Traders are using EWY for exposure to SK Hynix ADRs, whose newly listed shares are trading at a substantial premium to local stock.
The iShares MSCI South Korea ETF (EWY) recorded a record inflow as traders sought exposure to SK Hynix through its ADRs (U.S.-traded depositary receipts). The move reflects strong demand for the chipmaker’s new ADRs, which are trading at a substantial premium to SK Hynix’s locally listed shares, highlighting a pricing gap between the U.S. and home market listings.