The $491.8 million iShares PHLX Semiconductor ETF (NasdaqGM: SOXX) shed 6% today on volume that is already triple the daily average. All that for an ETF with just a 2.4% weight to Microhip.

If the semiconductor downcycle is for real, adventurous traders may want to have a look at the Direxion Daily Semiconductors Bear 3x Shares (NYSEArca: SOXS), which we highlighted Thursday. SOXS entered Friday with a one-month gain of 18.5% and the ETF is already up nearly that much today on volume that is more than double the daily average.

SOXS is the second-best of Direxion’s leveraged bear ETFs this month, trailing only the Direxion Daily Energy Bear 3X Shares (NYSEArca: ERY), according to issuer data.

Direxion Daily Semiconductors Bear 3x Shares