🔴 Small Cap Bull 3x ETF (TNA) is trading 2.5% down today as small caps lag mega-cap and AI names

Direxion Small Cap Bull 3x ETF (TNA) is trading 2.5% down today as domestic small caps underperform relative to large-cap and tech-heavy indices.

• Investors are rotating into mega-cap and AI-related names, leaving domestic cyclicals and smaller companies relatively weaker despite major indices hovering near record highs.
• The move reflects a widening performance gap as easing Middle East tensions and improved risk sentiment fail to lift the Russell 2000 components.
• TNA provides 3x leveraged exposure to small caps via IWM swaps and holdings, significantly magnifying the impact of the current market divergence.