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South Korean lawmaker and former presidential candidate Ahn Cheol-soo warned that "KOSPI has become a casino."
He was pointing to single-stock leveraged ETFs on Samsung Electronics and SK Hynix. Since their launch on May 27, these two products have absorbed 212 trillion won in funds, and given that these two companies account for 60% of KOSPI's market cap, daily rebalancing mechanisms amplify market volatility. The KOSPI fear index surged from a pre-listing average of 53 to 96.94, hitting an all-time high.
Since their listing, all 14 Samsung/Hynix leveraged ETFs have recorded negative returns, with the maximum loss at 35.9%. The KODEX single-stock leveraged ETF tracking SK Hynix posted monthly trading volume of 84 trillion won, surpassing the flagship ETF tracking the entire KOSPI 200 (63 trillion won).
The original goal of these products was to attract overseas capital back to South Korea and stabilize the exchange rate. But as it turned out, out of 11 trillion won in related investments from the Hong Kong market, only 500 billion won flowed into Korea.
Ahn Cheol-soo said: "If the 'roller coaster KOSPI' trend continues, our stock market will be treated as unpredictable junk on the global market. Time is running out."