Odd Lots · Friday, July 10, 2026
Alex Altman of Barclays highlights the "terrifying" notional exposure from levered ETFs, particularly in Korea, where retail ownership is high. These products are significantly impacting underlying share prices and market dynamics.
“So we really do have the perfect guest. We're going to be speaking with Alex Altman aka alt. He is, of course, the global head of Equities Tactical Strategies over at Barkley's so Alty Alex, so much for coming on.”
“So I believe in one note I read from you, and the reason I wanted to get you on is you specifically use the word terrifying to describe the amount of notional exposure coming from levered ETFs. Can you give us a little bit of context about how big this market actually is now?”
“I think that the look. I'll give you the numbers straight away, and as you highlighted, markets are moving really quickly, so these numbers change a lot every day. And I think at the time when we wrote about that, it was the local highs of the AUM and it was globally around about two hundred and fifty two hundred and seventy billion dollars.”