Korea / Special Situations, Clepsydra Capital

Sanghyun Park

I investigate special situations in Korea.

Korea / Special Situations

Flow Cannibalization Trade Setup Around Samsung and Hynix Leveraged ETF Listings

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

<ul>
<li>Street focused on seed size into first Korea multi single name 2x ETF launch. Samsung Mirae ~KRW100bn others KRW20bn to 50bn total KRW300bn to 400bn per underlying.</li>
<li>PDF is cash plus futures one-to-one. T minus three seed window implies ~KRW100bn daily. Spot impact muted. Watch futures into May 21 close with ~KRW400bn notional likely driving short-term impact.</li>
<li>Samsung versus Hynix pair is key post listing trade driven by Hynix skew. That said, also focus on pre-positioning into ~KRW400bn futures buying into May 21 close targeting contango widening.</li>
</ul>


Street focused on seed size into first Korea multi single name 2x ETF launch. Samsung Mirae ~KRW100bn others KRW20bn to 50bn total KRW300bn to 400bn per underlying.
PDF is cash plus futures one-to-one. T minus three seed window implies ~KRW100bn daily. Spot impact muted. Watch futures into May 21 close with ~KRW400bn notional likely driving short-term impact.
Samsung versus Hynix pair is key post listing trade driven by Hynix skew. That said, also focus on pre-positioning into ~KRW400bn futures buying into May 21 close targeting contango widening.


Flow Dynamics in Seed Window for 2x Leveraged Samsung and Hynix ETFs

SK Hynix

Flow Dynamics in Seed Window for 2x Leveraged Samsung and Hynix ETFs