该杠杆ETF的运作依赖华尔街大行提供掉期合约以制造杠杆，并透过「锁定选择权」等衍生商品进行避险；但随著基金规模扩大，银行面临资金与风险额度限制，导致避险成本急剧上升，进而使该ETF的实际回报率开始落后于理论上的双倍每日回报表现。
虽然SK海力士计划在美国上市可能增加股票流动性并减缓ETF资金流的冲击，但分析师与监管机构仍对此类高度集中的杠杆产品感到忧虑，警告一旦市场趋势逆转，该ETF被迫在下跌中机械式抛售，可能会对南韩股市引发连锁性的快速暴跌。
As South Korean chipmaker SK Hynix plays a crucial role in the AI boom, its stock price has soared; however, a Hong Kong-listed leveraged ETF tied to the company has rapidly ballooned to $13 billion within nine months, becoming the world's largest single-stock leveraged ETF and beginning to dictate and amplify swings in both the stock and the Kospi index. (Key numbers: 130)
The leveraged ETF relies on major Wall Street banks providing swaps and hedging exposures through exotic derivatives like cliquets; however, as the fund grows, banks face funding constraints and risk limits, causing hedging costs to surge and the ETF's actual performance to lag behind the theoretical double daily return.
Although SK Hynix's planned US listing might increase stock liquidity and cushion the impact of ETF flows, analysts and regulators remain wary of such highly concentrated leveraged products, warning that a market reversal could force mechanical selling and trigger an onslaught of rapid selloffs across the South Korean stock market.