The government's decision not to abolish single-stock leveraged exchange-traded funds (ETFs) tied to Samsung Electronics and SK hynix is understandable. With more than 10 trillion won ($6.7 billion) already invested in these products, an abrupt delisting could trigger severe market disruption and inflict significant losses on investors. Financial markets depend on predictability, and policymakers should not create unnecessary shocks through sudden regulatory reversals. Yet acknowledging the risks of an immediate ban does not justify settling for cosmetic reforms. The measures recently announced by financial authorities — raising the minimum deposit requirement, increasing the minimum trading unit, expanding mandatory investor education and suspending new product listings — are unlikely to address the structural flaws that have made these products a growing source of instability in Korea's stock market. The fundamental problem lies not in who is allowed to buy these products, but in how they operate. Single-stock leveraged ETFs are designed to deliver twice the daily return of an und