10.27%What KORUX tracks
KORUX tracks Korea 3x Long ETF, a fund that aims to deliver a multiple of a daily move in an index or a single stock, or the opposite of that move. The target applies to one day and resets every day.
Over periods longer than a day, the result depends on the path the market took and can differ sharply from the multiple you'd expect, especially when prices swing. Funds like this are built for short holding periods.
About Korea 3x Long ETF
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TelegramHow KORUX works
KORUX is issued by Backed Finance. Backed Finance issues xStocks through Backed Assets (JE) Limited, which holds the underlying securities with custodians and handles minting and redemption for eligible clients.
What you hold is the token, not the underlying asset. KORUX tracks the price of Korea 3x Long ETF, but it doesn't give you shareholder rights or a direct claim on the underlying holdings. Minting and redemption are handled by Backed Finance for eligible clients under its own terms. Solflare is a self-custody wallet for holding and swapping KORUX, and it does not issue, back, or custody the token.
The price of KORUX on Solana is set by on-chain trading. Where liquidity is deep, it tends to stay close to the underlying price. Where liquidity is thin, a small swap can move the price and the gap to the underlying can widen.
Distribution terms for KORUX are set by Backed Finance. Where the underlying fund pays distributions, issuers usually reflect them in the token rather than paying cash.
When can you trade KORUX?
KORUX can be swapped on Solana at any hour, but the fund it tracks trades only during US market hours. Outside those hours there's no live fund price, so the price of KORUX comes from on-chain trading alone and can drift from the fund's last close.
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