Alexander (Alex) Altmann

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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

So again, that's using balance sheet as well.

So it's not really so much just the levered ETFs that are going out and asking the banks for balance sheet that's causing financing rates to squeeze higher.

It's one of many factors.

Balance sheet capacity is scarce.

And it will remain scarce so long as S&P is trading at 75, 76 hundred, yeah.

So that was documented, I believe, in the press as well.

And I believe that that was specific to one particular fund out in Asia rather than specifically anything that's happened here in the US.

So I think that you can open a bit of a can of worms when you start talking about the availability of funds.

this leverage and to certain counterparties.

And I don't think that's specific necessarily even just to the levered ETF market.

I think you can really open that up in any counterparty risk when you think about, does a bank really want to have... A bank will be very careful.

Barclays, I would say, are pretty conservative and extremely diligent about how they choose their counterparties, who they want to partner with.

And so as a general rule of thumb, you have to always keep that in mind.

we're in the business of risk management at the end of the day.

And so, yes, this is sort of a, I wouldn't even say a new tool, it's not a new shiny part of the market, but we would treat it exactly the same way as we would any other counterparty.

I think that the retail channel in general is one of the most important dynamics for global equities in the world today.

Could we make the case that Korea in particular is kind of ground zero for that retail cohort?

Probably.

So for example, 93% of levered ETFs in Korea are owned by the retail investor, whereas that number is lower in the US, it's approximately 75%.

Still high, but not as high, right?

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