A $41 million options position targeting Sandisk at a $1,600 strike has refocused attention on the Tradr 2X Long SNDK Daily ETF, which seeks 200% of Sandisk’s daily performance through swaps and options. CNBC host Jim Cramer previously flagged more than $90 million in premium spent on short-dated October 2 calls across Sandisk, Micron, Intel and Marvell, including $41 million on Sandisk, $44 million on Micron, $3.8 million on Intel and $3.8 million on Marvell. The buyer has not been identified, although Cramer suggested the trades could be linked to Leopold Aschenbrenner’s AI-focused hedge fund, Situational Awareness. That connection remains unconfirmed. Situational Awareness held about $5.7 billion of Sandisk and $5.6 billion of Micron at the end of June, after previously expanding from roughly $225 million to about $45 billion before leveraged AI positions unwound. SNXX rose 23.38% on September 4, declined for five straight sessions through September 16, and rebounded 11.96% on September 17 to close at $14.70. It then gained 13.81% to $16.73 by publication as volume reached 47.3 million shares. Because daily compounding can cause longer-term returns to diverge from twice the stock’s performance, the fund magnifies both gains and losses. The October 2 expiration leaves the options exposed to earnings expectations and changes in AI-related memory demand.