The recent decline in semiconductor stocks has led to even greater losses for related leveraged ETFs. Since its June 22 high, the iShares Semiconductor ETF (SOXX) has fallen about 25%, while the Direxion Daily Semiconductor Bull 3X Shares (SOXL) has dropped nearly two-thirds (about 63%) over the same period. SOXL is designed to provide three times the daily return of its underlying index, but its daily reset mechanism amplifies losses during volatile downturns. Data from Baird Strategas shows that the 200 largest leveraged ETFs, with a notional value exceeding $400 billion, have declined by about $100 billion over the past month but remain near historic highs.