On the bustling streets of Seoul, it is common to see buses with adverts on their sides for exchange traded funds, encouraging people to put their retirement savings into versions of these normally vanilla investment products that are often complex and speculative.
They have a receptive audience. After many missed out on the South Korean stock market’s world-beating 76 per cent rally last year, and with markets powering ahead again, retail traders — commonly known as “ants” — are flocking to these funds, particularly leveraged ones that amplify moves in the prices of the assets they track.
That can mean turbocharged profits — or losses — for investors.
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