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Korean Stock Market: Invisible Leverage, Visible Surge
The KOSPI index is rising, and the VIX is also at a high level — a typical high-volatility rally.
On the surface, Korean retail investors' margin balance accounts for only 0.8% of free-float market cap, so leverage seems not excessive. But the devil is in the details: leveraged ETF exposure has surged from 1% last year to 2.5%-3% now.
Adding this hidden part, the actual leverage pressure is enormous.
What's worse is the ETF's "daily rebalancing" mechanism: buy when it rises, sell when it falls. This effectively installs an accelerator for the market.
It's like trading crypto: although you haven't fully leveraged with borrowed money, you directly bought a 3x leveraged ETF. On the surface it looks calm, but in reality the position is extremely heavy.
Rally like crazy, crash like death. This is the root cause of the Korean stock market's big gains one day and sharp drops the next.