The iShares MSCI South Korea ETF (EWY), a fund giving American investors exposure to major South Korean companies, has fallen nearly 20% from its highest level this year as investor outflows accelerate. The Kospi Index has dropped more than 27% from its yearly peak. EWY recorded over $423 million in outflows last week, following more than $269 million the previous week, although it has still attracted over $9.4 billion in inflows this year. Samsung Electronics and SK Hynix account for more than 43% of the fund and have both suffered double-digit declines. Samsung fell from a record 374,000 to 257,000, while SK Hynix is down more than 40% from its all-time high and SK Square has declined 52% from its peak. The selling has continued despite triple-digit growth in the companies' revenue and profits, with memory-product demand expected to remain elevated in coming years. Samsung has announced a share repurchase worth more than $80 billion, while SK Hynix plans to buy back nearly $30 billion in shares. The pressure also reflects South Korean traders unwinding leveraged positions. Leveraged ETFs (funds targeting amplified daily returns) tied to the two companies have seen trading volume fall to 4% of its June peak and are on track for their first monthly outflow amid regulatory tightening. South Korea's financial regulator now requires traders to complete five days of simulated trading using downloaded PC software and at least one hour of daily instruction on leveraged-trading risks. The rules are intended to protect retail traders after losses on bets involving the two companies, a risk also illustrated by hedge fund Situational Awareness, which erased most of its gains and had to be rescued.