YANG is an aggressive daily bet against Chinese large-cap equities, delivering -3x leveraged exposure to about 50 large and liquid names traded in Hong Kong. The fund's underlying equity exposure doesn't aim for comprehensive all China exposure since it excludes A-shares traded on the mainland and names listed solely in the US. Therefore, big sector bets can be expected. The fund rebalances its leveraged exposure daily, so over the long haul, compounding effects can lead to profound differences in expected returns relative to the index. Thus, it is not a buy-and-hold investment and should not be expected to provide index leverage returns greater than a one-day period. The index is rebalanced quarterly.
