Quick Read – SKHU has collapsed 52% in just 18 trading days as daily-reset compounding turned SKHY’s 15% monthly decline into a catastrophic drawdown. – Micron dipped just 3% Friday despite the same AI memory headlines, with $50B Q4 revenue guidance and 40 Buy-or-better analyst…
tings signaling no broken thesis. – The ProShares Ultra SK Hynix ETF (NYSEARCA:SKHU) is sliding hard in Friday’s session, extending a punishing stretch for the newly launched, geared-daily product. The catalyst: SK Hynix’s US-listed ADR has come under fresh pressure this week after the company’s preliminary second-quarter revenue, while up sharply year over year, arrived below Street expectations that had run up alongside the AI memory boom
Because SKHU is a single-stock leveraged ETF that seeks roughly two times the daily return of SK Hynix’s ADR, every down day in the underlying gets doubled, and the compounding of those daily resets has turned an ordinary correction in the ADR into a rout in the fund. ProShares Ultra SK Hynix ETF (SKHU) SKHU is down 12% in Friday’s session, quoted around $13 intraday after closing the prior session at $14.75. Over the trailing week the fund is off 9%, and since price history began on July 14, 2026, SKHU is down 52% from a starting price of $30.83.
That’s compounding-decay at work: the fund is brand new, with only 18 trading days of history, and volumes can be thin, which tends to widen spreads on days like this. SKHU obtains its exposure through swaps and other derivatives rather than by holding the Korean-listed shares outright, and it targets a 2x daily objective, meaning “an investment in the Fund will be reduced by an amount equal to 2% for every 1% daily decline” in the underlying ADR before fees and financing costs. On the fee side, the prospectus lists a gross expense ratio of 1.04% and a net expense ratio of 0.95%, well above what a broad-market ETF charges, which is typical for single-stock leveraged products.