It is a single-underlying leveraged exchange-traded product that seeks twice the daily performance of SK Hynix's US depositary receipts. It uses total return swaps and equity-linked instruments, and is managed against a one-day objective.

The structure suits investors who can actively manage the underlying asset's daily moves and accept short-term risk.

It is an actively managed ETF run by Corgi.

The product uses total return swaps and other equity-linked instruments to create exposure that amplifies the underlying asset's daily return. The target exposure is adjusted every trading day, and the management centers on a derivatives structure and collateral management rather than direct holdings.

• Amplified daily exposure to a single memory chip underlying asset
• A management structure that uses swaps instead of holding the shares directly

Assets under management (AUM) stand at $16.5M, and the total expense ratio (Expense Ratio) is 0.50% per year.

As a newly listed exchange-traded product, it may not yet have a sufficient long-term track record or trading history. Before trading, it is wise to check trading conditions, bid-ask spreads, and the relationship between net asset value and market price.

Because it is a new product, understanding the underlying asset's daily moves and volatility matters more than a long-term performance record. Memory chip demand, artificial intelligence investment trends and exchange rate changes can sharply swing the short-term performance of both the underlying asset and the product.

Fund flows can be sensitive to short-term trading demand from investors seeking single-stock leveraged exposure and to market volatility. If news about the underlying asset or sector conditions change quickly, buying and selling demand, trading conditions, and the gap between market price and net asset value can also shift.

Its defining feature is a structure that amplifies daily directional exposure, but investors must also accept the compounding effect and the concentration risk of a single underlying asset.

No candidate comparison exchange-traded products targeting the same underlying asset or a similar strategy were provided in the input information. Rather than asserting the ticker of a specific substitute, it is more appropriate to compare general industry products based on whether they use daily leverage, underlying asset concentration, derivatives management methods, fee structure and trading conditions. If information on comparable listed products becomes available, the structures of direct substitutes and inverse products can be reviewed together.

When evaluating this product, do not look only at the long-term outlook for the underlying asset. Also consider how the daily reset and the derivatives structure will affect your actual holding period. Liquidity at the time of trading and currency exposure are also important items to check.

In periods of high volatility, or when prices swing back and forth repeatedly, the leverage and daily reset can cause actual performance to differ from the amplified performance you expect. A single underlying asset, semiconductor sector conditions, exchange rates, swap contracts and trading conditions can all act as risk factors at the same time.

SK ETF is a leveraged product focused on the daily direction of SK Hynix. Its structure differs from long-term holding of the underlying asset, so it is more appropriate to first set your holding period and loss tolerance, and to consider it only after understanding the daily reset and trading conditions.