The KOSPI (specifically the KOSPI 200) has seen a significant surge in 3-month implied volatility and put/call skew, indicating high demand for downside protection. This environment made it cost-efficient to fund KOSPI puts by selling call spreads, specifically selling a 30/10 delta call spread to purchase a 45 delta put. The provided chart highlights that put spread collars remain an attractive strategy as volatility and skew reach multi-year highs.