One bullish view on Korean memory, expressed three ways, run over the real KOSPI path from the 19 June 2026 all-time high to 28 August. The thesis is identical in all three columns. Only the financing differs — and that is what decides who was still holding in August.
KRW — ₩10M ≈ US$7,000
2.0:1
45%
A — Shares, cashB — 2× ETF on marginC — Long call, cashKOSPI index
Vehicle
Value on 28 Aug
Worst point
Who ended the trade
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Method. The index path is anchored to published closes — 9,385.59 on 19 June,
5,589 at the 30 July trough, 6,595.45 on 31 July after the 18% rebound day, 6,426 on 19 August, 6,789 on 28 August —
with intermediate sessions interpolated. It is a faithful shape, not a tick record.
B rebalances to 2× daily and is bought on margin, liquidated at the close of any day
equity falls below a 30% maintenance floor. C is an at-the-money 90-day call priced
with Black–Scholes at a constant implied volatility; in reality IV spiked hard during the crash, which would have
helped the call — so the number shown here is the conservative case.