Korean retail investors really don’t believe in bad luck.

After foreign institutions sold out about 547.2 billion KRW for three consecutive days, on July 24, retail investors put 453.8 billion KRW into the two-times leveraged ETFs of Samsung Electronics and SK hynix in a single day—almost wiping out the sell orders on the spot.

Of this, $SKHY related products for SK hynix saw net purchases of about 350 billion KRW, while Samsung was about 103.9 billion KRW. The problem is that on that day, the two stocks fell 8.34% and 7.59%, respectively—meaning the leveraged ETFs directly dropped 15% to 16% in a single day.

Even more extreme: this batch of products was only launched on May 27, and some prices had already approached a 50% drop. In the past month, retail investors still cumulatively poured in about 7.34 trillion KRW, and regulators could only urgently raise the minimum cash threshold from 10 million to 30 million KRW.

I don’t think they completely misread the semiconductor cycle, but holding on to medium-term logic with daily reset two-times leveraged products— even if the direction eventually turns out right—can still get ground down to death by volatility decay first.

This isn’t about catching a thrown knife anymore.
It’s about holding the blade and continuing to add to the position, hahaha.

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