$SKHY listing - 10 Jul 26

Special post because looking at $7709 HK today really caught my eye.
First of all, $7709 HK is a 2x SK Hynix ETF listed in HK. For a long time, this was the only way for people outside of Korea to get exposure to $SKHY.
Hence, the AUM of this ETF swelled as market participants rushed in.
I had an initial hypothesis that $7709 HK was sold quite heavily today as participants who had to rely on it now have a better option in $SKHY.
Because creation and redemption for $7709 is not announced in real time. One way to proxy how much $0660 got sold down is the discount in the NAV for $7709HK vs $0660
Because $7709 and 0660 open and close at different times, we need to measure the difference in performance using the same standard time.
I choose to use the 230PM HKT close as the mark because that is when the rebalancing for $7709 goes through.
At 230PM HKT, $7709 was $91.94 yesterday and today it is 89.68 - this is a drop of 2.45%
Meanwhile 0660 was 2186000 KRW and marked at 2180000 KRW today at 230PM HKT.
KRWHKD was 0.005201 yesterday at 230PM HKT and today it was 0.005217.
Hence, (refer to image below)
From this big discount in $7709 prices, i would expect there to have been a ton of sell flow into it.
Implications.
First order wise, i would expect this to be bullish for $SKHY into the ADR itself.
Second order wise, i would expect 0660 to also trade firmer on Monday itself, ceteris s.
Of course, going into the New York open, there are many other external events that could crop up, however ceteris s - i see some amount of mechanical flows into $SKHY
This will also push the premium up for $SKHY vs $0660 in KR.
I would expect this premium to range anywhere between 10% to higher and for it to persist.