The Direxion Daily FTSE China Bull 3X Shares (YINN), an exchange-traded fund (ETF) that tracks Chinese stocks with 3x leverage, plummeted by over 16% on Monday, October 15th, as concerns over China's economic growth and escalating trade tensions weighed heavily on Chinese equities.

One of the primary catalysts for the selloff was China's weak export growth data for September, which showed outbound shipments growing by just 2.4% year-on-year, missing expectations and marking the slowest pace since April. The disappointing export figures raised fears about broader economic challenges in China, which could negatively impact companies heavily reliant on global trade.

Adding to the negative sentiment, reports emerged that China has begun enforcing a long-overlooked tax on overseas investment gains by the country's ultra-rich, as part of efforts to expand its revenue sources and align with the "common prosperity" campaign. The crackdown on wealthy individuals with offshore assets could further dampen investor sentiment and capital flows, contributing to the selloff in Chinese stocks and ETFs like YINN.