SPCH is trading 0.4% down today, underperforming a broader tech and AI rebound sparked by Micron’s earnings beat and a risk-on move in Nasdaq futures.
- The fund continues to digest extreme volatility following the high-profile SpaceX IPO and a recent sharp selloff in speculative AI and space-related equities.
- As a 2x leveraged and concentrated vehicle, the fund's modest decline is consistent with ongoing investor repositioning after the earlier tech rout.
- The underperformance highlights a disconnect between core semiconductor strength and the more speculative space-linked sentiment currently affecting the fund.