Direxion files 2x SK hynix ETF as chipmaker advances U.S. ADR offering
Bloomberg said SK hynix is weighing a 0.5% bank fee and a possible issuance of up to 2.5% of shares, while Direxion, Bitget and Gate launch leveraged products tied to the expected U.S. debut.
Direxion said it filed with the SEC to launch the Direxion Daily SK Hynix Bull 2X ETF, ticker SKHL, designed to deliver 200% of the daily performance of SK hynix’s sponsored ADR, ticker SKHY, before fees and expenses, after the ADR listing becomes effective. Bloomberg, citing people familiar with the matter, said SK hynix is advancing a U.S. ADR offering that could rank among the world’s largest equity sales, with banks set to receive a base underwriting fee of 0.5% of proceeds and possible discretionary incentives, while the company has previously said it may issue new shares equal to up to 2.5% of total shares. In crypto derivatives, Bitget and Gate have launched pre-market or pre-IPO SKHYUSDT perpetual futures tied to the expected July 10, 2026 U.S. debut, though exchange announcements differed on whether the ADR would list on Nasdaq or the New York Stock Exchange. The products use a 10:1 conversion ratio in which 1 ADR represents 0.1 common share and are marketed as leveraged trading tools that do not confer ownership rights in SK hynix.
- American depositary receipt: U.S.-traded certificate that represents shares of a foreign company.
- single-stock leveraged ETF: ETF using leverage to amplify the daily move of one stock or depositary receipt.
- underwriting fee: Compensation paid to banks for arranging and selling a share offering.