According to CoinMeta, and as reported by early issuer in, South Korean retail investors turned to ELS products with annual yields of 40% to 50% after the stock market crash. In July, sales of ELS reached a three-year high, with products linked to Samsung Electronics and SK Hynix being particularly favored. Regulatory authorities are trying to curb retail demand for leveraged exchange-traded funds (ETFs) that focus on individual stocks, as such products amplified the 22% decline in South Korea's composite stock index last month. The market crash did not weaken retail investors' risk appetite. ELS products offer yields when the underlying stocks or indices remain within their preset ranges, but they face downward risks during significant market declines.