Adding some positioning color: Semi lev ETF borrow: 157b to 94b in a few wks (-$63bn). Px move alone implies -78bn ~15bn of fresh dip buying into the unwind. In addition, Hynix ETF funding spread: FF+12% at the wides -- FF+1.5% now. Deleveraging well advanced, not done.
@shanghaojin·Jul 19, 2026·2 sources·neutral
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The article discusses the deleveraging of a semiconductor leveraged ETF and Hynix ETF funding spread, indicating the process is well advanced but not complete.
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Adding some positioning color: Semi lev ETF borrow: 157b to 94b in a few wks (-$63bn). Px move alone implies -78bn ~15bn of fresh dip buying into the unwind. In addition, Hynix ETF funding spread: FF+12% at the wides -- FF+1.5% now. Deleveraging well advanced, not done.
@shanghaojin
Jul 19, 2026
A massive leverage unwind is underway in semiconductor ETFs: Assets under management (AUM) in US leveraged semiconductor ETFs have dropped -$63 billion from the June peak, to $100 billion, the lowest since late April. This marks a -39% decline, the largest drawdown since April 2025, when assets mo
@kobeissiletter
Jul 19, 2026