DFEN seeks daily investment results equal to 300% of the daily performance of the Dow Jones U.S. Select Aerospace & Defense Index, which attempts to measure the performance of the aerospace and defense industry of the U.S. equity market. Like the rest of Direxion’s roster of leveraged ETFs, DFEN gives traders the ability to: Magnify short-term perspective with daily 3X leverage; Go where there’s opportunity, with bull and bear funds for both sides of the trade; and Stay agile – with liquidity to trade through rapidly changing markets The fund is up 32% behind strong momentum to start the year.