The ‘casino’ ETF causing havoc in South Korean markets

An exchange-traded fund, or ETF, is meant to be the safe, dull way to own the market. One cheap unit, your money spread across dozens of companies, the losers cushioned by the winners. There is a version that does the exact opposite. It puts everything on a single stock, borrows to double that stock’s move for the day, and trades under the same friendly three-letter name.

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