YANG -3x Direxion Daily FTSE China Bear 3X ETF
BEAR ETF extreme · Issuer Direxion · Tracks China (FXI) · Listed 2009-12-03
Realized vs theoretical -3x China
Cumulative return of YANG against a clean -3x of China's return over the same window; the red line (right axis) is the gap between them.
Other leveraged products on China
5| Symbol | Factor | Direction | Issuer | Name | Implied AUM | 30d volume | Options |
|---|---|---|---|---|---|---|---|
| YINN | +3x | BULL | Direxion | Direxion Daily FTSE China Bull 3X ETF | $562.3M | 1,176,907 | ✓ |
| CWEB | +2x | BULL | Direxion | Direxion Daily CSI China Internet Index Bull 2X ETF | $186.9M | 746,561 | ✓ |
| CHAU | +2x | BULL | Direxion | Direxion Daily CSI 300 China A Share Bull 2X ETF | $84.6M | 41,424 | ✓ |
| XPP | +2x | BULL | ProShares | ProShares Ultra FTSE China 50 of PROSHARES TRUST | $7.5M | 2,419 | ✓ |
| FXP | -2x | BEAR | ProShares | ProShares UltraShort FTSE China 50 of ProShares Trust | $5.6M | 3,395 | ✓ |
How YANG works
YANG targets -3x the daily return of China — not the return over longer windows. It rebalances every day, so over weeks and months its result drifts away from -3x × the index, usually downward when the market chops around.
The maths: the drag is roughly −½ × N × (N−1) × σ² per period (N = leverage, σ = the index's volatility). For a -3x fund on an index with 25% annual volatility that is several percent a year before fees — the red line above is that drag measured.
Short-term trades (a day or a few) are what these funds are built for. Premium sellers like their rich option IV — see the quote page. Multi-day directional bets work in strong trends and get eaten in chop.
Not investment advice.