$SOXS shut down! A triple short tool survives by shorting semiconductors. But the short positions’ money just gets “buried” one after another. It can’t eat anymore. The valuation cycle is simply about whether the market is willing to pay for leverage premium; when the premium goes to zero, the cycle of this pure leveraged product is a straight line downward—with not even a floor. The contract end spells it out: within seven hours, open interest dropped into deep water; the number of active orders also evaporated by nearly 30%. With no one taking over the short positions, buybacks (covering) are the ending it wrote in advance.