Direxion Daily Financial Bull 3X Shares (NYSE: FAS ) - The fund seeks daily investment results of the price performance of the Russell 1000 Financial Services Index. This highly leveraged ETF seeks to multiply the daily performance of the Russell 1000 by three times.
Since the April high at close to $40, FAS has plunged to its bullish support line at $20. But a reversal last week, which was duplicated on Tuesday, signals that the index could quickly jump to its 200-day moving average at $27.
The SEC warns that returns on leveraged ETFs over longer periods will likely differ in amount and even direction of the underlying, so these products require active monitoring and management, and are not suitable for long-term investors.
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