up over 100% in the last five days. The company has a market capitalization of around $30 million, making it one of the smaller stocks covered in the Stock Whisper Index. The company saw strong interest&nbsp;using Benzinga&rsquo;s data and could be a stock to watch moving forward.
That&rsquo;s it for this edition of the Benzinga Stock Whisper Index.
Click on the latest in the Benzinga Stock Whisper Index stocks to watch here:
<a href="https://www.benzinga.com/markets/cryptocurrency/22/12/29929788/the-benzinga-moneymaker-series-top-5-stocks-this-week">Week of Dec. 1</a>
<a href="https://www.benzinga.com/news/small-cap/22/12/30027467/exclusive-benzinga-moneymaker-series-top-5-stocks-for-investors-to-watch">Week of Dec. 8</a>
<a href="https://www.benzinga.com/markets/penny-stocks/22/12/30098985/exclusive-the-benzinga-moneymaker-series-5-emerging-stocks-for-investors-to-watch">Week of Dec. 15</a>
<a href="https://www.benzinga.com/news/22/12/30180652/exclusive-the-benzinga-moneymaker-series-5-emerging-stocks-for-investors-to-watch">Week of Dec. 22</a>
<a href="https://www.benzinga.com/markets/penny-stocks/22/12/30230429/exclusive-the-benzinga-moneymaker-series-5-emerging-stocks-for-investors-to-watch">Week of Dec. 29</a>
<a href="https://www.benzinga.com/news/23/01/30302670/exclusive-5-stocks-to-watch-from-benzinga-moneymaker-index-one-large-cap-and-4-small-cap-names">Week of Jan. 5</a>
<a href="https://www.benzinga.com/markets/penny-stocks/23/01/30396423/benzinga-stock-whisper-index-5-stocks-investors-are-secretly-monitoring-but-not-yet-talking-">Week of Jan. 12</a>
Stay tuned for next week&rsquo;s report and follow along with <a href="https://pro.benzinga.com/">Benzinga Pro</a> for all the latest headlines and top market-moving stories here.
Read Next: <a href="https://www.benzinga.com/news/23/01/30340173/exclusive-top-10-most-searched-tickers-on-benzinga-pro-in-2022-where-do-spy-tesla-apple-and-amc-rank">Exclusive: Top 10 Most Searched Tickers On Benzinga Pro In 2022&nbsp;</a>
&nbsp;

Penny Stocks

BBBY

DMTK

OTRK

Benzinga's 'Stock Whisper' Index: 5 Stocks Investors Are Secretly Monitoring, But Not Yet Talking About

Shares of Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) saw some unusual options activity on Monday. Following the unusual option alert, the stock price moved down to $88.25. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: TRADE</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-08-13</li>
<li>Strike Price: $80.00</li>
<li>Volume: 411</li>
<li>Open Interest: 514</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Movers

Analyzing Direxion Small Cap Bull 3X Shares's Unusual Options Activity

Shares of Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) saw some unusual options activity on Thursday. Following the unusual option alert, the stock price moved up to $86.67. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: TRADE</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-08-06</li>
<li>Strike Price: $87.00</li>
<li>Volume: 1791</li>
<li>Open Interest: 1106</li>
</ul>
<h2>Three Indications Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
"Out of the money" contracts are unusual because they are purchased with a strike price far from the underlying asset price. "Out of the money" occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. Buyers and sellers try to take advantage of a large profit margin in these instances because they are expecting the value of the underlying asset to change dramatically in the future. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Strategies To Trade Options</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Unusual Options Activity Insight: Direxion Small Cap Bull 3X Shares

Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) shares experienced unusual options activity on Friday. The stock price moved down to $87.46 following the option alert. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-08-13</li>
<li>Strike Price: $77.00</li>
<li>Volume: 115</li>
<li>Open Interest: 31</li>
</ul>
<h2>Three Ways Options Activity Is ‘Unusual'</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it. 
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
"Out of the money" contracts are unusual because they are purchased with a strike price far from the underlying asset price. "Out of the money" occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. Buyers and sellers try to take advantage of a large profit margin in these instances because they are expecting the value of the underlying asset to change dramatically in the future. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) shares experienced unusual options activity on Thursday. The stock price moved up to $88.83 following the option alert. 
<ul>
<li>Sentiment: BULLISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-08-20</li>
<li>Strike Price: $100.00</li>
<li>Volume: 366</li>
<li>Open Interest: 1500</li>
</ul>
<h2>Three Ways Options Activity Is ‘Unusual'</h2>
Extraordinarily large volume (compared to historical averages) is one indication of unusual options market activity. Volume refers to the total number of contracts traded over a given time period when discussing options market activity. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Options Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Options

