Wall Street races to launch ETFs tied to SK Hynix after Nasdaq debut

At least 10 fund managers, including major issuers Direxion and ProShares, have filed registrations to launch single-stock exchange-traded funds (ETFs) tracking SK Hynix shortly after the chipmaker begins trading in the US, according to regulatory filings.

Almost all of the filings related to SK Hynix are for leveraged and inverse strategies tracking the Korean chipmaker's Nasdaq-listed American Depositary Receipts (ADRs).

SK Hynix is set to begin trading on the Nasdaq on Friday (July 10) after raising $26.5 billion through its

US listing

this week.

Among the issuers, ThemesETFs plans to launch a 2x leveraged ETF and a 1x short ETF on Cboe on July 13 under its Leverage Shares brand, according to a press release.

CorgiFunds has also filed to list a 2x leveraged SK Hynix ETF on the Cboe BZX Exchange, with trading scheduled to begin on the same day, the fintech company said in a press release.

Direxion is also seeking to launch a 2x leveraged SK Hynix ETF, which it said will "begin trading shortly after SK Hynix's ADR lists on Nasdaq".

Leveraged ETFs tracking SK Hynix shares in South Korea have previously been cited as a factor distorting the local market, with the head of the country's market regulator saying he regretted approving such products.