[The Majority of Losses in Korean Stock Investments Are Borne by Domestic Retail Investors] According to Deep Tide TechFlow, on July 20, Fibonacci Asset Management founder Jung In Yun stated that the vast majority of investors bearing losses in Korean stock investments are domestic retail investors. These buyers are not just beginners chasing online trends; many are investors in their 40s and 50s who are increasingly adept at handling leveraged operations and concentrated technology investments. Data from Oxford Economics shows that the proportion of leveraged ETFs in Korean thematic funds has also grown rapidly. As of June, the assets of the 25 largest Korean leveraged ETFs accounted for approximately 30%, compared to about 15% at the beginning of 2026. The company downgraded its rating of the Korean stock market to neutral at the end of June, warning that the scale of leveraged investments has risen significantly and that securities firms may become increasingly reluctant to extend credit to retail investors. (Jin10)