Shares of Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) saw some unusual options activity on Wednesday. Following the unusual option alert, the stock price moved up to $87.88. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-10-15</li>
<li>Strike Price: $100.00</li>
<li>Volume: 246</li>
<li>Open Interest: 468</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
Another sign of unusual activity is the trading of a contract with an expiration date in the distant future. Usually, additional time until a contract expires allows more opportunity for it to reach its strike price and grow its time value. Time value is important to consider because it represents the difference between the strike price and the value of the underlying asset. 
Contracts that are "out of the money" are also indicative of unusual options activity. "Out of the money" contracts occur when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made with the expectation that the value of the underlying asset is going to change dramatically in the future, and buyers and sellers will benefit from a greater profit margin. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.
<h2>Trading Options With These Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Understanding Direxion Small Cap Bull 3X Shares's Unusual Options Activity

Shares of Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) saw some unusual options activity on Tuesday. Following the unusual option alert, the stock price moved up to $82.94. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: PUT</li>
<li>Expiration Date: 2021-07-30</li>
<li>Strike Price: $85.00</li>
<li>Volume: 651</li>
<li>Open Interest: 1455</li>
</ul>
<h2>Three Signs Of Unusual Options Activity</h2>
One way options market activity can be considered unusual is when volume is exceptionally higher than its historical average. The volume of options activity refers to the number of contracts traded over a given time period. The number of unsettled contracts that have been traded, but not yet closed, is called open interest. These contracts are not yet closed because a buyer has not purchased the contract, or a seller has not sold it.
The trading of a contract with an expiration date in the distant future is another sign of unusual activity. Generally, additional time until a contract expires increases the potential for it to reach its strike price and grow its time value. Time value is important in this context because it represents the difference between the strike price and the value of the underlying asset. 
"Out of the money" contracts are unusual because they are purchased with a strike price far from the underlying asset price. "Out of the money" occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. Buyers and sellers try to take advantage of a large profit margin in these instances because they are expecting the value of the underlying asset to change dramatically in the future. 
<h2>Bullish And Bearish Sentiments</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
Although the activity is suggestive of these strategies, these observations are made without knowing the investor's true intentions when purchasing these options contracts. An observer cannot be sure if the bettor is playing the contract outright or if they're hedging a large underlying position in a common stock. For the latter case, the exposure a large investor has on their short position in common stock may be more meaningful than bullish options activity. 
<h2>Using These Options Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

Shares of Direxion Small Cap Bull 3X Shares (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/TNA#NYSE">TNA</a>) saw some unusual options activity on Friday. Following the unusual option alert, the stock price moved down to $82.73. 
<ul>
<li>Sentiment: BEARISH</li>
<li>Option Type: SWEEP</li>
<li>Trade Type: CALL</li>
<li>Expiration Date: 2021-07-16</li>
<li>Strike Price: $84.00</li>
<li>Volume: 5301</li>
<li>Open Interest: 5960</li>
</ul>
<h2>Three Indications Of Unusual Options Activity</h2>
Exceptionally large volume (compared to historical averages) is one reason for which options market activity can be considered unusual. The volume of options activity refers to the number of contracts traded over a given time period. The number of contracts that have been traded, but not yet closed by either counterparty, is called open interest. A contract cannot be considered closed until there exists both a buyer and seller for it. 
Another indicator of unusual options activity is the trading of a contract with an expiration date in the distant future. Additional time until a contract expires generally increases the potential for it to grow its time value and reach its strike price. It is important to consider time value because it represents the difference between the strike price and the value of the underlying asset. 
Contracts with a strike price far from the underlying price are also considered unusual because they are defined as being "out of the money". This occurs when the underlying price is under the strike price on a call option, or above the strike price on a put option. These trades are made because the underlying asset value is expected to change dramatically in the future, and the buyer or seller can take advantage of a greater profit margin. 
<h2>Understanding Sentiment</h2>
Options are "bullish" when a call is purchased at/near ask price or a put is sold at/near bid price. Options are "bearish" when a call is sold at/near bid price or a put is bought at/near ask price. 
These observations are made without knowing the investor's true intent by purchasing these options contracts. The activity is suggestive of these strategies, but an observer cannot be sure if a bettor is playing the contract outright or if the options bettor is hedging a large underlying position in common stock. For the latter case, bullish options activity may be less meaningful than the exposure a large investor has on their short position in common stock.
<h2>Using These Options Strategies</h2>
Unusual options activity is an advantageous strategy that may greatly reward an investor if they are highly skilled, but for the less experienced trader, it should remain as another tool to make an educated investment decision while taking other observations into account.
For more information to understand options alerts, visit <a href="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts" title="https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts">https://pro.benzinga.help/en/articles/1769505-how-do-i-understand-options-alerts</a>

