SK Hynix’s $26.5 Billion Nasdaq Debut Reveals the Hidden Price Investors Pay for Access

SK hynix Inc. attracted filings from at least 10 fund managers for leveraged or inverse single-stock exchange-traded funds before its first U.S. trade, after pricing a $26.5 billion sale of American depositary receipts, or ADRs — U.S.-traded certificates representing foreign shares — at $149. The price was 2.7% above the three-day average for its Seoul shares; underwriters earned nearly $260 million, or 0.97% of the proceeds.