According to JPMorgan, the intensive deleveraging in the Korean market, which began in mid-June, is nearing completion. The assets under management of leveraged ETFs have declined from $50 billion to $17 billion, indicating that position unwinding is nearly complete. Hedge funds have also completed approximately 90% of their deleveraging, with the leverage ratio of long-short strategies falling from 5.7x to 3.2x as of July 27. Meanwhile, individual investors' margin trading balances remain at around $20 billion, suggesting that overall market risk is relatively contained.