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
With just a few trading days left in 2020, it&#39;s fair to say investors are hearing plenty about the strength of small-cap stocks to close out the year.
<h3>What Happened</h3>
Over the past month, the widely followed Russell 2000 Index is higher by more than 8%, extending its 2020 gain to north of 20%. That&#39;s about 550 basis points ahead of the large-cap S&amp;P 500, meaning the small-cap index will beat its large-cap rival on annual basis for the first time since 2016.
That doesn&#39;t mean the near-term case for the Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>) is waning. In fact, the opposite may prov accurate.
<h3>Why It&#39;s Important</h3>
Amid expectations for a Santa Claus rally, which can in fact occur after Christmas, and the January Effect &ndash; the scenario under which small caps lead in January, setting the stage for broader market upside throughout the year &ndash; TNA is a leveraged exchange traded fund worth considering into year end and when January starts.
TNA looks to deliver <a href="https://www.direxion.com/product/daily-small-cap-bull-bear-3x-etfs">triple the daily returns</a> of the aforementioned Russell 2000 Index.
&ldquo;TNA is seeing its added momentum as a result of being largely neglected through 2020 in favor of its large cap counterparts,&rdquo; <a href="https://www.direxion.com/xchange/santa-claus-rally-depends-on-your-trade">according to Direxion research</a>.
Indeed, TNA has plenty of momentum. On the back of a 4% gain during the truncated Christmas trading week, the leveraged small-cap is higher by 26.20% over the past month.
<h3>What&#39;s Next</h3>
Of course, it pays to remember a couple of things about TNA. First, like any other leveraged ETF, this isn&#39;t designed to be a long-term investment. Rather, it&#39;s a short-term trading instrument. Second, no securities move up in straight line, linear fashion.
Conversely, market participants&#39; enthusiasm for small-cap equities is a relatively new phenomenon in 2020 terms and that says there&#39;s a chance TNA can keep the good times rolling early next year.
&ldquo;The market&rsquo;s newfound love of small caps over large caps of course flies in the face of the past decade,&rdquo; according to Direxion research. &ldquo;With the S&amp;P 500 hitting new all-time highs amid a still uncertain global economic environment, traders are looking to small caps as a potential growth segment. This is borne out through fund flow data through November, which shows traders cycling into high-yield small cap ETFs as large cap funds digest the progress that&rsquo;s already been made.&rdquo;
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Broad U.S. Equity ETFs

Specialty ETFs

Santa Claus Rally, January Effect Put This Leveraged Small-Cap ETF On Early 2021 Shopping List

