The carnage in South Korea just keeps getting worse. Assets under management (AUM) in South Korea's leveraged ETFs has now dropped by -$37 billion, or -70%, from its all-time high seen just over 30 days ago. As a result, total AUM is down to ~$16 billion, the lowest since early-April. This follows a staggering +500% surge since the start of 2026. Most of the decline has been driven by domestic-listed funds, which account for 70% of total leveraged ETF assets. Leveraged ETFs in South Korea are collapsing.(The Kobeissi Letter)