The CSOP SK Hynix Daily (2x) Leveraged Product (07709) plummeted 5.41% in early trading on Monday, reflecting the amplified impact of a sharp decline in its underlying stock, SK Hynix, in the U.S. market overnight.

The leveraged product’s drop came after SK Hynix fell more than 3% in U.S. trading, as storage stocks broadly declined. Seagate Technology lost over 4%, while Western Digital and SanDisk also retreated, dragging the sector lower. The 2x leveraged product, which is designed to double the daily performance of SK Hynix, magnified the overnight loss when the Hong Kong market opened.

Despite SK Hynix’s recent approval of a massive 54.35 trillion won expansion plan to meet growing AI-driven memory demand, the stock was swept up in the broader sell-off in storage names. The sentiment-driven weakness in the semiconductor sector outweighed the company-specific positive development, leading to the leveraged product’s notable intraday decline.