2 new 300% ETFs that track the Russell MidCap Index began trading last week.
The Direxion Mid Cap Bull 3x Shares (MWJ) and Direxion Mid Cap Bear 3x Shares (MWN) offer investors leveraged exposure to a segment of the equity market that has an average market cap of $5.2 billion.
The correlation sought by the bull and bear funds is generally a multiple on returns of the index/benchmark.
For example, on a given day, if the Russell MidCap Index gains 1%, the Direxion Mid Cap Bull 3x ETF is managed to gain approximately 3% (3%= 300% of 1%). If the same index decreased 1%, the Direxion Mid Cap 3x Bear ETF is managed to gain approximately 3%.
See the Direxion ETF directory for a complete listing.