Direxion has filed with the U.S. Securities and Exchange Commission to launch the Direxion Daily SK Hynix Bull 2X ETF (ticker: SKHL).
This fund will aim to deliver daily investment returns equivalent to two times the performance of SK hynix's American Depositary Receipts (ticker: SKHY).
SK hynix's ADR is scheduled to begin trading on the Nasdaq on July 10, 2026, in what is reported to be one of the largest ADR listings in history.
As a global leader in the HBM (High Bandwidth Memory) market, SK hynix holds a central position in the AI data center supply chain, being a primary memory chip supplier for Nvidia, with its HBM4 product already certified for Nvidia's Vera Rubin platform.
Key Details from Direxion
Direxion's Chief Product Officer, Mo Sparks, stated that SK hynix is at the heart of the AI memory chip narrative, and SKHL will provide active traders with a tool to express focused investment views, representing a natural extension of Direxion's semiconductor product line.
Currently, Direxion's offerings include flagship triple-leveraged long and short semiconductor ETFs (SOXL and SOXS), as well as leveraged products on individual chip stocks like Nvidia and Micron.
Market Context and Volatility
However, the planned launch of SKHL coincides with a period of significant volatility for SK hynix's share price.
On July 2, following news that Meta was considering selling excess AI computing capacity, memory chip stocks in Japan and South Korea fell sharply, with SK hynix's stock dropping over 12% in a single day, erasing roughly a quarter of its market value within a week.
The South Korean KOSPI index triggered an automatic trading halt mechanism.
As of July 1, the simulated net asset value change for SKHL displayed on Direxion's official website showed a single-day decline of -23.21%.
Analyst Perspectives
Analysts point out that while SK hynix currently trades at a forward price-to-earnings ratio of approximately 5.2 times, presenting a valuation advantage, the market remains divided on whether the AI computing investment cycle can be sustained.
The upcoming Nasdaq listing on July 10 and the official second-quarter earnings report scheduled for July 29 are identified as key events likely to influence the stock's future direction.