A Korean chef, Mr. Lu, was still showing an account that had doubled last month, but this month he is down to just 30k.

This month, he put about 81.7k into ACE SK Hynix single-stock leveraged ETF, buying a total of 3,317 shares at an average purchase price equivalent to about $24.64.
Now, each share is worth only about $9.51, with an unrealized loss of 61.38%, equivalent to about 50.2k.
Mr. Lu previously won first place in a Korean live trading investment competition; the prize was a car. A month ago, he also bought 9,000 shares of Samsung E&A, with an investment of about 162.7k, achieving a return rate of over 100%.
This time, he bought near the high point of Hynix, using a single-stock 2x leveraged ETF. Such products track Hynix’s daily rise and fall; when the stock drops 5% in a day, the ETF’s target drop is close to 10%.
Even if the stock rebounds the next day, the calculation must be redone from the already reduced principal. After consecutive choppy moves, it’s difficult to simply return to the starting point.
These 3,317 shares have not been sold yet, and the realized profit or loss for the month is still 0; about 50.2k remains entirely in the unrealized loss column.