The Company Behind AI’s Memory Is Coming to Nasdaq. T-REX Has the 2X Fund.
SK hynix makes the memory that artificial intelligence runs on. In the third quarter of 2025, Counterpoint Research estimated it held a 57% revenue share of the high-bandwidth memory market, more than the rest of the industry combined. This Friday, the company is expected to arrive on Nasdaq in the largest ADR listing on record by proceeds, a raise of roughly $29 billion. For the first time, it would trade on a US exchange, in dollars, during US market hours. And a 2X daily leveraged ETF built for this name is effective with the SEC and coming soon: the T-REX 2X Long SKHY Daily Target ETF (HYNX).
A $29 Billion Crossing
On June 24, SK hynix’s board approved a plan to issue roughly 17.79 million new common shares and sell them into the US market as American depositary receipts, with each common share represented by ten ADRs. The targeted raise is about 45.45 trillion Korean won, roughly $29 billion. The ADRs are expected to begin trading on Nasdaq under the ticker SKHY on Friday, July 10. The company has cautioned that the timing is tentative.
At that size, the deal would stand as the largest ADR listing on record by proceeds. The previous mark was Alibaba’s $21.8 billion NYSE debut in 2014, the offering that anchored a decade of foreign listings in New York. SK hynix’s raise would clear it by more than $7 billion.
The destination for the money is capacity. Reporting on the filing points to a planned fabrication complex in Yongin, expanded advanced-packaging lines, and extreme ultraviolet lithography tools from ASML. The company is raising dollars in New York to build memory plants in Korea.
Figure 1. Largest U.S. ADR listings on record, by proceeds.
The Memory Maker That Out-Earned Samsung
SK hynix makes DRAM, NAND flash, and high-bandwidth memory, the stacked chips that move data in and out of AI accelerators. That last product line rewrote the company’s income statement. In 2025, SK hynix reported 47.2 trillion won in operating profit against Samsung Electronics’ 43.6 trillion won. It was the first calendar year on record in which SK hynix out-earned Samsung.
High-bandwidth memory explains most of the gap. Counterpoint Research estimated that SK hynix held a 57% revenue share of the HBM market in the third quarter of 2025, with Samsung at 22%. Reporting on the listing names Nvidia and Google among the customers for those chips. Every large AI training cluster needs HBM stacked next to its processors, and the Q3 share data says SK hynix supplied more of it than anyone else.
The market has repriced the company to match. In early July, SK hynix’s market capitalization moved past Samsung Electronics, making it the most valuable listed company in South Korea.
Figure 2. The DRAM oligopoly: three firms, roughly 90% of the market.
Thirteen Hours Ahead
For its entire life as a public company, SK hynix common stock has traded in Seoul, listed on the Korea Exchange under the code 000660. The Korean session runs from 9:00 am to 3:30 pm local time. In July, Seoul sits 13 hours ahead of New York, so the Korean close lands at 2:30 in the morning, Eastern time. The two sessions never overlap.
SK hynix has never been listed on a US exchange. For a US trader, a company at the center of the AI memory story has spent the entire cycle trading in a market that closes before New York wakes up. The reaction to an earnings print or a customer announcement happened overnight, an ocean away.
The listing is expected to change that on Friday. SKHY would put SK hynix on a US exchange, during US market hours, quoted in dollars.
The 2X Daily Leveraged ETF, Coming Soon
This is where T-REX comes in. The T-REX 2X Long SKHY Daily Target ETF (HYNX) is effective with the SEC and coming soon. HYNX belongs to the T-REX family of 2X daily leveraged single-stock ETFs, funds built to give active traders amplified, single-day exposure to high-profile individual stocks. HYNX brings that toolkit to SK hynix.
The objective is specific. HYNX seeks daily investment results, before fees and expenses, of 200% of the daily performance of the SK hynix Inc. ADR. The fund seeks that result for a single trading day only. It does not seek to achieve its stated objective over any period longer than one trading day. The fund obtains its leveraged exposure primarily through derivatives such as swap agreements.
HYNX is a 2X daily leveraged ETF on SK hynix, not the stock. Investing in the fund is not equivalent to investing directly in SK hynix, and fund shareholders will not have voting rights or rights to dividends with respect to SK hynix.
Because the fund resets its 2X exposure every day, its return over any period longer than one day will very likely differ from 200% of SK hynix’s return over that period, and the difference can be large. We wrote a full explainer on the math of daily leveraged products. If HYNX is on your radar, read it first: How Leveraged ETFs Work.
HYNX is designed only for knowledgeable investors who understand the consequences of seeking daily leveraged (2X) investment results, understand the risks that come with leverage, and intend to actively monitor and manage their positions. It is not appropriate for buy-and-hold investors.
