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macroJun 7, 2026, 3:05 PM

Put Option Demand Surges on South Korea ETF as EWY Plunges 14%

Put option open interest on the South Korea ETF (EWY) surged to 880,000 contracts, the highest in 12 months, after EWY plunged 14% on Friday—its worst day since the pandemic crash.

EWY

Put option open interest on the South Korea ETF (EWY) has surged to approximately 880,000 contracts, the highest level in at least 12 months. The total outstanding put option contracts have quadrupled over the past several weeks.

In comparison, call option open interest rose by only 80,000 contracts over the same period, reaching about 400,000—still near a one-year high.

To provide perspective, both put and call open interest were each at roughly 50,000 contracts in January 2026.

The surge in put demand comes after EWY suffered a 14% decline on Friday, its largest single-day drop since the 2020 pandemic crash. Investors are rushing to hedge against further downside in South Korean equities.

Source: The Kobeissi Letter