I personally observe $Direxion FTSE China Bear 3X(YANG.US) and focus on three key points: first, the expectation of RMB and macro liquidity; second, the trend of Chinese tech stocks' weight; third, global risk appetite. It does not purely reflect China's economy but is sensitive to overseas capital sentiment. Therefore, sometimes even when there's no significant change in fundamentals, it can suddenly strengthen due to fluctuations in US dollar interest rates or global risk assets. Many mistakenly believe it's a pure fundamental tool, and this misconception needs to be corrected.