Skip to content
etf.net

YANG

GradeBNew York Stock Exchange Arca

Direxion Daily FTSE China Bear 3X ETF

Leveraged · Leveraged & Inverse · Direxion · Inception 2009-12-03 · SEC filings

This fund multiplies its index's move each day and resets that multiple daily. Because daily returns compound, its long-run return can differ from the headline multiple.

$31.00+1.59 (+5.42%)

As of Sep 23, 2026, 2:25 PM EDT

Intraday session: up, 60 prints from 29.41 to 31.00. Range 30.64 to 31.21. Use the arrow keys to read each point.$30.60$30.80$31.2010 AM12 PM2 PM4 PM
Expense ratio
1.03%
Fund size
$117M
1Y return
+36.5%
Yield · Last 12 months
4.04%
Holdings
6
Volume · 30D
0.8M sh
NAV per share
$31.84
52W range
low $19.94high $42.22

The ETF.net YANG Grade

B

59/ 100

Rank 6 of 14 in 3x Leveraged Inverse⁠

Confidence Medium

Six-pillar profile for YANG. Scores out of 100: Cost 57, Risk 67, Mission not scored, Tradability 56, Holdings not scored, Durability 53. Strongest: Risk (67). Weakest: Durability (53). Based on 4 of 6 pillars.
F< 25
D≥ 25
C≥ 40
B≥ 55
A≥ 70

Score 59 of 100 sits in the B band. Bands: A ≥ 70, B ≥ 55, C ≥ 40, D ≥ 25, F < 25; the scale skips E.

  • Cost

    What you pay to own it — the expense ratio plus trading frictions, ranked within its category.
    BScore 57
    Category rank7/14 · top 50%

  • Mission

    How faithfully it does the job it claims — tracking its mandate or index with minimal slippage.
    Not scored
    —

  • Risk

    How violently it can move — volatility, drawdown depth, and downside capture versus its category.
    BScore 67
    Category rank5/14 · top 36%

  • Tradability

    How cheaply and easily you can get in and out — liquidity, spread, and premium/discount stability.
    BScore 56
    Category rank8/14 · mid-pack

  • Holdings

    What it actually owns — the quality, breadth, and concentration of the underlying portfolio.
    Not scored
    —

  • Durability

    Whether it will still be here — the fund’s assets, age, flows, and issuer staying power.
    CScore 53
    Category rank7/14 · top 50%

Graded as of Sep 22, 2026 · Based on 4 of 6 pillars

Our read on YANG

ETF.net Research

BThe blunt instrument for a rough day in Chinese equities. YANG aims for -300% of the FTSE China 50's daily move, resets every night, and has been running that playbook since 2009. Built for a day, not a decade.

Stated mandate

The fund seeks daily investment results, before fees and expenses, equal to -300% of the FTSE China 50 Index. Its objective applies to a single day and is not intended to provide negative three-times cumulative performance over longer periods.

Why people hold it

  1. 01Costs 1.03% a year, below the typical leveraged bear fund and well under the other US funds shorting this same index (FXP at 1.79%, YXI at 2.65%).
  2. 02Aims for -300% of the index's daily move, so expressing a bearish view ties up a fraction of the capital an unleveraged short position would.
  3. 03Short exposure in a plain brokerage account: no margin agreement, no locating shares to borrow, no losses beyond the amount invested.direxion.com
  4. 04Launched in December 2009 and actively traded since, making it one of the more established ways to short large Hong Kong-listed Chinese names.direxion.com

Worth knowing

  1. 01The -3x objective applies to one day only. Hold longer and the nightly reset makes results path-dependent, especially in choppy markets.
  2. 02Leverage cuts both ways: an up day in the FTSE China 50 hits roughly three times as hard here.
  3. 03That 1.03% fee is cheap for this corner of the market but many times a plain index fund's, and it accrues daily whether the trade works or not.

YANG Holdings

As of Sep 22, 2026, 10:02 PM
Asset class
Other
Holdings
6
Top-10 weight
159%
Largest holding
FXI SWAP ASSET LEG (FXIGSS)47.4%
The fund’s holdings, weight-ordered — page 1 of 1.
#TickerCompanyWeight %SharesMarket valueIn ETFs
001—FXI SWAP ASSET LEG (FXIGSS)47.43%-2,652,012$-93M1
002—FXI SWAP ASSET LEG (FXIMLS)41.96%-2,346,296$-82M1
003—FXI SWAP ASSET LEG (FXIUBS)38.75%-2,166,853$-76M1
004—FXI SWAP ASSET LEG (FXIBPS)30.90%-1,727,681$-60M1

Showing 1–4 of 4 holdings

YANG Performance

Shows how $10,000 changes over the selected period, with cash distributions reinvested at the closing price on each ex-dividend date.