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
Small-cap stocks are on scintillating paces as of late with the benchmark Russell 2000 Index higher by 11.25% over the past month. Last week, the index hit a record high for the first time since 2018.
<h3>What Happened</h3>
Some of that run is attributable to post-Election Day bliss as small caps historically perform well immediately following presidential elections. Then there&#39;s the notion that cyclical names could come back into style as Joe Biden moves into the White House.
Whatever the cause, the effects are tangible and positive for the Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>). TNA, the king of leveraged small-cap exchange traded funds, attempts to <a href="https://www.direxion.com/product/daily-small-cap-bull-bear-3x-etfs">deliver triple the daily returns</a> of the aforementioned Russell 2000 Index.
TNA, like any other geared ETF, isn&#39;t designed to be held more than a few days. The longer these products are held, the more they can deviate from their stated objectives, but that said, TNA is doing an admirable job of hugging its benchmark, gaining almost 35% over the past month.
<h3>Why It&#39;s Important</h3>
There&#39;s no denying the recent momentum for small caps, which is obviously fueling TNA&#39;s ascent. On Tuesday, 15 small-cap ETFs, several of which are linked to the Russell 2000, hit all-time highs.
Another possible tailwind for TNA is that, due the excellence of mega-cap tech stocks throughout much of this year, smaller stocks fell out of favor, meaning the <a href="https://www.marketwatch.com/story/small-cap-stocks-remain-pretty-seriously-underloved-despite-vaccine-fueled-gains-11605542177">asset class is unloved </a>and under-allocated to. Bolstering the near-term case for TNA is that some asset allocators are rectifying the lack of small-cap exposure situation as last week two non-leveraged ETFs tracking the Russell 2000 or derivative indexes were among the top 10 funds in terms of new assets added.
With small caps in their favorable seasonal period and as the group rallies, money managers looking to boost performance into year end may be compelled to increase exposure to smaller equities, a scenario that would lift TNA along the way.
<h3>What&#39;s Next</h3>
There are some other catalysts looming for TNA. First, it can be said the U.S. economy is still in the process of emerging from the coronavirus recession. On a historical basis, small caps are fine ideas coming out of recessions.
Second,<a href="https://www.barrons.com/articles/battered-by-the-pandemic-small-caps-look-ready-to-shine-51604001133"> small-cap earnings estimates</a> are improving. Analysts believe the group will post earnings growth of 30% next year, putting it 10% of pre-pandemic levels. That&#39;s more fuel for the TNA fire.
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

Small Caps Are Getting Exciting, But These ETFs Are Exhilarating

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
If the first three quarters of 2020 have been any indication, the final three months of the year will more than likely hold its fair share of surprises. That being said, trends among Direxion&rsquo;s most popular leveraged funds reveal how traders are positioning themselves heading into election season.
Perhaps unsurprisingly, traders have not lost faith in the hottest trade of the year. The <a href="https://www.direxion.com/product/daily-technology-bull-bear-3x-etfs?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily Technology Bull 3X Shares </a>(NYSE:&nbsp;TECL), which attempts to deliver 300% of the daily returns of the S&amp;P Technology Select Sector Index, took in more than $135 million inflows during the first full week of October. That&rsquo;s more than double the inflows of any other Direxion fund over that span.&nbsp;
This is part of a longer trend for tech. In the last four weeks TECL has taken in over $288 million, more than triple that of any other fund. It&rsquo;s also worth pointing out that the <a href="https://www.direxion.com/product/daily-technology-bull-bear-3x-etfs?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily Technology Bear 3X Shares</a> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tecs#NYSE">TECS</a>), which attempts to deliver -300% of the index, itself experienced $3 million of inflows in the last week and $10 million in the last month, suggesting that some tech bears remain yet.&nbsp;
The continued inflows into tech reflect strong trader confidence that the sector will continue to outperform. And compared to the broader indices, it has. TECL is up 16% in the last four weeks, while the S&amp;P 500 and Russell 2000 are up 4% and 8% respectively.&nbsp;
But TECL has also lagged behind a number of other bullish Direxion Leveraged ETFs in recent weeks. The following bullish leveraged funds have all outperformed TECL by 50% or more in the last month: <a href="https://www.direxion.com/product/daily-sp-biotech-bull-bear-3x-etfs?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily S&amp;P Biotech Bull 3x Shares </a>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/labu#NYSE">LABU</a>), <a href="https://www.direxion.com/product/daily-semiconductor-bull-bear-3x-etfs?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily Semiconductor Bull 3x Shares</a> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/soxl#NYSE">SOXL</a>), <a href="https://www.direxion.com/product/daily-pharmaceutical-medical-bull-3x-etf?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily Pharmaceutical &amp; Medical Bull 3X Shares </a>(NYSE: <a class="ticker" href="https://www.benzinga.com/stock/pill#NYSE">PILL</a>), <a href="https://www.direxion.com/product/daily-small-cap-bull-bear-3x-etfs?utm_source=Benzinga&amp;utm_medium=display&amp;utm_content=headingintotheelectionarticle_campaign=lev2020">Direxion Daily Small Cap Bull 3X Shares</a> (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>). Even utilities, retail, and Mexico-focused funds have outperformed the broad tech theme.&nbsp;
Tech&rsquo;s relative weakness compared to other themes is certainly worth noting, especially in light of the continued bullish bets being placed on the sector. The spate of corporate earnings over the next few weeks will provide more insight into whether this near-term bullishness is warranted.&nbsp;
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For standardized performance <a href="https://www.direxion.com/etfs">click here</a>&nbsp;
The performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate. An investor&rsquo;s shares, when redeemed, may be worth more or less than their original cost; current performance may be lower or higher than the performance quoted.&nbsp; Short term performance, in particular, is not a good indication of the fund&rsquo;s future performance, and an investment should not be made based solely on returns. For the most recent month-end performance go to direxion.com&nbsp;
An investor should carefully consider a Fund&rsquo;s investment objective, risks, charges, and expenses before investing. A Fund&rsquo;s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund&rsquo;s prospectus and summary prospectus call 866-476-7523 or visit our website at direxion.com. A Fund&rsquo;s prospectus and summary prospectus should be read carefully before investing.
&nbsp;Market Disruptions Resulting from COVID-19.&nbsp;The outbreak of COVID-19 has negatively affected the worldwide economy, individual countries, individual companies and the market in general. The future impact of COVID-19 is currently unknown, and it may exacerbate other risks that apply to the Fund.
Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.
Direxion Shares Risks&nbsp;- An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF&rsquo;s investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus.
Distributor: Foreside Fund Services, LLC.
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

