#Gate, dkarena melihat $7709 HK hari ini benar-benar menarik perhatian saya.
First of all, $7709 HK is the SK Hynix 2x ETF listed in HK. For a long time, this has become the only way for people outside Korea to gain exposure to $SKHY.
Because of that, the AUM of this ETF has swelled as market participants rushed in.
I had an initial hypothesis that $7709 HK was sold quite heavily today because the participants who had to rely on it now have better options in $SKHY.
Since the creation and redemption for $7709 are not announced in real time. One way to estimate how much $0660 was pressured downward is the discount to NAV for #SKHY, versus $0660.
Because $7709 and 0660 open and close at different times, we need to measure the performance gap using the same time standard.
I chose to use the 230PM HKT close as the benchmark because that’s when rebalancing for $7709 takes place.
At 230PM HKT, $7709 yesterday was 91.94 and today it is 89.68—down 2.45%.
Meanwhile, 0660 is 2,186,000 KRW and was marked at 2,180,000 KRW today at 230PM HKT.
KRWHKD yesterday was 0.005201 at 230PM HKT and today it is 0.005217.
Therefore, (see the image below)
From the large discount on the $7709 price, I expect a very large sell flow to flow into it.
Implication.
In the first order, I expect this to be bullish for $7709HK versus the ADR itself.
In the second order, I expect 0660 to also trade more strongly on that Monday itself, ceteris s.
Of course, ahead of the New York open, there may be many other external events that could arise. However, ceteris s—I see that there are a number of mechanical flows into $SKHY , which will also push up the premium for $SKHY
versus $0660 in KR.
I expect this premium to be anywhere in the range from 10% to higher and to last.#
First of all, $7709 HK is the SK Hynix 2x ETF listed in HK. For a long time, this has become the only way for people outside Korea to gain exposure to $SKHY.
Because of that, the AUM of this ETF has swelled as market participants rushed in.
I had an initial hypothesis that $7709 HK was sold quite heavily today because the participants who had to rely on it now have better options in $SKHY.
Since the creation and redemption for $7709 are not announced in real time. One way to estimate how much $0660 was pressured downward is the discount to NAV for #SKHY, versus $0660.
Because $7709 and 0660 open and close at different times, we need to measure the performance gap using the same time standard.
I chose to use the 230PM HKT close as the benchmark because that’s when rebalancing for $7709 takes place.
At 230PM HKT, $7709 yesterday was 91.94 and today it is 89.68—down 2.45%.
Meanwhile, 0660 is 2,186,000 KRW and was marked at 2,180,000 KRW today at 230PM HKT.
KRWHKD yesterday was 0.005201 at 230PM HKT and today it is 0.005217.
Therefore, (see the image below)
From the large discount on the $7709 price, I expect a very large sell flow to flow into it.
Implication.
In the first order, I expect this to be bullish for $7709HK versus the ADR itself.
In the second order, I expect 0660 to also trade more strongly on that Monday itself, ceteris s.
Of course, ahead of the New York open, there may be many other external events that could arise. However, ceteris s—I see that there are a number of mechanical flows into $SKHY , which will also push up the premium for $SKHY
versus $0660 in KR.
I expect this premium to be anywhere in the range from 10% to higher and to last.#
