Asia Pacific Equity Derivatives Strategy Higher Swings Ahead in Korea: Replace Delta with Conditional KOSPI200 Calls; Trading the Catch-up of TPX vs NKY; Kuaishou Call Spread Collar, Weak HK Structured Product Issuance

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Asia Pacific Equity Derivatives Strategy Higher Swings Ahead in Korea: Replace Delta with Conditional KOSPI200 Calls; Trading the Catch-up of TPX vs NKY; Kuaishou Call Spread Collar, Weak HK Structured Product Issuance

J P M O R G A N Global Markets Strategy

19 May 2026

Asia Pacific Equity Derivatives

Strategy

Higher Swings Ahead in Korea: Replace Delta with

Conditional KOSPI200 Calls; Trading the Catch-up of

TPX vs NKY; Kuaishou Call Spread Collar, Weak HK

Structured Product Issuance

• Higher Swings Ahead in Korea: Replace Delta with Conditional Global Equity Derivatives Strategy

AC KOSPI200 Calls: Korean equities are showing signs of fatigue after an Tony SK Lee

extended momentum-driven rally. The KOSPI 200 has seen a sharp pickup (852) 2800-8857

in intraday volatility, sustained foreign profit-taking, and increasingly tony.sk.lee@jpmorgan.com

stretched technicals, now trading around 70% above its 200-day moving J.P.MorganMorganBrokingSecurities(Hong (AsiaKong)Pacific)LimitedLimited/ J.P.

average. Historically, extensions of this magnitude have been followed by 3M AC Haoshun Liu

pullbacks of 10–20%, even within intact bull trends. Elevated leveraged ETF (852) 2800-7736

exposure and related hedging flows amplify the risk of two-way swings. While haoshun.liu@jpmorgan.com

the medium-term backdrop remains constructive, the widening near-term J.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

return distribution argues for a more risk-controlled approach than outright

Xipu Han AC delta exposure. We recommend replacing delta-one exposure with KOSPI 200

(852) 2800-1029

call spreads contingent on USDKRW higher as the negative equity-FX xipu.han@jpmorgan.com

correlation pricing appears misaligned with evolving flow dynamics. J.P.