A leveraged exchange traded product tied to SK Hynix Inc has amassed more than $16.8 billion in assets under management, making it Hong Kong’s largest ETF and underscoring investors’ voracious appetite for risky semiconductor bets.

CSOP Asset Management Ltd’s leveraged ETF product, launched in October to deliver twice SK Hynix’s daily return, has surpassed the $16.2 billion Tracker Fund in assets. The Tracker Fund, Hong Kong’s first ETF, mirrors the Hang Seng Index and has long served as the city’s flagship passive investment vehicle.

The shift highlights both demand for high‑growth technology plays and the stark divergence in underlying performance. Shares of memory‑chip giant SK Hynix have jumped over 300 percent this year, buoyed by strong earnings growth and optimism around artificial intelligence demand. By contrast, the Hang Seng Index has fallen about 7.5 percent.

CSOP’s SK Hynix leveraged product “has ridden the AI, chip, tech wave and has returned almost 900 percent year-to-date with $2 billion of inflows while the rest is market appreciation,” said Rebecca Sin, an ETF analyst at Bloomberg Intelligence. Investors should also be cautious on the product’s daily tracking difference, according to Sin.

ALSO READ: The AI frenzy is driving a memory chip supply crisis

The fund ranked among this year’s top product for inflows in Hong Kong, trailing only the CSOP Samsung Electronics Daily (2x) Leveraged Product, which has attracted about $2.2 billion in net inflows, according to data compiled by Bloomberg. The Samsung product was launched in May last year.