SK Hynix begins trading on Nasdaq in $26.5B debut

SK Hynix begins trading on Nasdaq Friday under the symbol SKHYV after raising $26.5 billion in a more-than-seven-times-oversubscribed offering, according to Reuters.reuters+1
At least 10 fund issuers, including Direxion, GraniteShares, and ProShares, have filed to launch single-stock leveraged ETFs tied to the new ADR, a record pace.reuters+1
The rush reflects the explosive growth of leveraged ETFs in 2026, a trend some market observers say could amplify stock-market volatility.morningstar

SK Hynix begins trading on the Nasdaq on Friday in what is expected to be one of the largest ADR offerings in market history, and fund managers are already racing to offer leveraged bets on the stock before most investors have even placed their first trade.

At least 10 issuers have filed with the SEC to launch single-stock leveraged or inverse ETFs tied to SK Hynix's new ADR, according to Reuters. The filings represent a new record for the speed at which the leveraged-ETF industry has moved to capitalize on a debut listing.reuters

The Leveraged ETF Scramble

GraniteShares announced plans to launch its 2x Long SK Hynix Daily ETF (SKUU) and a corresponding inverse fund (SKDD) on July 13, the same day SKHY transitions from when-issued to regular-way trading. Direxion filed to launch its own 2x Daily SK Hynix Bull ETF under the ticker SKHL, which it said will "begin trading shortly after SK Hynix's ADR lists on Nasdaq". ProShares registered the Ultra SK hynix ETF under the ticker SKHU, also targeting 2x daily returns. CorgiFunds filed to list a 2x levered SK Hynix ETF on the Cboe BZX Exchange scheduled for the same day, while Amplify ETF Trust filed a Kodex SK Hynix 2x Long Daily ETF with the SEC.finance.yahoo+7

The wave reflects the explosive growth of single-stock leveraged ETFs in 2026, a trend that has drawn concern from some market observers. A MarketWatch report noted that leveraged ETFs are "booming" this year, with some worrying about the systemic risks they could pose.morningstar

A Record-Setting Offering

SK Hynix priced its ADRs at $149, raising approximately $26.5 billion in an offering that was more than seven times oversubscribed, Reuters reported. The South Korean chipmaker, which produces the high-bandwidth memory chips central to advanced AI accelerators, will trade under the temporary symbol SKHYV on a when-issued basis before transitioning to SKHY on July 13. The offering ranks as the world's second-largest share sale, behind only SpaceX's $85.7 billion IPO last month.reuters+2

Questions for the Roundhill Memory ETF

The debut also raises questions about the Roundhill Memory ETF (DRAM), which launched on April 2 and has surged more than 120% since inception by concentrating on AI memory companies including SK Hynix, Samsung, and Micron . With SK Hynix now directly accessible to US investors through an ADR — and available with leveraged wrappers — some market participants are questioning whether DRAM's value proposition as a gateway to the memory trade will diminish. The ETF had already crossed $1 billion in assets by April, but the direct availability of its largest holding could redirect flows toward single-stock products.nai500+1

SK Hynix's stock has surged more than 235% in 2026 on its home exchange, the Korea Exchange, driven by insatiable demand for its HBM chips used in AI data centers.morningstar

Sources (25)