US asset managers retreat from Korea-linked leveraged ETFs

U.S. asset managers are retreating from Korea-linked leveraged ETFs as a stock market downturn dampens investor appetite. Tradr ETFs will delist its two funds tied to SK hynix’s Nasdaq-listed American depositary receipts, while ProShares has asked the SEC to withdraw registrations for two planned funds linked to Hyundai Motor and Samsung Electro-Mechanics. Industry officials cited limited demand, intensified competition and a shift by some investors toward diversified products. Executives from several U.S. asset managers have also visited Seoul to explore opportunities in Korea.

Tradr ETFs decided on Oct. 20 to delist Tradr 2X Long SK hynix and Tradr 2X Short SK hynix, which are scheduled to stop trading on Nov. 5.

Liquidation and cash distributions for the two Tradr funds, based on their net asset values, are expected on or around Nov. 12.

The two Tradr funds had combined net assets of just over $2 million as of Friday, about three months after their launch.

SK hynix shares fell from a June 25 peak of 2,987,000 won to 1,263,000 won on Friday, while the KOSPI declined from its June 19 record of 9,385.59 to 5,550.30.

ProShares filed requests with the SEC on Oct. 19 to withdraw registration statements for ProShares Ultra Hyundai Motor and ProShares Ultra Samsung Electro-Mechanics, both designed to deliver twice the underlying shares’ daily returns.

Published Oct 26, 2026 3:02 pm KST

Commercial viability weakens amid fading investor interest in Seoul stocks

A Wall Street sign near the New York Stock Exchange in New York / AFP-Yonhap

U.S. asset managers are pulling back from leveraged exchange-traded funds (ETFs) tied to Korean companies, liquidating existing products and scrapping planned launches as a local stock market downturn dampens investor appetite, industry officials said Monday.

Tradr ETFs, a brand of U.S. asset manager AXS Investments, decided on Oct. 20 to delist two funds offering leveraged long and short exposure to SK hynix's Nasdaq-listed American depositary receipts (ADR), according to a filing with the U.S. Securities and Exchange Commission.

The funds, Tradr 2X Long SK hynix and Tradr 2X Short SK hynix, will cease trading on Nov. 5, with liquidation and cash distributions based on their net asset values expected on or around Nov. 12. The closures come just three months after the funds were launched.

Industry officials said the move may reflect limited prospects for gaining market share and difficulties attracting anticipated trading volumes and assets under management. The two funds had combined net assets of just over $2 million as of Friday.

Competition has also intensified as multiple asset managers, including ProShares, Direxion and GraniteShares, have rolled out leveraged ETFs to capitalize on investor interest in SK hynix following the July 10 listing of its ADR.

Adding to the pressure, the artificial intelligence-driven stock rally has reversed sharply in the second half of the year. SK hynix shares have plunged from a June 25 peak of 2,987,000 won ($2,260) to 1,263,000 won on Friday, while the benchmark KOSPI has tumbled from its June 19 record high of 9,385.59 to 5,550.30.

"Over the past 18 months, investors have made heavy use of leveraged products tied to individual stocks, but after experiencing significant volatility, they are shifting toward more diversified products, such as index-based funds," Oh Gee-seok, head of Asia at U.S. asset manager REX Financial, said during a Sept. 29 press conference.

Volatility of Seoul stock index drops after curbs on leveraged ETFs

Korean investors flock to leveraged US ETFs, take another hit

The downturn has also prompted some U.S. ETF providers to reconsider planned Korea-linked products.

ProShares filed requests with the SEC on Oct. 19 to withdraw registration statements for two planned funds, ProShares Ultra Hyundai Motor and ProShares Ultra Samsung Electro-Mechanics. Both were designed to deliver twice the daily returns of the underlying Korean companies' shares. The initial registration statements were filed in June.

"The moves are seen as part of a broader business decision by leveraged ETF providers to reassess expected demand and commercial viability for individual products and adjust their fund portfolios accordingly," said Kim Bora, head of Asia at Leverage Shares, the largest issuer of single-stock exchange-traded products in Europe.

Despite the pullback from Korea-linked products, the country continues to attract interest from global asset managers, supported by strong retail demand for leveraged ETFs.

Several senior executives have recently visited Seoul to explore opportunities in the Korean market.

Tradr ETFs President Russell Tencer made his first visit to the country on Sept. 17, saying the firm was considering launching additional products tied to Korean technology companies. Matthew Tuttle, CEO of Tuttle Capital Management, and Scott Acheychek, COO of REX Financial, also visited Korea that month.

