On September 28, T-REX 2X Long DRAM Daily Target ETF declined 8.15% in regular trading, trading at $13.2401/share, with turnover of approximately $39.10 million. The leveraged ETF amplified broad weakness across the memory chip sector.

The sell-off was triggered by reports that SK Hynix subsidiary Solidigm is considering a US IPO as early as next year, with a potential valuation of up to $150 billion and a fundraising target of approximately $15 billion. The company, established after SK Hynix acquired Intel's NAND flash memory business in 2021, has reportedly held underwriter pitch meetings with multiple investment banks this week, marking a substantive step in the listing process.

Investors expressed concern that Solidigm's independent listing would dilute existing SK Hynix shareholders' claim on the NAND asset portfolio currently benefiting from the AI-driven storage supercycle, redirecting profits to external shareholders. A Korean corporate governance forum had previously urged SK Hynix to abandon the plan, warning that listing a subsidiary controlled through a multi-layered ownership structure would exacerbate conglomerate discount risks. SK Hynix shares fell over 5% in Seoul and declined more than 4% in US pre-market trading, dragging down the broader memory sector.

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