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After the stock market crash, Korean retail investors turned to ELS products with an annualized coupon rate of 40% to 50%. ELS sales reached a three-year high in July, and products linked to Samsung Electronics and SK Hynix were favored. Regulatory authorities are curbing retail demand for single stock leveraged open-end index funds, which amplified the 22% decline in the South Korean Composite Index last month. The market crash has not weakened individual investors' risk appetite. ELS products provide coupon when the linked stocks or indices maintain a predetermined range, but face downside risks when the market falls sharply.