The Tradr 2X Long SNDK Daily ETF (SNXX) plummeted 17.15% intraday on Wednesday. As a leveraged exchange-traded fund designed to deliver twice the daily return of SanDisk Corporation, the ETF's sharp decline was directly tied to the movements of its underlying asset.

The drop was primarily driven by profit-taking activity in SanDisk shares following a substantial rally in the previous session. SanDisk had surged over 5% during regular trading after investment firm Bernstein significantly raised its price target, citing new-generation long-term agreements that are reshaping the memory industry business model. Investors subsequently locked in gains, causing SanDisk to fall. This pullback in the underlying stock was amplified by the ETF's 2x leverage mechanism, resulting in the steeper decline for SNXX.

The movement follows a period of exceptional volatility for SanDisk, which had seen remarkable price advances amid structural supply-side constraints in the NAND flash memory industry, creating conditions ripe for profit-taking after significant gains.