SK hynix spent its entire public life trading half a world away. On Friday, it is expected to arrive on Nasdaq in the largest ADR listing on record by proceeds. And for traders who want 2X daily leveraged exposure to the company behind AI’s memory, HYNX, the T-REX 2X Long SKHY Daily Target ETF, is coming soon.
Sources: CNBC (June 24, 2026); Yahoo Finance (July 2026); Quartz (June 24, 2026); Roic News (June 30, 2026); SK hynix Form F-1/A via SEC EDGAR; CNBC (January 29, 2026) and TrendForce (January 28, 2026) on 2025 results; Counterpoint Research on HBM market share. Listing terms and dates as reported and subject to change until completion. REX Shares is not affiliated with SK hynix Inc.
Chart Sources
Figure 1. Largest U.S. ADR listings on record, by proceeds at pricing, excluding overallotments. Source: company filings and press reports (CNBC, Reuters, Bloomberg, Davis Polk), as of July 6, 2026. Targeted raise for SK hynix’s planned July 2026 Nasdaq ADS listing; offering size and dates are tentative.
Figure 2. Global DRAM revenue share, first quarter 2026. Each square is one percentage point of total industry revenue, rounded to the nearest point. Source: TrendForce, 1Q26 DRAM industry revenue (published June 1, 2026).
Important Information
An investor should carefully consider the Fund’s investment objective, risks, charges, and expenses before investing. The Fund’s prospectus and summary prospectus contain this and other information about the Fund. To obtain a prospectus and summary prospectus, call 1-844-802-4004 or visit https://www.rexshares.com/hynx/. The prospectus and summary prospectus should be read carefully before investing.
The T-REX 2X Long SKHY Daily Target ETF (HYNX) seeks daily investment results, before fees and expenses, of 200% of the daily performance of the common stock of SK hynix Inc. The Fund does not seek to achieve its stated investment objective for a period of time different than a trading day. The Fund is newly organized and has no operating history. The Fund’s registration statement is effective, but shares of the Fund are not yet listed on an exchange and are not yet available for investment.
Investing in the Fund involves significant risk and is for sophisticated investors. The Fund is not suitable for all investors. The Fund is designed to be utilized only by knowledgeable investors who understand the potential consequences of seeking daily leveraged (2X) investment results, understand the risks associated with the use of leverage and are willing to monitor their portfolios frequently. The Fund is not intended to be used by, and is not appropriate for, investors who do not intend to actively monitor and manage their portfolios. For periods longer than a single day, the Fund will lose money if SK hynix’s performance is flat, and it is possible that the Fund will lose money even if SK hynix’s performance increases over a period longer than a single day.
Unlike traditional ETFs, or even other leveraged and/or inverse ETFs, these leveraged and/or inverse single-stock ETFs track the price of a single stock rather than an index, eliminating the benefits of diversification. Leveraged and inverse ETFs pursue daily leveraged investment objectives, which means they are riskier than alternatives which do not use leverage. They seek daily goals and should not be expected to track the underlying stock’s performance over periods longer than one day. They are not suitable for all investors and should be utilized only by investors who understand leverage risk and who actively manage their investments. The Fund will lose money if the underlying stock’s performance is flat, and it is possible that the Fund will lose money even if the underlying stock’s performance increases over a period longer than a single day.
An investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline in SK hynix, before financing costs and other operating expenses. An investor could lose the full principal value of an investment within a single day if the price of SK hynix falls by more than 50% in one trading day.
The Fund has a daily leveraged investment objective and the Fund’s performance for periods greater than a trading day will be the result of each day’s returns compounded over the period, which is very likely to differ from 200% of SK hynix’s performance, before fees and expenses. Compounding affects all investments, but has a more significant impact on funds that are leveraged and that rebalance daily, and becomes more pronounced as volatility and holding periods increase.
The Fund obtains leveraged exposure primarily through derivatives such as swap agreements. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference assets underlying those derivatives. Swap agreements are generally traded over-the-counter and may expose investors to significant losses.
Investing in the Fund is not equivalent to investing directly in SK hynix. Fund shareholders will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to SK hynix. SK hynix Inc. is not affiliated with the Trust, the Adviser, or any affiliates thereof and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the value of the Fund.
The Fund will be concentrated in the industry to which SK hynix Inc. is assigned. As of the date of the prospectus, SK hynix is assigned to the semiconductors and semiconductor equipment industry. A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries.
