SNDQ is trading 10.29% down because it seeks approximately -200% daily exposure to Sandisk (SNDK), making gains in Sandisk and the broader semiconductor group directly negative for the fund.

  • Nasdaq 100 futures were up 0.4% ahead of the September 4 employment report; chip stocks outperformed as investors stayed risk-on.
  • Economists expect 53,000–56,000 jobs and 4.1% unemployment; the report remains the key macro risk.
  • September 3’s technology-led rally intensified pressure on the inverse semiconductor-linked ETF.