Alexander (Alex) Altmann

speaker

337 appearances 1 recordings 1 series first heard Jul 2026 last heard 10 Jul

Alexander (Alex) Altmann’s voice in public audio — every appearance, attributed to the second.

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recordings per month · last 12 months

Recordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.

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Odd Lots · The Korean Levered ETFs Shaking Markets All Around the World · 10 Jul 2026 podcast

And what's really interesting is that if you look at the US market, it's not like you've actually seen significant inflows and share creation in that space.

Most of it of the AUM growth has been because of price performance.

Oh, interesting.

Whereas in Korea, you've actually seen the opposite, not the opposite, but you've seen huge share creation on top of meteoric rises in the share prices.

Oh, that's super interesting.

Yes.

So I think it's worth just like expanding on the mechanics of it just for a second.

I think that's really important to debunk and why they've become such a relevant product in the market.

So if you just take, we just actually put some numbers behind this.

Let's say you had one underlier, whatever it was, and it was an AUM of call it $30 billion, just to make the numbers simple.

And let's say it was triple levered.

So now they're going to basically go out and get a load of exposure and

for another $60 billion.

That exposure is typically done through swap agreements, right?

So they can actually sort of have this synthetic exposure through prime brokerages and so on and so forth.

And so now you've got $90 billion exposure.

Now, let's say the stock goes down 10%.

So $90 billion, 10% drop.

So that's going to be a $9 billion drop.

So you're down to an $81 billion of exposure now.

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