On July 17, Direxion Daily Technology Bull 3x fell 5.1% overnight, trading at $174.0/share, with turnover of $4.1531 million.

On the news front, the global semiconductor selloff continued to intensify, with storage chip stocks suffering massive losses. SK Hynix plunged 13.48%, SanDisk dropped 12.6%, Seagate fell 10%, and Western Digital declined 9.22%. The Nasdaq Composite fell 1.47% on the session. The Philadelphia Semiconductor Index dropped 4.29%. The rout was directly triggered by Korean regulators formally tightening single-stock leveraged ETF rules, including raising minimum deposits from 10 million to 30 million Korean won and banning new leveraged product listings, cutting off a major speculative funding source for storage chip trading. Bank of America surveys show 82% of fund managers consider long semiconductor the most crowded trade, while hedge funds have been net sellers of chip hardware stocks for consecutive weeks.

As a 3x leveraged ETF, TECL saw its decline significantly amplified amid the underlying technology sector pullback. The fund invests at least 80% of its net assets in financial instruments providing 3X daily leveraged exposure to a domestic technology sector index.

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