Direxion Daily Semiconductors Bear 3x Shares (SOXS) fell sharply by 7.82% during the intraday session on Monday, reflecting a broader rally in semiconductor stocks.
The decline in SOXS, a bearish ETF designed to deliver 3x inverse daily performance of the semiconductor sector, was driven by strong gains in chip stocks. Key players like ASML, ARM, Applied Digital, Marvell, Intel, AMD, and TSMC all posted significant increases, with the bullish semiconductor ETF SOXL rising 6%.
This inverse relationship between SOXS and the semiconductor sector explains the sharp drop in the bearish ETF's price as traders reacted to the sector's bullish momentum.
Comments