On July 17, Direxion Daily Technology Bull 3x (TECL) fell 6.59% in pre-market trading, quoted at 172.5 USD/share, with turnover of approximately $881,600.

On the news front, Korea's Financial Services Commission officially announced tightened regulations on single-stock leveraged ETFs, raising the minimum margin requirement from 10 million to 30 million Korean won with only cash accepted, while simultaneously banning new leveraged product listings. The announcement served as the direct catalyst for the current selloff wave. Following the policy release, SK Hynix plunged over 13% and Samsung Electronics fell more than 8%, with the rout rapidly spreading to European and U.S. markets. Hedge funds had already been net sellers of semiconductor and hardware tech names for multiple consecutive weeks according to Goldman Sachs flow tracking, with Morgan Stanley warning of overt overbought conditions in the chip sector. As a triple-leveraged ETF providing 3x daily exposure to the U.S. technology sector, TECL's decline was significantly amplified relative to the underlying index pullback.

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