At a glance
YANG charges 1.03% a year. It has $86.7M in assets; it paid 2.68% of its price in distributions over the past 12 months, quarterly. Over the past year it returned +78.9% with distributions reinvested (S&P 500: +11.5%); over three years it returned −44.3% a year. At its worst it fell 75.5% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Direxion Daily FTSE China Bear 3X Shares (YANG) aims to return three times the opposite of one day's move in a FTSE/Russell index of 50 large Chinese companies listed in Hong Kong. It is a leveraged, inverse fund that resets daily, so it gains when those stocks fall and loses when they rise. It charges 1.03% a year and is built for short-term bets, not for holding. It lost 62.73% in 2025.
Price history
The interactive chart needs JavaScript.
YANG +78.9% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| YANG official prospectus, to Dec 31, 2025 | — | -62.73% | — | -38.44% | -40.17% | — |
| YANG price data to Oct 27, 2026 | +48.9% | +78.9% | -44.3% | -33.3% | — | -34.8% |
- Over the year to Oct 27, 2026, YANG returned +78.9%.
- Its 5-year annualized return was -33.3%.
- Its worst full calendar year was 2024 (-71.3%); its best was 2021 (+25.9%).
- The deepest fall in its price history was 97.4% (Mar 15, 2022 to Oct 2, 2025), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | +48.9% | — |
| 2025 | -62.8% | -62.73% |
| 2024 | -71.3% | -71.35% |
| 2023 | +12.1% | +12.19% |
| 2022 | -41.3% | -41.72% |
| 2021 | +25.9% | +26.67% |
| 2020 | — | -58.66% |
| 2019 | — | -40.62% |
| 2018 | — | +13.32% |
| 2017 | — | -64.95% |
| 2016 | — | -31.85% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Not in the price data, which starts Jun 2, 2020 |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Gained 24.3% over that stretch · deepest drop along the way 75.5%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.6900 | |
| 2025 | $1.0300 | -84.7% |
| 2024 | $6.7400 | -28.3% |
| 2023 | $9.4000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (104.62% of net assets), with its inverse exposure coming from 4 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight |
|---|
By country
By asset type
What changed recently
- Over the three months to Jul 31, 2026, investors withdrew a net $32.0M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +14.60%, +31.95%, -35.80%.
How it works
YANG is managed by Rafferty Asset Management (Direxion). It is tied to an index of the 50 largest and most liquid Chinese companies trading on the Hong Kong Stock Exchange, as chosen by FTSE/Russell. Larger companies get bigger weights. Stocks are screened for liquidity, and single-stock weights are capped. The index is reviewed and rebalanced quarterly. As of December 31, 2025, it leaned most heavily on technology, financials and consumer discretionary stocks.
The fund does not own these stocks. It has no direct access to Chinese markets, so it mainly uses swaps. A swap is a contract with a bank that pays the fund when a reference asset falls. Here the reference assets are ETFs that track the index. As of July 31, 2026, its reported positions were four swaps on the iShares China Large-Cap ETF, plus cash and short-term holdings equal to 104.62% of net assets. The fund is non-diversified. It also relies on a small number of swap counterparties, and it can lose money if one fails to pay.
At each market close, Rafferty resets the fund's exposure back to -3x. Because each day's return builds on the one before (compounding), results over weeks or years can differ sharply from -3x the index. They are usually worse when markets swing up and down. The fund also creates and redeems shares for cash rather than securities, so the prospectus says it is not expected to be tax efficient.
What it really costs
- YANG charges 1.03% a year.
- Of that, 0.75% is the management fee; the rest covers other fund expenses.
- Using the prospectus's standard example, $10,000 invested would cost about $105 in the first year and $1,259 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YANG | $105 | $328 | $569 | $1,259 |
Structure and tax notes
- Resets its inverse exposure every day. Over periods longer than a day, compounding means returns can differ sharply from -3× the index — usually worse in choppy markets. Built for short-term trading, not buy-and-hold.
In a retirement portfolio
The fund targets -3x returns for a single day only, and daily compounding has produced near-total losses over multi-year periods.
YANG offers little to a long-term portfolio. By its own figures, it lost 58.66% in 2020, 71.35% in 2024 (its worst calendar year) and 62.73% in 2025. Its price fell 97.4% from March 15, 2022, to October 2, 2025, and had not recovered as of October 27, 2026. During the 2022 bear market it rose 24.3% overall, yet it plunged 75.5% between March and June of that year. It launched after the 2008 crisis, so it has no record from that period. Anyone forced to sell in a bad stretch could lock in deep losses. It paid a 2.68% trailing yield, distributed quarterly, as of October 27, 2026. That payout is small next to its 1.03% expense ratio and the drag from daily resets. Past results don't predict the future, and any plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Experienced traders who want a one-day, triple-sized bet against large Hong Kong-listed Chinese stocks and can monitor positions every trading day.
- Short-term hedgers offsetting China stock exposure for days, who accept 1.03% annual expenses and the risk that a swap counterparty fails to pay.
- Active traders comfortable with 56.8% one-year volatility and quarters ranging from a 107.4% gain to a 51.68% loss.
Look elsewhere if
- Buy-and-hold or retirement savers: the price fell 97.4% from March 2022 to October 2025 and had not recovered by October 27, 2026.
- Income seekers: the 2.68% quarterly-paid yield is dwarfed by losses such as 71.35% in 2024 and 62.73% in 2025.
- Tax-conscious investors: cash creations and redemptions mean the prospectus does not expect YANG to be tax efficient.
Close alternatives
Matched by leveraged/inverse funds on the same index (the index could not be identified from the name).
No close alternatives found.
Questions investors ask
Is YANG meant to be held long term?
No. The prospectus says YANG seeks -3x the index's return for a single trading day only. Over longer periods, daily compounding pushed results far from that target. Its average annual return was -40.17% over the 10 years through December 31, 2025, and its price fell 97.4% from March 15, 2022, to October 2, 2025. Short bursts can still be large: it was up 48.9% for 2026 through October 27.
How does YANG work?
YANG uses swap agreements, mainly short exposure to ETFs that track its index of 50 large Hong Kong-listed Chinese companies. When the index falls on a given day, the fund aims to rise by three times that percentage, before fees. When the index rises, it aims to fall three times as much. Rafferty resets the exposure at every market close, which is why multi-day results drift from -3x.
Does YANG pay dividends?
Yes. YANG paid $0.98 per share over the trailing 12 months, a yield of 2.68% as of October 27, 2026, and it pays quarterly. The fund holds no stocks. Its assets sit mostly in cash and short-term instruments such as money market funds and U.S. government securities, which earn interest. The payouts have been small next to its price swings: the fund lost 62.73% in 2025.
What does YANG hold?
As of July 31, 2026, YANG held no stocks. Its reported positions were four swap agreements on the iShares China Large-Cap ETF, plus cash and short-term holdings equal to 104.62% of its $86.7 million in net assets. The swap values on the report reflect gains or losses on the contracts, not the size of the -3x exposure. About $32 million flowed out of the fund in the three months to that date.
What is YANG's expense ratio?
YANG's expense ratio is 1.03%, which includes a 0.75% management fee, according to its prospectus filed February 26, 2026. In the SEC's standard example, $10,000 invested at a 5% annual return would cost about $105 over one year, $328 over three, $569 over five and $1,259 over ten. The prospectus adds that cash-based creations and redemptions bring extra brokerage and financing costs.