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Politics

LABU

PILL

SOXL

TECL

TECS

Heading Into The Election, Traders Are Still Betting On Tech

The following post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga.
The Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>) is in the midst of a stellar run. With the Russell 2000 Index on a six-day winning streak, TNA is higher by 44.10% over the past week and nearly 50% this month.
<h3>What Happened</h3>
TNA looks to deliver <a href="http://www.direxion.com/products/direxion-daily-small-cap-bull-3x-etf">triple the daily returns </a>of the Russell 2000 Index, a benchmark that along with other small-cap rivals had long been lagging large-cap competitors.
Small caps, which are more economically sensitive, were hammered during the coronavirus-induced March swoon. These days, traders are displaying some enthusiasm for TNA as highlighted by April inflows of $35.28 million.
<h3>Why It&#39;s Important</h3>
Securities, such as TZA, and index, like the Russell 2000, don&#39;t move up in straight lines. However, history augurs well for the leveraged small-cap ETF and its underlying index.
&ldquo;The Russell 2000 Index continued its tremendous recent run of form on Wednesday, up 4.8% and capping its sixth straight advance of at least 1%. Such a streak only occurred in January 2000 and may signal further gains in the month ahead, according to an analysis from Bespoke Investment Group,&rdquo; <a href="https://finance.yahoo.com/news/small-cap-stocks-heading-record-173933283.html">reports Bloomberg</a>. &ldquo;After four consecutive sessions of rallies of that magnitude, the gauge has gone on to post positive returns and outperform the S&amp;P 500 Index over the next month in 10 of the prior 11 instances, Bespoke said.&rdquo;
What could power more TNA gains <a href="https://www.cnbc.com/2020/04/28/small-cap-momentum-stocks-should-outperform-oppenheimer.html">is momentum.</a> In theory, the broader universe of small caps can be considered a momentum play, but the factor is applicable here and some small stocks while others don&#39;t.
About 58% of the small-cap momentum index is comprised of healthcare and technology stocks. Those sectors represent 21.37% and 15.11%, respectively, of TNA&#39;s underlying index.
<h3>What&#39;s Next</h3>
With another gain of about 14.30%, TNA would reclaim its 50-day moving average, which could touch off an even larger rival.
However, some traders are potentially playing with fire and wagering this small-cap rally is living on borrowed time. This month, traders have added nearly $398 million to TNA&#39;s bearish counterpart, the Direxion Daily Small Cap Bear 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tza#NYSE">TZA</a>), despite the fact that that leveraged ETF is lower by more than 48% since April 1.
In mid-March TZA traded over $118. On Wednesday, it closed just above $30.
The preceding post was written and/or published as a collaboration between Benzinga&rsquo;s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.

