A $41 million options bet on Sandisk Corp (NASDAQ:SNDK) has put the Tradr 2X Long SNDK Daily ETF (BATS: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 (NASDAQ:MU), Intel Corp (NASDAQ:INTC) and Marvell Technology Inc (NASDAQ: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.
70. 73 by publication, according to Benzinga Pro data.
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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.
Read Also: Micron, SanDisk Face New China Rival: Trouble for MU and SNDK Ahead?
