Leveraged ETFs Sold $6 Billion of Korean Chips in Tuesday Rout

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โดย Bloomberg·Read original
Summary · why it matters

Leveraged exchange-traded funds tracking Samsung Electronics and SK Hynix were likely forced to sell a combined $6 billion of the Korean chipmakers' shares on Tuesday to maintain leverage ratios, according to Bloomberg Intelligence. The selling by these single-stock ETFs, which aim to deliver twice the daily returns of the underlying stock, accounted for about 14% of turnover in Samsung and SK Hynix that day. SK Hynix and Samsung each fell around 13%, dragging the Kospi index to its worst selloff since the start of the Iran War. The two companies now make up over 55% of the benchmark index. Bloomberg Intelligence ETF analyst Rebecca Sin said the selling pressure came from mechanical rebalancing needed to reset daily 2x exposure, amplifying moves in stocks that already represent half the index.

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