Key Highlights

  • GraniteShares 2x Short SK Hynix Daily ETF (NASDAQ:SKDD) rose 13.14% to USD 12.38 on October 22, 2026, from USD 10.94, implying SK hynix fell about 6.6%, simple arithmetic on the published change and the quote.
  • SK hynix reports third-quarter results on October 29, 2026, with consensus pointing to a record operating profit of about KRW 77 trillion and a Margin near 78%.
  • Analysts expect more than KRW 30 trillion of additional Shareholder returns to be announced with the results, with Buybacks and cancellations favored over dividends. Shares are expected to see buybacks and cancellations rather than dividends.
  • The fund launched on July 14, 2026, lists on Nasdaq, charges 2.20% a year, higher than most peers, and held about USD 17.4 million in assets.

What Moved the Fund

The fund rose 13.14% in the October 22, 2026 session, implying SK hynix fell about 6.6%, simple arithmetic ignoring fees. The prior day it had fallen 5.12%, when SK hynix gained. Memory stocks have been under pressure since China's ChangXin Memory announced DRAM design progress on October 10 and 11. On October 22 the selloff spread. Lam Research (NASDAQ:LRCX) posted record Revenue of USD 8.22 billion on October 21, 2026, then fell about 9% on October 22 after guiding December-quarter revenue to USD 8.6 billion, plus or minus USD 400 million, and citing Supply constraints. Micron and Sandisk also fell in premarket trading. SK hynix shares trade in Seoul, so the US-listed fund reacts to a different clock.

SK Hynix Fundamentals

SK hynix plans to announce third-quarter results on October 29, 2026. Consensus operating profit is about KRW 77 trillion, the sixth straight record, on a margin near 78%. Counterpoint Research puts its HBM revenue share at 50% in the second quarter, ahead of Samsung at 33% and Micron at 18%. J.P. Morgan raised its fourth-quarter DRAM contract price forecast to a 10% to 15% rise and NAND to 15% to 20%. HBM4 sales for Nvidia's Vera Rubin platform are fully included from the third quarter. A stronger won is a headwind, but memory prices are expected to offset it. The won-dollar rate has held in the 1,300 range, and a 10% fall in the dollar would cut pre-tax income by about KRW 1.21 trillion.

Mechanics and Risks

SKDD, issued by GraniteShares, seeks minus 2x of SK hynix's daily return using swaps and similar instruments, resetting daily. It charges 2.20%, so Holding Costs are above Tradr and Defiance peers. If SK hynix rose 10% then fell 10%, the stock would end down 1.0% while the fund would end down 4.0%, simple arithmetic. A record profit and buyback announcement on October 29 could lift the stock sharply and hurt the fund, and the foreign trading hours add tracking risk. Swap financing costs add to the stated fee, and daily Rebalancing can create tracking gaps in violent sessions. The fund is non-diversified and concentrated in one stock.

Where Things Stand

GraniteShares 2x Short SK Hynix Daily ETF (NASDAQ:SKDD) rose because SK hynix fell about 6.6% as memory shares sold off with the wider AI complex, and the fund pays twice the inverse. SK hynix remains the leader in HBM with record profit expected, so the move reads as sentiment and positioning, not a change in fundamentals. The October 29, 2026 results and shareholder-return announcement are the next major catalysts and could reverse the move.