After peaking on the first day of March, U.S. stocks witnessed volatility for some time on Fed policy and then declined dramatically as the euphoria over President Donald Trump evaporated. In particular, the failure to pass the healthcare bill in the White House has dampened investors’ confidence in Trump’s ability to deliver on tax cuts, deregulation and infrastructure spending that could boost the economy.

This has unnerved investors, especially those who had bid on stocks in anticipation of Trump’s business-friendly and pro-growth policies, leading to risk-off trading. However, the spate of upbeat data in the past few trading sessions again ushered momentum in the stocks. Notably, U.S. consumer confidence soared to a more than 16-year high, trade deficit narrowed and Q4 GDP growth of 2.1% came in higher than the second reading of 1.9%.

Given the abrupt changes in sentiments, leveraged or inverse ETFs have gained immense popularity as investors are making a dash for big gains on quick market turns. Leveraged or inverse products either create a leveraged long/short position, an inverse long/short position or a leveraged inverse long/short position in the underlying index through the use of swaps, options, future contracts and other financial instruments. Due to their compounding effect, investors can enjoy higher returns in a very short period of time provided the trend remains a friend.

However, this strategy is highly beneficial for short-term traders as it could lead to huge losses compared to traditional funds in fluctuating or seesaw markets. Further, their performance could vary significantly from the actual performance of their underlying index over a longer period when compared to a shorter period (such as, weeks or months).

In spite of this drawback, investors flocked to these products for outsized gains in a short span. Below, we have highlighted five ETFs that crushed the market in March with abnormal returns piled up in a short period. These funds will also continue to be investors’ darlings provided the sentiments remain the same.

Direxion Daily Homebuilders & Supplies Bull 3X Shares (NAIL - Free Report)

The fund creates a three times (3x) leveraged long position in the Dow Jones U.S. Select Home Construction Index. It charges an annual fee of 95 bps and trades in a light average daily volume of about 4,000 shares. The fund has accumulated AUM of $7.8 million and has surged about 14.4% this month.

Direxion Daily Semiconductor Bull 3x Shares (SOXL - Free Report)

This ETF targets the semiconductor corner of the technology sector with three times leveraged exposure to the PHLX Semiconductor Sector Index. It has amassed about $227.6 million in its asset base while charges 95 bps in fees per year. Volume is good as it exchanges more than 3205,000 shares a day on average. The fund has gained 13.2% in March.

ProShares UltraShort Oil & Gas Exploration & Production (SOP - Free Report)

This product provides two times (2x) inverse exposure to the daily performance of the S&P Oil & Gas Exploration & Production Select Industry Index. It has been able to manage just $0.6 million in its asset base and trades in a paltry volume of under 2,000 shares per day on average. Expense ratio is 0.95%. SOP was up 8.8% in March.

Direxion Daily Regional Banks Bear 3x Shares (WDRW - Free Report)

This fund seeks to deliver thrice the inverse return of the S&P Regional Banks Select Industry Index, charging 95 bps in fees per year. WDRW has accumulated $2 million in its asset base and trades in a paltry volume of around 4,000 shares a day on average. The fund is up 6.6% this month.

Direxion Daily Technology Bull 3x Shares (TECL - Free Report)

This ETF targets the technology sector with three times leveraged exposure to the Technology Select Sector Index. It has amassed about $254.4 million in its asset base while charges 95 bps in fees per year from investors. Volume is good as it exchanges around 128,000 shares a day on average. The fund has added 6.6% in March