In another, albeit small sign that some traders are betting the European Central Bank will announce quantitative easing at its June 5 meeting, the Direxion Daily FTSE Europe 3x Bull Shares (NYSEArca: EURL) is seeing a modest uptick in activity.

EURL, which debuted in January, attempts to deliver three times the daily performance of the FTSE Developed Europe Index. The FTSE Developed Europe Index is the underlying index for the wildly popular Vanguard FTSE Europe ETF (NYSEArca: VGK).

Yes, EURL is small (about $6 million in assets under management) and its average daily volume will not have traders confusing it with heavily traded leveraged fare such as the ProShares UltraShort 20+ Year Treasury (NYSEArca: TBT) or the Direxion Daily Small Cap Bear 3X Shares (NYSEArca: TZA).

However, there are signs ECB QE speculation is helping stoke increased interest in EURL. For example, the ETF had 100,000 shares outstanding at the start of this year, but that total jumped to 150,000 as of April 29, putting EURL among the ETFs that are flashing overt signals markets expect QE from the ECB. [ETFs Expect ECB Easing]

EURL’s average volume for the five-day period ending Thursday was 43% above the ETF’s 20-day average volume, according to Direxion data.

On Tuesday, 7,500 shares changed hands in EURL, a 200% increase from Monday. Volume in the fund also noticeably increased in the two weeks prior to this week.