Expensive for a reason. The premium between SKHY ADRs and Korean stocks will persist for a while. Reports say the conversion cap for Korean stocks to ADRs is 2.5%, and the quota has been fully used up. FYI, ADRs were once trading at a 51% premium over Korean domestic stocks and are still holding at 30%+ now. This is just like the chip foundry giant TSMC (TSM.N). Arbitrageurs, be cautious! Still forever short on storage!