中文翻译
虽然存在相关敞口，但波动率交易策略追求的是对三星/SK海力士的最大化敞口。基本上我发现它通过间接的通道结构间接地大幅超过了上限。人们常犯的错误是认为上限为50%（波动率降低），但像SK Square这样的公司基本上就是SK海力士的控股公司。三星电子也通过其他三星公司几乎被多次计入。随着市值上升，权重越来越向它们倾斜，而不是对两者都限制在50%。
· 供应链分析
波动率交易因间接结构导致三星/SK海力士敞口远超50%上限。
英文原文
There’s exposure to those but the volatility trade is wanting max exposure to Samsung / SK Hynix. Basically I found it inadvertently largely exceeds the cap through indirect pass-through structures. And people make the mistake thinking it caps out at 50% (volatility gets lower) but companies like SK Square are basically a SK Hynix holding company. And Samsung Electronics is practically listed multiple times through other Samsung companies. As the marketcaps go up, it increasingly becomes weighted toward them, not capped at 50% for them both.