Investors should remember the FTSE Developed Europe Index is not a dedicated Eurozone index. Rather, that index features significant exposure to British, Nordic and Swiss equities. Still, ebullience toward European stocks has helped EURL tack on $27.3 million in new assets this year. EURL’s volume over the past 20 days has been more than double the 100-day average, according to Direxion data.

In addition to BRZU, other leveraged emerging markets ETFs have seen notable increases in turnover as well. Although Russia ETFs are not acting well today, two such ETFs are among the best non-leveraged performers this year, crushing the Direxion Daily Russia Bear 3x Shares (NYSEArca: RUSS) in the process.

RUSS is down 47.3% year-to-date and over the past month, only the Direxion Daily Junior Gold Miners Index Bear 3X Shares (NYSEArca: JDST) has been more volatile among Direxion’s leveraged bearish ETFs. RUSS’ average volume over the past 20 days has been more than 80% above the 100-day average. That ETF’s pain has meant gains for the Direxion Daily Russia Bull 3x Shares (NYSE: RUSL). Although it is the most volatile of Direxion’s bullish leveraged ETFs over the past month, RUSL is up 18.4% this year.

Direxion Daily FTSE Europe 3x Bull Shares