South Korea’s iShares MSCI South Korea ETF (EWY) has traded near $151 as of late October 2026 after pulling back sharply from June highs above $218, reflecting concentrated exposure to memory semiconductors that represent roughly 44% of the fund via Samsung Electronics and SK Hynix. Strong AI-related chip demand drove September exports up 84% year-over-year, prompting the IMF to raise its 2026 GDP growth forecast to 3.3% and the Bank of Korea to lift its outlook while holding the policy rate at 3.00%. This external momentum has supported earnings visibility but has been offset by foreign net selling, retail deleveraging concerns, and sector volatility. Q3 GDP data due October 26 and the ETF’s pending index change effective November 9 represent near-term catalysts that could influence month-end levels amid ongoing dependence on global semiconductor cycles.