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

But you've lost $9 billion of your AUM, which was only, remember, $30 billion.

so the 30 goes down to 21 and then if you multiply that back by three to maintain your triple level exposure you're going to be at 63 but you've got 81. so you need to reduce down your exposure mechanically by over 10 billion dollars in

in order to sort of maintain what you've kind of put in your prospectus as your triple leverage against that underlier.

And that's what's creating these mechanical adjustments on a daily basis, whether it's down obviously on down days and then up on up days.

So effectively you're creating a new short gamma dimension in the market that was relatively small only a couple of years ago.

And I think really importantly is that there's a lot of dynamics that are moving

non-discretionary flows in the market.

So obviously in the ETF world, you've got a lot of overwriting ETFs that are doing the opposite.

They're effectively selling vol into the market, which is creating a long gamma process.

And that would typically have netted off against a lot of these levered ETFs.

But because these levered ETFs have become so large in their rebalancing, that now net gamma profile is effectively becoming more negative.

Yes, exactly.

How the product works.

The product is very straightforward.

It's really no different to any other fund provider in the ETF space.

So effectively, if you're creating an ETF and you typically go and get some kind of anchor investor or some kind of co-sponsor who's effectively going to create the initial amount of AUM for you.

And then obviously, because you need critical mass.

I'm sure you guys have talked about there's more ETFs in the world than there are single securities here in the US.

So creating the ETF and the fund is not complicated.

It all obviously has to go through SEC regulation.

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