KODEX SK Hynix Single Stock Leverage (0193T0) 🔎 In-depth

Its benchmark is the KRX SK Hynix Index, which represents the share-price path of the single stock SK Hynix. This ETF aims to track about 2x the "daily" return of that index. For example, if SK Hynix rises +3% on a day, the ETF aims for roughly +6%; if it falls -3%, roughly -6%. The crucial point is that the multiple is strictly on a "daily" basis.

When SK Hynix's share price rises, it rises about 2x more; when it falls, it falls about 2x more. Because it is linked at 2x to just one stock, its daily swings are far larger even than leverage on a broad market index. As of July 13, 2026, its closing price was ₩14,915, down 31.5% on the day, a result of SK Hynix's sharp decline that day being reflected at about 2x. Because it invests in a domestic stock, it is not affected by exchange rates.

This is a product with very high risk and volatility, because two things overlap: first, the single-stock risk of being concentrated in just "one stock," and second, the leverage risk of "2x." Also, because the multiple is on a "daily" basis, holding it for more than a few days makes the result diverge from "2x times the cumulative return over the period." In particular, if the share price repeatedly rises and falls and effectively goes nowhere (sideways), the daily process of resetting the multiple can chip away at value bit by bit, producing a "volatility loss." For example, even if the price rises +10% one day and falls -9.1% the next, returning to its starting point in two days, the 2x product can end up below its principal over that stretch. Conversely, when the price moves in a clear direction for several days in a row, compounding can work favorably. It can be used to make a strong short-term bet on SK Hynix's direction or to briefly hedge shares you hold, but its structure is generally unsuitable for long-term holding.

SK Hynix is regarded as a company leading the market for high-bandwidth memory (HBM) used in AI servers. As memory demand grew strongly with expanding AI infrastructure investment in 2026, its earnings also improved sharply. That said, because expectations and concerns about market and industry conditions are concentrated on this single stock, the share price itself tends to be quite volatile, and it must be viewed together with the fact that adding 2x makes the daily swings very large.

In a word, it is a product that rides SK Hynix alone at about 2x its daily move. It is twice as exciting when it rises but twice as painful when it falls, and holding it for a long time can make it diverge from "2x times cumulative," so it is the kind of ETF used for taking a short-term view on direction.