Weekly Recap | AXTQ.US -14.19%, a volatile two-way week

The Week

AXTQ.US fell 14.19% this week to close at $49.34, while the S&P 500 added 0.09%, leaving the ETF about 14.28 percentage points behind the benchmark. Ticker AXTQ.US is a 2x daily short ETF on AXTI, and trading was extremely volatile, with a weekly amplitude of 35.16%. The fund opened Monday at $57.48, dipped to $48.83 that day, rebounded to $61.68 on Tuesday, reached a high of $67.92 on Thursday, then dropped sharply on Friday to end near the week’s low at $49.34. Turnover picked up, with average daily volume around 109,300 shares, about 54.65% above the median. There was no major catalyst specific to the ETF this week; the price action was mostly two-way swings amid high volatility.

The Week Ahead

The coming week brings a run of US macro data. NFIB small business optimism is due Tuesday. Thursday is busy, with initial jobless claims, final demand PPI, existing home sales, wholesale sales and EIA natural gas storage all due; initial claims came in at 206 previously with a 205 forecast, while final demand PPI was 0 previously with a 0.4 forecast. The 10-year Treasury auction is also scheduled for Thursday, with the previous high yield at 4.683 and the bid-to-cover ratio at 2.53. For this leveraged short ETF, macro prints and moves in Treasury yields could feed through indirectly via AXTI’s own swings, but the next leg will still depend mainly on the underlying stock and the fund’s daily reset mechanism.

This article is generated by LongbridgeAI from market data, for information only and not investment advice.