Published on: 2026-07-30
SKHL, SKHU and SKHA are competing leveraged ETFs built around the same trade. Each seeks twice the daily return of SKHY, the U.S.-listed SK Hynix depositary receipt, yet their liquidity, fees and trading conditions differ. SKHU currently has the strongest market, SKHL sits close behind, and SKHA has entered with the highest fee and the most to prove.
All three funds target 200% of SKHY’s daily return, with the calculation restarting after every market close.
SKHU held $52.8 million in assets and traded 7.41 million shares on 29 July, giving it the clearest early liquidity lead.
SKHL charges 0.97% net, only 0.02 percentage points more than SKHU, while SKHA charges 1.49%.
A 10% rise followed by a 9.09% fall leaves SKHY almost unchanged, while a theoretical 2x fund loses about 1.82%.
The funds track SKHY’s U.S. price, including any premium over the Korean-listed shares.
The headline promise is identical. The early trading market is where the products separate.
Ticker |
Early position |
Main difference |
|---|---|---|
SKHU |
Volume and asset leader |
0.95% net fee and options available |
SKHL |
Active challenger |
Similar fee with lower early volume |
SKHA |
Newest and smallest |
1.49% fee and thin opening market |
SKHU began trading on 13 July 2026 and held $52.8 million in net assets by 29 July. SKHL followed on 15 July. SKHA had an inception date of 27 July and opened for trading the next day.
SK Hynix sits at the centre of the AI-memory trade. Its high-bandwidth memory chips are used alongside advanced processors in AI servers, tying demand for its products to data-centre construction and spending on artificial intelligence infrastructure.
The company’s U.S. depositary shares began regular Nasdaq trading under SKHY on 13 July. That listing gave U.S. fund issuers a local security against which they could build leveraged products.
A widely followed chip company, a new U.S. listing and large daily price swings created an obvious product opportunity. ProShares, Direxion and Tradr responded with separate funds offering the same basic promise through different ETF wrappers.
SKHL, SKHU and SKHA all aim to deliver 200% of SKHY’s return from one market close to the next.
A 5% daily rise in SKHY points to a gain of roughly 10% in each ETF before fees and tracking differences. A 5% decline points to a loss of roughly 10%.
The word daily sets the boundary. The funds reset their leverage after every session and begin the next day with a new 200% target. Their objective does not guarantee twice SKHY’s return over a week, month or year.
The funds mainly obtain their leveraged exposure through swaps. These contracts pay according to movements in SKHY and remove the need for the fund to borrow money and buy twice as many shares. Swaps also introduce counterparty and tracking risks because the final result depends on the contracts performing as intended.
ProShares’ SKHU had $52.8 million in assets and traded 7.41 million shares on 29 July. Its net expense ratio is 0.95%, and listed options are available.
That volume gives SKHU the clearest early advantage. More activity can attract additional market makers and support tighter quotes, making it easier to enter or leave a position near the displayed price.
Direxion’s SKHL charges 0.97% net and recorded 2.48 million shares of volume on 28 July. Its fee is only two basis points above SKHU’s.
The difference equals $2 a year on a $10,000 position before considering the actual holding period. For exposure held through one session, the fee gap barely registers. Execution provides the more meaningful comparison.
Tradr’s SKHA charges 1.49%, had approximately $194,000 in assets after its opening sessions and did not yet have listed options. Its published median bid-ask spread stood at 0.512% as of 29 July.
A small asset base does not guarantee poor execution, though it leaves less evidence that the market can absorb larger orders efficiently. SKHA’s liquidity may improve as the fund attracts assets and trading activity. Until then, its spread deserves more attention than its ticker price.
Two basis points will barely register on a one-day position, but a wider spread will.
The fund name provides less useful information than the live market.
Compare the bid-ask spread across all three tickers.
Check the market price against the latest net asset value.
Review dollar volume rather than relying only on the number of shares traded.
Use a limit order instead of assuming a market order will fill at the displayed quote.
Confirm that the position is intended to capture daily exposure rather than act as a permanent 2x holding.
Execution quality and percentage return will determine the result.
Assume SKHY starts at $100 and rises 10% to $110. A theoretical 2x fund gains 20%, turning $100 into $120.
SKHY then falls 9.09% and returns to approximately $100. The leveraged fund loses 18.18%, doubling the second day’s decline. Its value falls from $120 to about $98.18.
SKHY ends almost unchanged. The 2x fund loses roughly 1.82% before fees and tracking differences.
The sequence caused the loss. Two consecutive 10% gains would produce the opposite effect. SKHY would rise 21%, while a theoretical fund gaining 20% twice would rise 44%.
Daily leverage rewards a clean direction and punishes repeated reversals.
Returns over several sessions can therefore finish above or below twice SKHY’s cumulative move. Higher volatility and longer holding periods give the path more influence over the result.
SKHL, SKHU and SKHA track SKHY’s U.S. market price rather than directly tracking SK Hynix shares in Seoul. Each SKHY depositary share represents one-tenth of a Korean common share, but the U.S. price can trade at a premium or discount to the equivalent Korean value.
SKHY traded at a substantial premium during its first weeks in the U.S. market. If that premium contracts, SKHY can decline even when the Korean-listed shares remain stable or rise. The three leveraged ETFs would then magnify the U.S. move.
A position therefore depends on three factors:
SKHY’s premium or discount;
the ETF’s daily leveraged return path.
A correct view on SK Hynix can still produce a loss if the U.S. premium contracts first.
Yes. A decline in SKHY approaching 50% during one session could erase nearly all the value of a 2x long fund. Tradr warns that the loss could occur even if SKHY later reverses part of the decline.
Losses are generally limited to the amount paid for the ETF shares. The funds provide leverage inside the product rather than through a personal margin loan, so an ordinary purchase does not create the same margin-call obligation.
A halt can prevent the fund from pricing its holdings or resetting its leverage before the close. Trading in the ETF may also be halted when the underlying security becomes unavailable.
SKHU currently leads on volume and assets. SKHL offers the closest competition, while SKHA needs more activity and tighter execution to close the gap. Those positions can change as money moves between the funds.
The useful signal will be whether SKHA’s spread and dollar volume begin converging with its older rivals while all three continue to track their daily targets.
