SK Hynix Nasdaq debut sparks race to launch leveraged ETFs
Business
SK Hynix, the South Korean chip giant, is about to make its first appearance on the Nasdaq (July 10), and Wall Street is buzzing.
At least 10 fund managers, including Direxion and ProShares, are racing to launch new ETFs that track SK Hynix’s US shares (ADRs).
Most of these are leveraged or inverse funds, riding the excitement after SK Hynix’s $26.5 billion US listing this week.