A Leveraged Small-Cap ETF On An Epic Run

Something is definitely ailing small-cap stocks and those ailments could get worse before they improve. Just look at the Russell 2000 Index, which is lower by almost 6.4% this month, a loss that is 135 basis points worse than that of the large-cap S&amp;P 500.
<h3>What Happened</h3>
Perhaps surprisingly, there has not been any unusual activity recently in the Direxion Daily Small Cap Bear 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tza#NYSE">TZA</a>). TZA is designed to deliver <a href="http://www.direxion.com/products/direxion-daily-small-cap-bull-3x-etf">triple the daily inverse</a> returns of the Russell 2000 Index.
Perhaps traders should be paying more attention to the bearish small-cap fund. After all, small-caps stocks are betraying their reputation as providing some insulation from trade tensions. Rather, the group is slumping against that backdrop and amid declining interest rates, a scenario that is heavily pressuring financial services-heavy <a href="https://www.benzinga.com/trading-ideas/long-ideas/19/08/14309671/whats-ailing-small-caps-a-sector-differential-solves-the-mystery">small-cap benchmarks</a>.
<h3>Why It&#39;s Important </h3>
There&#39;s another reason for short-term traders to consider the bearish TZA: rising debt burdens among smaller companies. Sure, some of those companies can get away with mounting debt with interest rates being low, but in an environment where investors are prizing quality traits, big piles of liabilities could keep some investors away from small caps.
&ldquo;Even before the [spike in the first quarter] . . . net debt to cap for the Russell 2000 has been near past peaks in recent years, due to a sharp escalation in long-term debt,&rdquo; reports MarketWatch, citing RBC <a href="https://www.marketwatch.com/story/russell-2000-company-debt-hits-all-time-high-can-small-cap-woes-get-any-worse-2019-08-22?siteid=yhoof2&amp;yptr=yahoo">equity strategist Lori Calvasina</a>.
Alright, so the market can, perhaps, tolerate mounting debt at small companies because interest rates are low, but there&#39;s another reason TZA looks appealing: negative earnings revisions for Russell 2000 companies.
&ldquo;These downward revisions have already begun, with the share of earnings revisions to the downside hitting 71% by early August, according to RBC, while the share of negative revenue revisions were at 68%,&rdquo; according to MarketWatch.
<h3>What&#39;s Next</h3>
With the Russell 2000 laboring almost 4% below its 200-day moving average and risk-off pall hanging over the market, TZA may be the best way to play small-cap stocks over the next several weeks, though data indicate the Direxion Dailly Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>) has recently taken in new money. That could be a sign some traders are betting small caps are ready to rebound.
Related Links
<a href="https://www.benzinga.com/government/19/08/14317191/competing-monetary-policy-goals-plague-this-frontier-etf">This Frontier ETF Has Monetary Policy Issues</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/08/14317043/now-may-not-be-the-time-to-be-scared-of-tech-etfs">Tech ETFs May Still Be Worth It</a>

