![SK Hynix [Yonhap]](https://wimg.heraldcorp.com/news/cms/2026/06/08/news-p.v1.20260606.151f116ac20e4850a187774725fa7bfe_P1.png)
SK Hynix shares fell nearly 8% on Monday, yet the ACE SK Hynix Single-Stock Leverage ETF surged roughly 50% on the same day — a striking anomaly that has drawn scrutiny from market participants.
According to Korea Exchange, the ACE SK Hynix Single-Stock Leverage product managed by Korea Investment Management closed up 49.70% at 30,000 won (about $19), compared with the previous session.
The ACE SK Hynix Single-Stock Leverage ETF is designed to deliver twice the daily return of SK Hynix shares.
The product traded lower throughout most of the session before abruptly leaping nearly 50% in the final moments of trading.
Given that SK Hynix itself closed down 7.68% at 1,911,000 won, the leveraged ETF would normally be expected to fall roughly 15 to 16 percent — twice the underlying stock's decline.
In practice, the six other SK Hynix single-stock leveraged products all fell between 15 and 18 percent, in line with that expectation.
The anomaly is believed to have occurred just before the market close, when liquidity providers (LPs) are not obligated to submit bid-ask quotes, causing the spread to widen sharply. Market orders placed by investors at that moment were executed at the distorted price.
ETFs rely on LP quote submissions to prevent the market price from straying far from net asset value. However, LPs are exempt from that obligation during the simultaneous-quote period between 3:20 p.m. and 3:30 p.m. For thinly traded products with a shallow order book, a single order placed at an abnormal price during that window can distort the closing price significantly.
Korea Investment Management said it would review its LP quoting framework in light of the incident and take every precaution to prevent a recurrence.
The more pressing concern, however, is the situation facing investors who bought the product at 30,000 won during that window.
Once the market reopens and LPs resume liquidity provision, the price is expected to revert to its fair value.
If the ETF falls back to around 16,000 won — in line with other SK Hynix single-stock leveraged products — those who bought at 30,000 won could face losses of roughly 50 percent. Institutional investors are said to account for more of the buying at that price than retail investors. "Looking at similar past cases, it may in effect be very difficult to recover the losses," an investment industry official said.
Domestic chip stocks slide as US tech shares tumble
Samsung Electronics and SK Hynix shares were also rattled Monday by a sharp selloff in US technology stocks, with both companies falling below key psychological price levels.
Samsung Electronics closed down 10.18% at 295,500 won, slipping below the 300,000-won threshold for the first time in six trading sessions since May 28. The stock touched an intraday low of 292,500 won. SK Hynix fell 7.68% to close at 1,911,000 won, retreating below the 2,000,000-won mark for the first time in nine trading sessions since May 22. At one point during the session it dropped as low as 1,855,000 won.
SK Hynix did, however, announce during trading that it would deepen a long-term technology partnership with Nvidia, including co-developing next-generation memory chips for global AI factory buildouts — a disclosure that analysts said helped trim some of the day's losses.
On Friday, all three major US indexes fell as stronger-than-expected jobs data stoked fears of an interest rate increase.
The resilience of the US labor market in May, which came in stronger than anticipated, has fueled concern that the Federal Reserve could raise interest rates before year-end. That worry triggered selling concentrated particularly in technology stocks, which in turn weighed on domestic semiconductor shares throughout the session.
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