At a glance
YINN charges 1.34% a year. It has $754.0M in assets; it paid 4.39% of its price in distributions over the past 12 months, quarterly. Over the past year it returned −58.0% with distributions reinvested (S&P 500: +11.5%); over three years it returned −3.1% a year. At its worst it fell 82.3% in the 2022 bear market (S&P 500: 24.5%), and is still below its earlier high.
The short version
Direxion Daily FTSE China Bull 3X Shares (YINN) aims to return three times the daily move of a FTSE/Russell index of the 50 largest and most liquid Chinese companies listed in Hong Kong. It gets that exposure mainly through swaps and shares of the iShares China Large-Cap ETF (FXI). Its leverage resets every day, so results over longer periods can differ sharply from three times the index. It charges 1.34% a year and lost 90% over the five years through October 27, 2026.
Price history
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YINN -58.0% 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 | |
|---|---|---|---|---|---|---|
| YINN official prospectus, to Dec 31, 2025 | — | +54.46% | — | -35.21% | -18.11% | — |
| YINN price data to Oct 27, 2026 | -48.2% | -58.0% | -3.1% | -36.7% | — | -31.6% |
- Over the year to Oct 27, 2026, YINN returned -58.0%.
- Its 5-year annualized return was -36.7%.
- Its worst full calendar year was 2022 (-71.8%); its best was 2025 (+54.1%).
- The deepest fall in its price history was 97.7% (Feb 17, 2021 to Jan 22, 2024), not yet recovered.
Show as a table
| Year | Price data | Prospectus (official) |
|---|---|---|
| 2026 (to date) | -48.2% | — |
| 2025 | +54.1% | +54.46% |
| 2024 | +36.0% | +35.28% |
| 2023 | -53.2% | -53.02% |
| 2022 | -71.8% | -71.94% |
| 2021 | -58.5% | -58.56% |
| 2020 | — | -8.03% |
| 2019 | — | +28.91% |
| 2018 | — | -48.50% |
| 2017 | — | +130.19% |
| 2016 | — | -15.45% |
| 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 | Lost 78.8% over that stretch · deepest drop along the way 82.3%, not recovered by the end of the data |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $0.8300 | |
| 2025 | $0.4800 | -5.9% |
| 2024 | $0.5100 | -42.0% |
| 2023 | $0.8800 | -5.4% |
| 2022 | $0.9300 | -53.5% |
| 2021 | $2.0000 |
What's inside
As of Jul 31, 2026, most of the fund sat in cash, Treasury bills and money-market holdings (54.5% of net assets), with its exposure coming from 8 swap and futures positions rather than from owning the stocks outright.
| Holding | Weight | |
|---|---|---|
| ISHARES CHINA LARGE-CAP ETF | 51.87% |
By country
United States 51.87%By asset type
Stocks 51.87%What changed recently
- Over the three months to Jul 31, 2026, investors added a net $36.1M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: -15.23%, -26.73%, +51.29%.
How it works
The fund follows an index run by FTSE/Russell. The index holds the 50 largest and most liquid Chinese companies trading on the Hong Kong Stock Exchange. Stocks are weighted by total market value, so bigger companies count for more. The index also screens for liquidity and caps weights so that no single stock dominates. It is reviewed and rebalanced quarterly. As of December 31, 2025, it was concentrated in technology, financial and consumer discretionary stocks.
The fund cannot buy shares directly in Chinese markets. Instead, it holds ETFs that track the index, plus swaps. A swap is a contract in which a bank pays the fund the return on an asset. As of July 31, 2026, about 52% of net assets sat in FXI. The fund also held eight derivative positions, mostly swaps on FXI, and 54.5% in cash and similar holdings. Swaps carry counterparty risk, meaning the bank on the other side might fail to pay. The fund is also non-diversified, so it can put a large share of its assets into a few holdings.
At each day's close, Rafferty Asset Management adjusts the fund's exposure. It adds exposure after the index rises and cuts it after the index falls. All this trading drove portfolio turnover of 147%. Because daily returns compound, the prospectus warns that the fund will lose money if the index is flat over time. It can even lose money while the index rises.
What it really costs
- YINN charges 1.34% 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 $136 in the first year and $1,613 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| YINN | $136 | $425 | $734 | $1,613 |
Structure and tax notes
- Resets its 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 prospectus says the fund targets 3x returns for a single trading day only, and its long-run record shows heavy, lasting losses.
YINN launched in December 2009, after the 2008 crisis ended. The prospectus shows a 2020 loss of 8.03%. In the 2022 bear market, the fund fell 82.3% between January 20 and October 12, 2022. Its worst calendar year was 2022, when it lost 71.94%. Its deepest drop was 97.7%, from February 17, 2021 to January 22, 2024, and it had not recovered as of October 27, 2026. Anyone who had to sell during a stretch like that would lock in most of the loss. The trailing yield was 4.39% as of October 27, 2026, paid quarterly, but swings this large swamp that income. Costs are 1.34% a year, or $136 in the first year on $10,000 under the SEC's standard example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Active traders who want a magnified one-day bet on large Hong Kong-listed Chinese companies and can check their positions every day.
- Experienced investors who understand daily resets and swap counterparty risk, and who accept drops as deep as the 97.7% from 2021 to 2024.
- Short-term traders seeking amplified exposure to Chinese technology, financial and consumer stocks without trading directly in Hong Kong.
Look elsewhere if
- Buy-and-hold and retirement investors: the fund lost 90% over the five years through October 27, 2026.
- Cost-conscious investors: the 1.34% expense ratio adds up to $1,613 over 10 years on $10,000 in the SEC's standard example.
- Income seekers: the 4.39% trailing yield, paid quarterly, is small next to swings like the 58.73% loss in the third quarter of 2022.
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 YINN a good long-term investment?
YINN is not designed for long-term holding. The prospectus says it seeks 3x the index's return for a single trading day only. As of December 31, 2025, its average annual return was -35.21% over five years and -18.11% over 10 years. The prospectus also warns that the fund can lose money even while its index rises, and that investors could lose everything they put in.
What's the difference between YINN and FXI?
FXI, the iShares China Large-Cap ETF, is a regular ETF that YINN uses as a building block. As of July 31, 2026, FXI made up about 52% of YINN's net assets. YINN adds swaps on FXI to reach 3x daily exposure and resets that exposure every day. That means YINN's gains and losses are far larger than FXI's, and its results over months or years can drift a long way from three times FXI's return.
Does YINN pay dividends?
Yes. YINN pays distributions quarterly. Over the 12 months through October 27, 2026, it paid $0.94 per share, a trailing yield of 4.39%. That income is small compared with the fund's price swings. Shares fell 48.2% in 2026 through October 27, and fell 58% over the year ending on that date. A loss that size wipes out many years of distributions.
Why can YINN lose money even when Chinese stocks go up?
YINN can lose money in a rising market because it resets to 3x exposure every day, and each day's return compounds on the last. In choppy markets, a loss shrinks the base that the next gain builds on. Over time, that drag can leave the fund well short of three times the index's return. The prospectus warns that the fund will lose money if the index is flat over time, and can even lose money while the index rises.
What is YINN's expense ratio?
YINN's expense ratio is 1.34% a year, according to its prospectus filed February 26, 2026. That includes a 0.75% management fee. In the SEC's standard example ($10,000 invested, a 5% annual return), total costs would be $136 after one year, $734 after five years and $1,613 after 10 years. Daily rebalancing also drove portfolio turnover of 147%, which brings trading costs not counted in the expense ratio.