由于股市低迷抑制了投资者的购买意愿，美国资产管理公司正纷纷撤出与韩国相关的杠杆ETF。Tradr ETFs将把旗下两只与SK海力士在纳斯达克上市的美国存托凭证挂钩的基金退市，而ProShares已向美国证券交易委员会（SEC）申请撤回其计划推出的两只分别与现代汽车和三星电机挂钩的基金的注册。业内人士指出，需求有限、竞争加剧以及部分投资者转向多元化产品是导致撤出的原因。此外，多家美国资产管理公司的高管也曾到访首尔，考察在韩国的投资机会。

Tradr ETFs 于 10 月 20 日决定将 Tradr 2X Long SK hynix 和 Tradr 2X Short SK hynix 退市，这两只 ETF 计划于 11 月 5 日停止交易。

根据净资产值，Tradr旗下两支基金预计将于11月12日左右进行清算和现金分配。

截至周五，这两只 Tradr 基金的净资产合计略高于 200 万美元，距离它们成立大约三个月。

SK海力士股价从6月25日创下的298.7万韩元的峰值跌至周五的126.3万韩元，而韩国综合股价指数（KOSPI）则从6月19日创下的9385.59点的历史高位跌至5550.30点。

10 月 19 日，ProShares 向美国证券交易委员会提交申请，要求撤回 ProShares Ultra Hyundai Motor 和 ProShares Ultra Samsung Electro-Mechanics 的注册声明，这两只股票旨在实现标的股票每日收益的两倍。

发布于2026年10月26日下午3:02（韩国标准时间）

随着投资者对首尔股市兴趣减退，商业可行性也随之减弱。

纽约证券交易所附近的华尔街标志牌 / 法新社-韩联社

业内人士周一表示，由于韩国股市低迷抑制了投资者的购买意愿，美国资产管理公司正在撤出与韩国公司挂钩的杠杆型交易所交易基金（ETF），清算现有产品并取消计划推出的新产品。

据提交给美国证券交易委员会的文件显示，美国资产管理公司 AXS Investments 旗下品牌 Tradr ETFs 于 10 月 20 日决定将两只提供对 SK 海力士在纳斯达克上市的美国存托凭证 (ADR) 进行杠杆多空敞口的基金退市。

Tradr 2X Long SK hynix 和 Tradr 2X Short SK hynix 这两只基金将于 11 月 5 日停止交易，预计将于 11 月 12 日左右进行清算，并根据其净资产值进行现金分配。这两只基金成立仅三个月后便宣布关闭。

业内人士表示，此举可能反映出这两只基金获取市场份额的前景有限，且难以达到预期的交易量和管理资产规模。截至周五，这两只基金的合计净资产略高于200万美元。

随着 SK 海力士于 7 月 10 日 ADR 上市后，包括 ProShares、Direxion 和 GraniteShares 在内的多家资产管理公司推出杠杆 ETF 以利用投资者对 SK 海力士的兴趣，竞争也变得更加激烈。

雪上加霜的是，人工智能驱动的股市上涨行情在下半年急剧逆转。SK海力士股价从6月25日创下的298.7万韩元（约合2260美元）高点暴跌至上周五的126.3万韩元，而韩国综合股价指数（KOSPI）也从6月19日创下的9385.59点的历史高位跌至5550.30点。

美国资产管理公司 REX Financial 亚洲区负责人 Oh Gee-seok 在 9 月 29 日的新闻发布会上表示：“在过去的 18 个月里，投资者大量使用了与个股挂钩的杠杆产品，但在经历了显著的波动之后，他们正在转向更加多元化的产品，例如指数基金。”

杠杆ETF受限后，首尔股市指数波动性下降

韩国投资者涌入杠杆型美国ETF，再次遭受打击

此次经济低迷也促使一些美国 ETF 提供商重新考虑计划推出的与韩国相关的产品。

ProShares于10月19日向美国证券交易委员会（SEC）提交申请，撤回其计划设立的两只基金——ProShares Ultra Hyundai Motor和ProShares Ultra Samsung Electro-Mechanics的注册声明。这两只基金旨在实现其所持韩国公司股票每日收益的两倍。最初的注册声明于6月份提交。

“这些举措被视为杠杆 ETF 提供商更广泛的商业决策的一部分，旨在重新评估单个产品的预期需求和商业可行性，并相应地调整其基金投资组合，”欧洲最大的单只股票交易所交易产品发行商 Leverage Shares 的亚洲区负责人 Kim Bora 表示。

尽管韩国相关产品有所回落，但由于杠杆ETF的强劲零售需求，韩国仍然吸引着全球资产管理公司的兴趣。

最近，几位高管访问了首尔，以考察韩国市场的机遇。

Tradr ETFs总裁Russell Tencer于9月17日首次访问韩国，并表示该公司正在考虑推出更多与韩国科技公司相关的产品。Tuttle Capital Management首席执行官Matthew Tuttle和REX Financial首席运营官Scott Acheychek也于当月访问了韩国。