Maybe The Right Small-Cap ETF For The Moment

Direxion Investments is a content partner of Benzinga. This post did not go through the Benzinga Newsdesk.
Before this recent volatility, major indexes hit new highs, economic numbers look good and the Federal Reserve has all but promised a continued supportive rate environment this year. Even metals were on the upswing.
Although interest rates have seemingly deigned to provide traders an ideal environment to play in, there remained a unique dark spot among the favorable market conditions that have arisen within the summer of 2019: small caps.
While the Russell 2000 caught some of the capital that flooded back to the market during the January rally, the index has largely traded sideways since then, as evidenced by the recent back-and-forth action between the Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>) and Direxion Daily Small Cap&nbsp;Bear 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tza#NYSE">TZA</a>) ETFs, which track the Russell 2000.
<img src="https://lh3.googleusercontent.com/9T7CCkVApZq2xccEbQYaV1Obj4zSrK8UhAMxrLcqC9-PDCUBvuJmXP3cgNXEoMXKsnlVfCSyGZ_oxXovBGNl5xGeNRfBTa4IXkm36jQ6MID9pmH-dlx16YlRhnmdTuXdi6k3jwR7" style="height:241px; width:624px" /> 
Chart: Yahoo Finance; Data as of 8/9/19. Past performance is not indicative of future results. Investment return and principal value of an investment will fluctuate so that an investor&#39;s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For standardized performance, <a href="http://www.direxioninvestments.com/etfs#!/">click here</a>.
While the large-cap stocks of the S&amp;P 500 and Nasdaq composite surged past their previous highs set in the distant past of Q3 2018, the Russell 2000 small-cap index has spent all of 2019 off its highs by anywhere from 6-20%.
The poor performance of small caps in the midst of an otherwise strong market is rare since the Russell 2000 tends to amplify the performance of broad market indexes like the S&amp;P 500. However, the divergence does present opportunities for investors to explore strategies built around common market relationships.
The correlation between the outperforming large-cap universe versus the consolidated small caps is one that is already playing out in the thematically structured Direxion Russell Small Over Large Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rwsl#NYSE">RWSL</a>) and Direxion Russell&nbsp;Large Over Small Cap ETF (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/rwls#NYSE">RWLS</a>), as shown in the chart below.
<img src="https://lh3.googleusercontent.com/8Ju78KbE9yGpevhSzXh4mgIGXp7ijrdJWmHSIwxRTGSUERn2oBcN7tfwJK80FsN7gLRFtqNLSQEZ7yQkWA28mXeCEzGOdiVm_UuYa2wwrlQ1T_t9R4uDiU2JKfHsW_hUfN-tI3E7" style="height:297px; width:624px" />
Chart: Yahoo Finance; Data as of 8/9/19. Past performance is not indicative of future results. Investment return and principal value of an investment will fluctuate so that an investor&#39;s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For standardized performance, <a href="http://www.direxioninvestments.com/etfs#!/">click here</a>
The ETFs, which incorporate a 150% long position alongside a 50% short position, reveals just how dominant the large-cap portion of the market has been through most of the year. While trend certainly supports the thesis underlying RWLS, a classic pair trading approach would suggest small caps have more room to run than the current market leaders do. All of this notwithstanding the current downdraft in markets these past few days.
Another factor in favor of a bounce in small caps is the potential interest rate cuts the market is anticipating throughout the rest of the year. While large caps have rallied on these hopes since the Fed adopted a more dovish tone in Q1, small caps have not, even though they historically benefitted the most from rate cuts.
Alternatively, a lack of rate cuts and revenue slowdown among large caps in the S&amp;P 500 will also bring it closer to the Russell, though not in the way investors might hope.
Whatever the future holds for small caps, history indicates that the spread between the S&amp;P and Russell will likely shorten in the coming months. It is only how that tightening will occur that market watchers are eagerly anticipating.
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An investor should carefully consider a Fund&rsquo;s investment objective, risks, charges, and expenses before investing. A Fund&rsquo;s prospectus and summary prospectus contain this and other information about the Direxion Shares. To obtain a Fund&rsquo;s prospectus and summary prospectus call 866-476-7523 or visit our website at direxioninvestments.com. A Fund&rsquo;s prospectus and summary prospectus should be read carefully before investing. 
Shares of the Direxion Shares are bought and sold at market price (not NAV) and are not individually redeemed from a Fund. Market Price returns are based upon the midpoint of the bid/ask spread at 4:00 pm EST (when NAV is normally calculated) and do not represent the returns you would receive if you traded shares at other times. Brokerage commissions will reduce returns. Fund returns assume that dividends and capital gains distributions have been reinvested in the Fund at NAV. Some performance results reflect expense reimbursements or recoupments and fee waivers in effect during certain periods shown. Absent these reimbursements or recoupments and fee waivers, results would have been less favorable.
Direxion Shares Risks - An investment in the ETFs involves risk, including the possible loss of principal. The ETFs are non-diversified and include risks associated with concentration that results from an ETF&rsquo;s investments in a particular industry or sector which can increase volatility. The use of derivatives such as futures contracts and swaps are subject to market risks that may cause their price to fluctuate over time. The ETFs do not attempt to, and should not be expected to, provide returns which are a multiple of the return of their respective index for periods other than a single day. For other risks including leverage, correlation, daily compounding, market volatility and risks specific to an industry or sector, please read the prospectus.
Direxion Relative Weight ETF Risks &ndash; Investing involves risk including possible loss of principal. The Fund&rsquo;s investments in derivatives may pose risks in addition to, and greater than, those associated with directly investing in or shorting securities or other investments. Investing in, and/or having exposure to, small and/or mid-capitalization securities involves greater risks and the possibility of greater price volatility than investing in larger, more-established companies. There is no guarantee that the returns on the Fund&rsquo;s long or short positions will produce high, or even positive returns and the Fund could lose money if either or both of the Fund&rsquo;s long and short positions produce negative returns. Please see the summary and full prospectuses for a more complete description of these and other risks of the Fund.
Distributor: Foreside Fund Services, LLC.

