SNXX is trading sharply lower at $8.46 (-24.87%) as deteriorating risk sentiment and AI-spending concerns weigh on technology and semiconductor names.
- The move extends a multi-day reversal following a prior leveraged rally, with traders moving to de-risk high-beta products and lock in gains ahead of Fed meeting uncertainty.
- The downside is significantly amplified by the fund's concentrated 2x long exposure to Sandisk (SNDK) amid a broader sell-off in the chip sector.