GOOY is trading 12.14% down at $9.84 after Alphabet missed revenue and earnings expectations. - Alphabet reported $9.1 billion in negative free cash flow, while heavy AI investment raised investor concerns. - GOOY is designed to provide exposure to GOOGL through an options strategy, making the underlying stock’s decline a clear catalyst. - Broader weakness in technology shares may also weigh on the fund, though Alphabet’s earnings reaction is the stronger explanation.