顽固的罗密欧 : Be able to arrive morning and evening.

顽固的罗密欧 : The code is.

顽固的罗密欧 : $YINN (Direxion Daily FTSE China Bull 3X Shares) is a triple leveraged ETF designed to track the three times return of the FTSE China 50 Index on a daily basis. The FTSE China 50 Index mainly consists of large cap Chinese companies listed in Hong Kong, therefore its performance is somewhat correlated with the Hang Seng Index but not entirely correlated.
When you mentioned that the Hang Seng Index was at 0.03 million points in 2021, $YINN could reach over 600, but now with the Hang Seng Index around 0.02 million2, $YINN is only around 50. This phenomenon can be explained by the following factors:
1. Leverage Effect: $YINN is a triple leveraged ETF designed to track the three times daily performance of the benchmark index (FTSE China 50 Index). Due to the compounding effect of leveraged ETFs, if the market continues to decline or experiences significant volatility, its performance in the long run may significantly lag behind the benchmark index. This is also why the long-term performance of $YINN does not seem to directly correspond to changes in the Hang Seng Index.
2. Constituent Stocks: $YINN tracks the FTSE China 50 Index, which mainly includes large cap Chinese companies listed in Hong Kong (such as Tencent, Alibaba, etc.). Therefore, its performance is not only linked to the Hang Seng Index, but also influenced by the performance of these specific companies and market sentiment. If the stock prices of these companies were driven by different market factors in 2021 and are currently performing poorly, the performance of $YINN will also be correspondingly worse.
3. Market Sentiment and Economic Factors: In 2021, the market had high expectations for Chinese technology stocks and large cap blue-chip stocks, leading to good performance in their stock prices and related ETFs. However, subsequent macroeconomic changes, regulatory policies, shifts in market sentiment, etc., have negatively impacted these stocks and their related ETFs, thereby affecting the performance of $YINN.
4. Long-term Characteristics of Leveraged ETFs: As a leveraged ETF, $YINN is more suitable for short-term trading and speculation. When held for the long term, due to the leverage effect on a daily basis, it may not directly reflect the long-term ups and downs of the underlying index. Because it adjusts the leverage ratio daily based on market changes, it results in a deviation in long-term cumulative returns.
In conclusion, the performance of $YINN is not only linked to the Hang Seng Index, but also influenced by the constituent stocks performance of the FTSE China 50 Index, market sentiment, and the leverage effect.