A $41 million options bet on Sandisk Corp (SNDK) has put the Tradr 2X Long SNDK Daily ETF (SNXX) back in focus as traders position for another sharp move in the memory-stock rally.
CNBC's Jim Cramer flagged more than $90 million in premium spent on short-dated Oct. 2 calls across Sandisk, Micron Technology, Inc (MU), Intel Corp (INTC) and Marvell Technology Inc (MRVL). Sandisk accounted for $41 million of that total, with traders targeting the $1,600 strike. The buyer's identity remains unconfirmed.
Trading above $1,600 on Friday—yet still well below its 52-week high—Sandisk's concentrated call buying points to a sharp near-term move rather than a long-term position.
SNXX Offers 2X Daily Exposure
That setup makes SNXX particularly relevant. The ETF targets 200% of Sandisk's daily performance through swaps and options, though daily compounding means returns over longer periods will differ.
SNXX highlights how quickly leverage cuts both ways. After jumping 23.38% on September 4, it fell across five consecutive sessions through September 16—including a 10.09% drop on September 14—before rebounding 11.96% on September 17 to close at $14.70.
Trading volume surged on Friday to 47.3 million shares, with the fund rising 13.81% to $16.73 by publication, according to market data. Moving well above its short- and long-term averages, the stock traded between $14.77 and $16.80 throughout the session.
SNXX now holds immediate support near its $14.99 opening price, with initial resistance around $17.00.
The Options Positioning has a Clear Deadline
October 2 calls expire just days after Sandisk's broader memory-industry catalyst window, making the trade highly sensitive to both earnings expectations and shifts in AI-related memory demand.
For SNXX, however, the key distinction is leverage. A sustained Sandisk rally can magnify gains on a daily basis, but sharp reversals and volatility can produce equally rapid losses.
With Sandisk calls worth $41 million now drawing attention, SNXX offers a direct ETF lens on whether the latest memory trade has another leg higher — or whether the options market is once again pricing in a move that proves too aggressive.