RWLS

RWSL

What Is Going On With Small Caps?

As has been widely discussed, small-cap stocks and exchange-traded funds are trailing their large-cap rivals. Over the past 90 days, the small-cap Russell 2000 Index is lower by 1.7% while the large-cap S&amp;P 500 is higher by 1.8%.
<h3>What Happened</h3>
Historically, small-cap underperformance is seen as a warning sign for the broader market. Last year was a good example of that when the Russell 2000 entered a bear market before large-cap benchmarks swooned in the fourth quarter.
However, some traders are betting this time could be different and they are embracing some leveraged ETFs to express those views, including the Direxion Daily Small Cap Bull 2X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/smll#NYSE">SMLL</a>). Yes, there are leveraged ETFs that are not triple leveraged as highlighted by SMLL, which tries to deliver <a href="http://www.direxioninvestments.com/products/direxion-small-cap-bull-2x-shares">double the daily returns</a> of the Russell 2000.
<h3>Why It&#39;s Important </h3>
Data suggest traders have been warming to SMLL. For the five days ending July 31, volume in the double-leveraged ETF was more than triple the trailing 20-day average, <a href="http://www.direxioninvestments.com/products/direxion-small-cap-bull-2x-shares">according to Direxion data</a>, good for the biggest increase among all of the issuer&#39;s leverage products.
Enthusiasm for SMLL and other leveraged small-cap ETFs comes as some market observers are forecasting a rebound for the asset class following the Federal Reserve&#39;s interest rate cut earlier this week.
&ldquo;Shares of smaller U.S. companies have gotten cheap over the past year, significantly lagging their large-cap counterparts, and could be poised for a turnaround following a highly anticipated interest-rate cut from the Federal Reserve,&rdquo; <a href="https://www.reuters.com/article/us-usa-stocks-smallcaps-graphic/fed-rate-cuts-could-help-cheap-u-s-small-cap-stocks-gain-favor-idUSKCN1UQ26H">reports Reuters</a>.
<h3>What&#39;s Next</h3>
Not all traders appear convinced that small-cap equities are ready to rally. The Direxion Daily Small Cap Bull 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tna#NYSE">TNA</a>), the triple-leveraged cousin to SMLL saw outflows of nearly $15 million over the last 10 trading days of July.
Over the same period, the Direxion Daily Small Cap Bear 3X Shares (NYSE: <a class="ticker" href="https://www.benzinga.com/stock/tza#NYSE">TZA</a>), which looks to deliver triple the <a href="http://www.direxioninvestments.com/products/direxion-daily-small-cap-bull-3x-etf">daily inverse returns</a> of the Russell 2000 Index, hauled in $18.24 million in new assets, a total surpassed just four other Direxion ETFs.
Related Links
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/08/14176403/this-clean-energy-etf-is-cleaning-up">This Clean Energy ETF Shines</a>
<a href="https://www.benzinga.com/trading-ideas/long-ideas/19/08/14176296/best-sector-etfs-for-august-an-interesting-mix">Best Sector ETFs For August</a>

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