Market leverage in Asian markets is through the roof: Assets under management (AUM) in leveraged South Korean and Taiwanese ETFs are up to a record $65 billion. Since the start of 2026, total leveraged ETF AUM has surged +490%. This comes as 16 new single-stock leveraged ETFs tied to Samsung and SK Hynix were launched in South Korea two weeks ago. By comparison, AUM in US leveraged ETFs stands near a record ~$180 billion. Meanwhile, the SK Hynix 2x long Leveraged ETF surged +50% on Monday despite a -7.7% decline in SK Hynix shares, posting a rare divergence. This fund should have declined -15% under normal tracking conditions. Other single-stock leveraged ETFs tracking SK Hynix ended the session within normal ranges. Investors are taking on more leverage than at any point in history.(The Kobeissi Letter)