YANG$13,651
SPY tracks large US stocks. It provides market context, rather than representing this fund’s strategy, asset class or investment benchmark.$11,723
Sep 22, 2025 to Sep 22, 2026. YANG $13,651. SPY $11,723. Use the arrow keys to read each point.$8,567$14,031$19,495Sep 2025Mar 2026Sep 2026

Sep 22, 2025 – Sep 22, 2026

Returns run to the Sep 22, 2026 close, with cash distributions reinvested. Each period starts on the same date that many months or years earlier. Periods over one year show the average yearly return.

Trailing total return for YANG. Periods over one year show the average yearly return.
PeriodYANG
Year to date+19.6%
1 month+7.5%
3 months−13.8%
1 year+36.5%
3 years−45.4%per year
5 years−38.1%per year
10 years−35.2%per year

As of the close, with distributions reinvested.

Calendar-year total return with cash distributions hypothetically reinvested at the ex-dividend date’s closing price. The current year shows year to date.

Annual total returns for YANG
YearReturn barYANG
2026 YTD+19.6%
2025−62.8%
2024−71.3%
2023+12.1%
2022−41.3%
2021+25.9%
2020−58.7%

YANG in the news

ETF.net Research hasn’t filed on YANG yet — coverage lands here as it’s written.

YANG Dividends

Adds up every distribution paid per share over the last 12 months, divided by the last completed close. Distributions are counted by ex-date. Data through Sep 22, 2026.
4.04%Last 12 months
Payout per share
$1.19Last 12 months
Upcoming payment
$0.27 per share
Pays on
Shares bought on or after this date do not qualify for this distribution.
Frequency
Quarterly

Distribution history

2018–2026

One bar per payment. 23 payments from 2018 to 2026 YTD. Mar 20, 2018 $1.05; Sep 25, 2018 $2.28; Dec 27, 2018 $4.19; Mar 19, 2019 $2.91; Jun 25, 2019 $3.80; Sep 24, 2019 $3.39; Dec 23, 2019 $1.91; Mar 24, 2020 $0.01; Mar 21, 2023 $3.17; Jun 21, 2023 $1.59; Sep 19, 2023 $1.80; Dec 21, 2023 $2.81; Mar 19, 2024 $1.91; Jun 25, 2024 $2.32; Sep 24, 2024 $1.63; Dec 23, 2024 $0.74; Mar 25, 2025 $0.26; Jun 24, 2025 $0.27; Sep 23, 2025 $0.21; Dec 23, 2025 $0.29; Mar 24, 2026 $0.26; Jun 23, 2026 $0.16; Sep 22, 2026 $0.27. Use the arrow keys to read each point.201820192020202120222023202420252026YTD
Ex-datePay dateAmount per share
Sep 22, 2026Pays Sep 29, 2026$0.27
Jun 23, 2026Jun 30, 2026$0.16
Mar 24, 2026Mar 31, 2026$0.26
Dec 23, 2025Dec 31, 2025$0.29
Sep 23, 2025Sep 30, 2025$0.21
Jun 24, 2025Jul 1, 2025$0.27
Mar 25, 2025Apr 1, 2025$0.26
Dec 23, 2024Dec 31, 2024$0.74
Sep 24, 2024Oct 1, 2024$1.63
Jun 25, 2024Jul 2, 2024$2.32
Mar 19, 2024Mar 26, 2024$1.91
Dec 21, 2023Dec 29, 2023$2.81

YANG Risk

This fund targets a multiple of the daily move of its index and resets daily. Hold it longer than one reset and compounding makes the return diverge from that target. In choppy markets it can lose value even when the index ends flat.

How much the fund’s monthly returns vary, scaled to a year.
58.2%
Annualised · 36 months to Aug 2026
How it’s calculated: standard deviation

The sample standard deviation of monthly total returns, multiplied by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Total returns include reinvested distributions.

Return above 3-month US Treasury bills per unit of volatility.
−0.78
vs 3-month T-bills · to Aug 2026
How it’s calculated: Sharpe ratio

Subtract each month’s Treasury-bill return from the fund’s monthly total return.

Divide the average of those excess returns by their sample standard deviation, then multiply by the square root of 12.

Uses up to 36 complete months, with at least 12 required. Each month uses the Treasury yield quoted at the end of the previous month.

The largest fall from a peak to the low that followed.
−97.4%
Trough Oct 2025
How it’s calculated: maximum drawdown

The largest percentage decline from an earlier peak, using total returns with reinvested distributions.

Uses up to five years through the last close, with at least 12 months required.

How strongly the fund’s returns move with its asset-class index.
−0.89
vs its asset-class index
How it’s calculated: beta

The beta figure is supplied by FMP. The comparison index depends on the fund’s broad asset class.

YANG Cost

Expense ratio1.03%
  • The middle half of 3x Leveraged Inverse funds
  • Median 1.05%

5 of the 14 3x Leveraged Inverse funds charge less.

YANG costs $103.00 a year on $10,000. The median 3x Leveraged Inverse fund costs $105.00.