南方两倍做多海力士一个月市值蒸发超800亿港元，6月高点以来回撤近75%

Odaily reported that on-chain analyst Ai Yi posted on platform X, stating that under extreme volatile market conditions, the narrative surrounding the Southern CSOP 2x Long Hynix ETF is collapsing. Its stock price has retraced nearly 75% from its June high, with its market capitalization evaporating by over HKD 80 billion in just one month. South Korean regulators have stepped in and emphasized "deleveraging." Taking the initial prices of both Hynix stock and the ETF at HKD 1 as an example: without any significant downtrend, Hynix stock fluctuated back and forth for 20 days, with daily price changes of plus or minus 10%. After 20 days, Hynix's final price was 0.9984, essentially returning to its starting point. However, the net asset value of the Southern CSOP 2x Long Hynix ETF was only 0.7978, suffering a loss of over 20%. Such 2x or 3x leveraged ETFs suffer from "volatility decay." To maintain the target of "2x daily returns," they need to rebalance their positions after market close each day, meaning buying more when the price rises and selling more when it falls. The Southern CSOP 2x Long Hynix ETF has now fallen back to its price level as of April 30, when Hynix's underlying stock was priced at KRW 1.3 million. In contrast, after several rounds of decline, Hynix's current stock price still stands at KRW 1.65 million.