The Tradr 2X Long SNDK Daily ETF (SNXX) fell 5.05% during Wednesday's session, according to movement data.

The leveraged ETF's decline followed a sharp intraday reversal. It had initially surged in pre-market trading after Barclays upgraded its rating on the fund's underlying asset, SanDisk Corp. (SNDK), from "Hold" to "Overweight" and significantly raised its price target, citing the company's strong positioning in the AI-driven memory cycle.

However, the positive momentum faded after the market opened. SanDisk's stock itself failed to sustain its pre-market gains and turned negative. This reversal in the underlying security triggered an amplified downward move in the 2X leveraged ETF, leading to the overall plunge. The movement underscores the heightened volatility of leveraged products when the direction of the tracked asset changes abruptly.