The Direxion Daily FTSE China Bull 3X Shares ETF (YINN) plummeted nearly 6% in pre-market trading on Tuesday, as Chinese stocks and ADRs fell sharply following a disappointing policy briefing from the Chinese government.

Investors were hoping for a strong pro-growth stimulus package to revive the faltering rally in Chinese markets, but the briefing largely reiterated previous measures and failed to deliver the kind of significant fiscal firepower that traders had anticipated.

Other Chinese stocks and ETFs also tumbled, with KE Holdings down 7%, Li Auto dropping 4.3%, XPeng falling 4%, Nio down 3%, JD.com shedding 2.5%, PDD Holdings losing 2%, and Alibaba slipping 1%. The market response suggests that authorities face a high bar to satisfy traders and restore confidence in the Chinese economy.