{
 "ticker": "YANG",
 "name": "Direxion Daily FTSE China Bear 3X ETF",
 "issuer": "Direxion",
 "desk": "leverage",
 "url": "https://etfiq.com/funds/yang",
 "html": "https://etfiq.com/funds/yang",
 "markdown": "https://etfiq.com/funds/yang.md",
 "as_of": "2026-09-30",
 "verdict": "Three months to Sep 30, 2026: YANG returned \u221217.5% where its own daily promise gave \u221220.7%, 3.2 points over.",
 "key_facts": [
  {
   "key": "what_fxi_did",
   "label": "What FXI did",
   "value": "+6.4%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "YANG, what FXI did: +6.4%, as of Sep 30, 2026."
  },
  {
   "key": "what_3_times_a_day_gives",
   "label": "What \u22123 times a day gives",
   "value": "\u221220.7%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "YANG, what \u22123 times a day gives: \u221220.7%, as of Sep 30, 2026."
  },
  {
   "key": "what_the_fund_returned",
   "label": "What the fund returned",
   "value": "\u221217.5%",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "YANG, what the fund returned: \u221217.5%, as of Sep 30, 2026."
  },
  {
   "key": "the_fund_itself_added",
   "label": "The fund itself added",
   "value": "+3.2 pts",
   "source": null,
   "as_of": "2026-09-30",
   "sentence": "YANG, the fund itself added: +3.2 pts, as of Sep 30, 2026."
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$112m",
   "source": "issuer page, as of Sep 30, 2026",
   "as_of": "2026-09-30",
   "sentence": "YANG, net assets: $112m (issuer page, as of Sep 30, 2026)."
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.03%",
   "source": "485BPOS XBRL, Feb 26, 2026",
   "as_of": "2026-09-30",
   "sentence": "YANG, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026)."
  }
 ],
 "fields": [
  {
   "key": "sets_out_to_return",
   "label": "Sets out to return",
   "value": "-3 times the daily move of FXI, reset daily",
   "source": null
  },
  {
   "key": "multiple_a_holder_actually_got_over_the_window",
   "label": "Multiple a holder actually got over the window",
   "value": "-2.73 times, against -3 stated",
   "source": "ETFIQ"
  },
  {
   "key": "underlying",
   "label": "Underlying",
   "value": "FXI",
   "source": null
  },
  {
   "key": "segment",
   "label": "Segment",
   "value": "sector or country, country",
   "source": null
  },
  {
   "key": "net_assets",
   "label": "Net assets",
   "value": "$112m",
   "source": "issuer page, as of Sep 30, 2026"
  },
  {
   "key": "expense_ratio",
   "label": "Expense ratio",
   "value": "1.03%",
   "source": "485BPOS XBRL, Feb 26, 2026"
  },
  {
   "key": "launched",
   "label": "Launched",
   "value": "Jan 4, 2010",
   "source": null
  },
  {
   "key": "underlying_volatility_over_the_window",
   "label": "Underlying volatility over the window",
   "value": "17% annualized",
   "source": "ETFIQ"
  }
 ],
 "periods": [
  {
   "window": "1 month",
   "Fund": "+12.6%",
   "FXI": "\u22123.8%",
   "-3x the move": "+11.5%",
   "Difference": "+1.1 pts",
   "FXI moved about": "17%"
  },
  {
   "window": "3 months",
   "Fund": "\u221217.5%",
   "FXI": "+6.4%",
   "-3x the move": "\u221219.2%",
   "Difference": "+1.7 pts",
   "FXI moved about": "17%"
  },
  {
   "window": "6 months",
   "Fund": "+8.8%",
   "FXI": "\u22123.6%",
   "-3x the move": "+10.8%",
   "Difference": "\u22122.0 pts",
   "FXI moved about": "18%"
  },
  {
   "window": "1 year",
   "Fund": "+54.6%",
   "FXI": "\u221215.8%",
   "-3x the move": "+47.3%",
   "Difference": "+7.3 pts",
   "FXI moved about": "20%"
  },
  {
   "window": "3 years",
   "Fund": "\u221283.4%",
   "FXI": "+38.4%",
   "-3x the move": "\u2212115.1%",
   "Difference": "+31.7 pts",
   "FXI moved about": "27%"
  },
  {
   "window": "Since launch",
   "Fund": "\u2212100.0%",
   "FXI": "+16.9%",
   "-3x the move": "\u221250.7%",
   "Difference": "\u221249.2 pts",
   "FXI moved about": "27%"
  }
 ],
 "questions": [
  {
   "q": "Did YANG return -3 times FXI?",
   "a": "Over the window to Sep 30, 2026, FXI moved +6.4% and YANG returned \u221217.5%. \u22123 times that move is \u221219.2%, so the fund came out 1.7 points ahead of it."
  },
  {
   "q": "Why does YANG not return -3 times over a year?",
   "a": "Because it resets daily. YANG aims at -3 times each day's move, and daily results compound. Over a run where the underlying falls and comes back, compounding a levered daily return leaves a holder behind what -3 times the period move would suggest; over a steady run in one direction it can leave them ahead. The longer the holding, and the more the underlying moves about, the further apart the two figures get."
  }
 ],
 "generated": "2026-10-01",
 "license": "https://etfiq.com/license/",
 "license_text": "Free to use with attribution. ETFIQ (etfiq.com)."
}