Snapshot · The Prof G Pod with Scott Galloway
In South Korea's single-stock leveraged ETF products, 92% of investors were retail — meaning the risk was almost entirely borne by households, not institutions.
Where this was said
At 6:04 · chapter starts 5:35
If Aschenbrenner's story was the institutional version of the leverage disaster, South Korea is the retail version — and it's bigger, messier, and more human in its consequences. In May, exchanges launched single-stock leveraged ETFs tracking Samsung and SK Hynix at 2x, 3x, and 5x multiples [1] — George Hahn "South Korea's stock market fell 44% from its June highs, erasing $2 trillion in value. The culprit: single-stock leveraged ETFs tracking Sa…" 05:31 . By August, the market had fallen 44% from its June highs, and $2 trillion in value had evaporated. The numbers Scott Galloway and Ed cite are staggering: 92% of investors in these products were retail, not institutional. There were two brokerage accounts for every citizen in South Korea. Goldman Sachs estimated that 3.4% of the entire adult population had received a margin call. The human consequences were immediate: South Korea rolled out a debt counseling hotline as part of its national suicide prevention program, and funeral wreaths appeared on the sidewalk outside the National Assembly with a sign reading 'Abolish the single-stock leveraged ETF.' According to Korean stock market regulators, 70% of investors in Samsung and SK Hynix leveraged products are currently underwater. The regulatory response is to stop new listings of these products — but Ed notes that US leveraged ETFs have already grown from $120 billion to $200 billion in AUM since April, with more than half now being single-stock products. America, he warns, is following the same path, perhaps just a few months behind.
Goldman Sachs estimated that 3.4% of South Korea's adult population received a margin call, prompting the government to launch a debt counseling hotline as part of its suicide prevention plan.
Outside South Korea's National Assembly, protesters have stacked funeral wreaths on the sidewalk demanding an end to single-stock leveraged ETFs. Seventy percent of investors in Samsung and SK Hynix leveraged products are in the red. South Korea has rolled out a debt counseling hotline as part of its national suicide prevention program.
According to Korean stock market regulators, approximately 70% of investors in SK Hynix and Samsung leveraged ETFs are currently underwater.
US leveraged ETFs grew from $120 billion to over $200 billion in AUM between April and August 2026, up nearly 70%, with more than half being single-stock ETFs.
US leveraged ETFs grew from $120 billion to over $200 billion in AUM between April and August 2026 — nearly 70% growth in a few months. More than half are single-stock ETFs, the exact product that destroyed South Korea. The US may just be a few months behind.
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PropGPT achieves a 48% conversion rate from app download to free trial sign-up.
For every user who downloads PropGPT, Eyal and Yali generate approximately $3.30 in revenue.
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PropGPT peaked at $40,000 MRR and 2,000 downloads in a single day during the NBA playoffs campaign.
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PropGPT spends approximately $10,000 per month on influencer marketing.
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