• SMH3.L, a 3x leveraged ETP tracking the VanEck Semiconductor ETF (SMH), fell by 11.4% today.
  • This sharp decline occurred despite a generally robust performance in many underlying semiconductor stocks, which advanced on the day.
  • The magnified loss reflects the ETP's 3x daily exposure to volatility, exacerbated by a broader risk-off sentiment hitting high-beta technology shares.