# YANG (Direxion Daily FTSE China Bear 3X ETF)

Direxion · Leveraged ETFs · data as of Sep 30, 2026

Three months to Sep 30, 2026: YANG returned −17.5% where its own daily promise gave −20.7%, 3.2 points over.

## Key facts

- YANG, what FXI did: +6.4%, as of Sep 30, 2026.
- YANG, what −3 times a day gives: −20.7%, as of Sep 30, 2026.
- YANG, what the fund returned: −17.5%, as of Sep 30, 2026.
- YANG, the fund itself added: +3.2 pts, as of Sep 30, 2026.
- YANG, net assets: $112m (issuer page, as of Sep 30, 2026).
- YANG, expense ratio: 1.03% (485BPOS XBRL, Feb 26, 2026).

## YANG over each window to Sep 30, 2026

| Window | Fund | FXI | -3x the move | Difference | FXI moved about |
| --- | --- | --- | --- | --- | --- |
| 1 month | +12.6% | −3.8% | +11.5% | +1.1 pts | 17% |
| 3 months | −17.5% | +6.4% | −19.2% | +1.7 pts | 17% |
| 6 months | +8.8% | −3.6% | +10.8% | −2.0 pts | 18% |
| 1 year | +54.6% | −15.8% | +47.3% | +7.3 pts | 20% |
| 3 years | −83.4% | +38.4% | −115.1% | +31.7 pts | 27% |
| Since launch | −100.0% | +16.9% | −50.7% | −49.2 pts | 27% |

## Every published field

| Field | Value | Source |
| --- | --- | --- |
| Sets out to return | -3 times the daily move of FXI, reset daily | ETFIQ |
| Multiple a holder actually got over the window | -2.73 times, against -3 stated | ETFIQ |
| Underlying | FXI | ETFIQ |
| Segment | sector or country, country | ETFIQ |
| Net assets | $112m | issuer page, as of Sep 30, 2026 |
| Expense ratio | 1.03% | 485BPOS XBRL, Feb 26, 2026 |
| Launched | Jan 4, 2010 | ETFIQ |
| Underlying volatility over the window | 17% annualized | ETFIQ |

## Questions

### Did YANG return -3 times FXI?

Over the window to Sep 30, 2026, FXI moved +6.4% and YANG returned −17.5%. −3 times that move is −19.2%, so the fund came out 1.7 points ahead of it.

### Why does YANG not return -3 times over a year?

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.


## Cite this page

ETFIQ, YANG, data as of Sep 30, 2026. https://etfiq.com/funds/yang
Free to use with attribution; the underlying files are at https://etfiq.com/data/.

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