AI牛市急转直下，曾经的明星个股杠杆产品迅速崩塌。[1]SK海力士股价从6月高点累计下跌近46%，其中7月29日盘中更是暴跌逾19%，最终收跌9.61%。[1]随之瓦解的是规模庞大的杠杆ETF——南方东英SK海力士每日杠杆（2x）产品净值累计回撤超过80%，规模从6月下旬的1320.72亿港元骤降至7月28日的319.2亿港元，蒸发逾1000亿港元。[1]
监管部门随之推出应急举措。香港证监会宣布自8月3日起调整杠杆ETF框架，将此前固定的2倍杠杆改为最高2倍、最低1.1倍的动态目标杠杆机制，基金管理人需在每个交易日收盘后公布下一交易日的目标杠杆水平。[1]与此同时，韩国股市也陷入震荡——KOSPI指数和KOSDAQ指数连续第二个交易日盘中跌幅超过8%，双双触发熔断。[1]韩国金融当局宣布进一步收紧单一股票杠杆ETF监管，考虑将个人投资者投资额上限设定为其总金融投资资产的20%。[1]韩国副总理具润哲更是罕见公开致歉，承认监管部门对杠杆ETF潜在风险的考虑不足。[1]
The collapse of AI-driven stock rallies has triggered a sharp reversal in leveraged exchange-traded funds, with SK Hynix bearing the brunt of investor losses across Hong Kong and South Korea. The semiconductor giant's share price has plummeted nearly 46% from its June peak, dragging down funds designed to amplify gains alongside it [1]. Southern Energy's SK Hynix Daily Leverage (2x) product suffered a cumulative drawdown exceeding 80%, wiping out more than 1 billion Hong Kong dollars in investor wealth as the fund's assets collapsed from 1.32 trillion Hong Kong dollars in late June to 319.2 billion Hong Kong dollars by July 28 [1]. On July 29 alone, SK Hynix shares plunged over 19% intraday before closing down 9.61% [1].
The turmoil has prompted sweeping regulatory intervention across both markets. Hong Kong's Securities and Futures Commission announced on August 3 a fundamental restructuring of leveraged ETF frameworks, replacing fixed 2x leverage with a dynamic mechanism that adjusts daily between a floor of 1.1x and a ceiling of 2x, with fund managers required to disclose the next trading day's target leverage after market close [1]. South Korea has taken equally decisive action, with indices KOSPI and KOSDAQ triggering circuit breakers after consecutive days of intraday declines exceeding 8%, prompting authorities to consider capping individual investor exposure to single-stock leveraged ETFs at 20% of their total financial investment assets [1]. The severity of the crisis prompted South Korea's Deputy Prime Minister Gu Yoon-chul to make a rare public apology, acknowledging that regulators had underestimated the systemic risks posed by leveraged ETF products [1].