Principal risks include, but are not limited to, the following:
Effects of Compounding and Market Volatility Risk. The Fund has a daily leveraged investment objective, and its performance for periods longer than a single trading day will be the result of each day’s returns compounded over the period. That result is very likely to differ, and may differ significantly, from 200% of SK hynix’s performance over the same period. Compounding affects all investments but has a greater impact on funds that are leveraged and rebalance daily, and becomes more pronounced as volatility and holding periods increase.
Leverage Risk. The Fund uses leverage and will lose more money in market conditions adverse to its objective than a fund that does not use leverage. An investment in the Fund is reduced by 2% for every 1% daily decline in SK hynix, before financing costs and other expenses, and a single-day decline of more than 50% in SK hynix could result in the total loss of an investment.
Derivatives Risk. Derivatives are financial instruments that derive their value from an underlying reference asset. Investing in derivatives may be considered aggressive and may expose the Fund to greater risks, and may result in larger losses or smaller gains, than investing directly in the reference asset, and a derivative’s performance may not track that of its reference asset.
Swap Agreements Risk. The Fund expects to obtain its leveraged exposure primarily through swap agreements. Swaps are generally traded over the counter, may not receive the regulatory protections of exchange-traded instruments, and may expose investors to significant losses.
Counterparty Risk. A swap counterparty may be unwilling or unable to make timely payments or otherwise meet its contractual obligations, or may default, which could cause the value of an investment in the Fund to decline. The Fund may enter into swaps with a limited number of counterparties, which may increase this exposure, particularly during periods of significant market volatility.
Rebalancing Risk. If the Fund is unable to rebalance its portfolio, or if its portfolio is rebalanced incorrectly, the Fund’s exposure to SK hynix may be significantly greater or significantly less than its stated 2X multiple, which may lead to greater losses or reduced gains.
Daily Correlation Risk. There is no guarantee that the Fund will achieve a high degree of correlation to SK hynix and therefore meet its daily leveraged investment objective. The possibility of the Fund being materially over-exposed or under-exposed increases on days when SK hynix is volatile near the close of trading.
Indirect Investment Risk. SK hynix is not affiliated with the Fund and is not involved with this offering in any way, and has no obligation to consider the Fund in taking any corporate actions that might affect the Fund’s value. Investing in the Fund is not equivalent to investing directly in SK hynix, and Fund shareholders will not have voting rights or rights to receive dividends or other distributions with respect to SK hynix.
SK hynix Investing Risk. Issuer-specific attributes may cause the Fund’s investment to be more volatile than the market generally. SK hynix also faces risks unique to its operations, including cyclicality in the semiconductor industry and fluctuations in memory-chip pricing, dependence on global demand for DRAM and NAND flash memory, rapid technological change and the need for continuous and substantial capital expenditures, intense competition, supply-chain and geopolitical exposure, and customer concentration.
Industry Concentration Risk. The Fund will concentrate its investments (more than 25% of its total assets) in the industry to which SK hynix is assigned, which as of the date of the prospectus is the semiconductor industry. A portfolio concentrated in a particular industry may present more risks than a portfolio broadly diversified over several industries.
Technology Sector Risk. The market prices of technology-related securities tend to exhibit a greater degree of risk and sharper price fluctuations than other types of securities. These securities may be affected by intense competition, rapid product obsolescence, dependence on patent and intellectual-property rights, and sensitivity to rising interest rates.
Early Close/Trading Halt Risk. An exchange or market may close or halt trading in a security or in the Fund’s shares. Under such circumstances the Fund may be unable to buy or sell portfolio holdings, may be unable to price its investments accurately, may fail to achieve performance correlated with SK hynix, and may incur substantial losses.
Liquidity Risk. Holdings of the Fund may be difficult to buy or sell or may be illiquid, particularly during times of market turmoil. If the Fund is forced to buy or sell an illiquid instrument at an unfavorable time or price, it may be adversely affected and may be unable to limit losses, realize gains, or achieve a high correlation with SK hynix.
Non-Diversification Risk. The Fund is classified as non-diversified and may invest a relatively high percentage of its assets in a small number of issuers, or in instruments with a single counterparty or a few counterparties. This may increase the Fund’s volatility and its sensitivity to a single economic, political, or regulatory event.
New Fund Risk. The Fund is newly organized, has no operating history, and currently has fewer assets than larger funds. Like other new funds, large inflows and outflows may affect the Fund’s market exposure for limited periods of time.
There is no guarantee the Fund will achieve its investment objective. Please see a complete list of all fund risks in the prospectus.
Tuttle Capital Management, LLC is the investment adviser to the Fund. The Fund is distributed by Foreside Fund Services, LLC (member FINRA), which is not affiliated with Tuttle Capital Management, LLC or REX Shares.
This material is for informational purposes only and is not investment advice or an offer or solicitation to buy or sell any security.
