Traders sifting through the mass of leveraged ETF opportunities might want to give this single-country fund a look: the Direxion Daily South Korea Bull 3X Shares (KORU) is up 15% to start the year and more upside could be brewing.

KORU seeks daily investment results, before fees and expenses, of 300% of the daily performance of the MSCI Korea 25/50 Index. The fund invests at least 80% of its net assets (plus borrowing for investment purposes) in financial instruments and securities of the index, ETFs that track the index, and other financial instruments that provide daily leveraged exposure to the index or ETFs that track the index.

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The index is designed to measure the performance of the large- and mid-cap segments of the South Korean equity market, covering approximately 85% of the free float-adjusted market capitalization of South Korean issuers. The fund has already surpassed its pre-pandemic levels and then some, rising to an 85% gain the past year.

Is it too late to get in? When applying a relative strength index (RSI) filter into its 3-month chart, KORU is well into overbought levels.

However, adding another technical filter for confirmation like the moving average convergence divergence (MACD) filter shows the exponential moving average (EMA) line above the signal line. This could mean a buying opportunity for traders looking for an area of value.

For additional confirmation, a Bollinger Bands™ indicator shows the price above the upper band, which could also mean a price drop might be ahead. Traders might want to put this on their watch list and look for some profit-taking action that can cause an entry point to develop.

Better-Than-Expected GDP

Fundamentally, South Korea’s economic outlook appears better than expected, according to the Asian Development Bank (ADB). The bank cited robust exports of tech products and a mild recovery in private consumption as reasons for future GDP strength.

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“The ADB expected Asia’s fourth-largest economy to retreat 0.9 percent this year, compared with its September forecast of 1 percent contraction,” a Yonhap News Agency article reported. “The Manila-based bank predicted the Korean economy will grow 3.3 percent next year, the same as its earlier forecast.”

“The ADB said the Korean economy is forecast to contract less than earlier projected in 2020 ‘on stronger information technology exports, some recovery in private consumption, continuing fiscal and monetary support and improved growth in major export markets,’” the article added. “The bank’s outlook is better than the latest forecasts by South Korea’s central bank, the Bank of Korea (BOK), and the Organization for Economic Cooperation and Development (OECD).”

Investors in iShares Inc - MSCI South Korea ETF (Symbol: EWY) saw new options begin trading today, for the January 2021 expiration. One of the key inputs that goes into the price an option buyer is willing to pay, is the time value, so with 851 days until expiration the newly trading contracts represent a potential opportunity for sellers of puts or calls to achieve a higher premium than would be available for the contracts with a closer expiration. At Stock Options Channel , our YieldBoost formula has looked up and down the EWY options chain for the new January 2021 contracts and identified one put and one call contract of particular interest.

The put contract at the $65.00 strike price has a current bid of $6.00. If an investor was to sell-to-open that put contract, they are committing to purchase the stock at $65.00, but will also collect the premium, putting the cost basis of the shares at $59.00 (before broker commissions). To an investor already interested in purchasing shares of EWY, that could represent an attractive alternative to paying $65.88/share today.

Because the $65.00 strike represents an approximate 1% discount to the current trading price of the stock (in other words it is out-of-the-money by that percentage), there is also the possibility that the put contract would expire worthless. The current analytical data (including greeks and implied greeks) suggest the current odds of that happening are 59%. Stock Options Channel will track those odds over time to see how they change, publishing a chart of those numbers on our website under the contract detail page for this contract . Should the contract expire worthless, the premium would represent a 9.23% return on the cash commitment, or 3.96% annualized - at Stock Options Channel we call this the YieldBoost .

Below is a chart showing the trailing twelve month trading history for iShares Inc - MSCI South Korea ETF, and highlighting in green where the $65.00 strike is located relative to that history:

Turning to the calls side of the option chain, the call contract at the $67.00 strike price has a current bid of $6.50. If an investor was to purchase shares of EWY stock at the current price level of $65.88/share, and then sell-to-open that call contract as a "covered call," they are committing to sell the stock at $67.00. Considering the call seller will also collect the premium, that would drive a total return (excluding dividends, if any) of 11.57% if the stock gets called away at the January 2021 expiration (before broker commissions). Of course, a lot of upside could potentially be left on the table if EWY shares really soar, which is why looking at the trailing twelve month trading history for iShares Inc - MSCI South Korea ETF, as well as studying the business fundamentals becomes important. Below is a chart showing EWY's trailing twelve month trading history, with the $67.00 strike highlighted in red.