TNA seeks daily investment results, before fees and expenses, of 300% of the daily performance of the Russell 2000® Index. With that triple leverage, you can bet traders backed off small-caps during the height of the pandemic sell-offs in the first quarter of this year. “The first quarter of 2020 was jittery for the markets due to the novel coronavirus-triggered recession. However, expansionary monetary policies have supported growth and infused liquidity in the financial system,” an InvestorPlace article noted. “This has translated into a big surge for equities. Going into 2021, I am optimistic as the global economy gradually returns to normalcy.” Since then, however, small-caps have been steadily gaining. Once November arrived, the fund spiked above its 50- and 200-day moving average: