Each leveraged ETF product corresponds to a certain number of futures contract positions, and the fund manager can dynamically adjust the futures positions to keep the whole fund share in a fixed leverage ratio for a certain period of time. Leveraged ETF products have two important concepts, net worth and bottom position. Assume that the net value of 1 BTCB3L (BTC3 times is a multi-leveraged ETF product) is $200, and the position value is $600 (net value ×3 times leverage). In order to facilitate understanding, we can loosely understand the net value of leveraged ETF products as the margin in the perpetual contract, and the bottom position value is the position value in the contract. Buying 1 BTCB3L is equivalent to establishing a position with a margin of $200, a position value of $600 and a position size of 1 in the BTC/USDT contract.