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Global funds are rushing into South Korean chip stocks, causing abnormal fluctuations in the ETF markets from the United States to China, with trading volumes and premium rates hitting record highs.

The iShares MSCI South Korea ETF listed in the U.S. saw its single-day trading volume soar to a record $6.4 billion on Thursday; on the same day, a leveraged product for a single South Korean chip stock listed in Hong Kong also reached a historical high.

Driven by this sentiment, the South Korean semiconductor ETFs in the A-share market briefly dipped after opening in the afternoon but quickly surged, at one point rising over 7%, with an intraday high of 4.65 yuan, setting a new record since its listing, and the premium rate subsequently climbed to 26.16%. Due to the excessive increase in premium, a domestic semiconductor fund was temporarily suspended during trading.

These anomalies reflect the enormous demand from global investors for South Korean stocks. The Korea Composite Stock Price Index (KOSPI) has risen 45% this year, primarily driven by Samsung Electronics and SK Hynix—market participants view these two companies as major beneficiaries of the AI wave.

The two companies together account for nearly half of the weight of the iShares ETF, which has risen 55% this year. In contrast, the S&P 500 index has risen by less than 1% during the same period, while the Philadelphia Semiconductor Index has increased by 16%.

U.S.-listed South Korean ETF sets single-day trading record

The iShares MSCI South Korea ETF recorded a record single-day trading volume of $6.4 billion on Thursday, becoming the most direct reflection of the global rush for South Korean chip assets. Samsung Electronics and SK Hynix together account for nearly half of the fund's weight, making it a core tool for foreign investors to position themselves in the South Korean AI industry chain.

However, according to Kang Jinhyeok, a market analyst at Shinhan Securities, the strong demand for this fund may not entirely come from domestic U.S. investors. As the U.S. dollar strengthens, amplifying the actual returns of dollar-denominated funds, South Korean retail investors are increasingly increasing their allocation to overseas ETFs, which is also an important factor driving the surge in trading volume.

Record trading for AH stock-related leveraged products

The Hong Kong market has also seen a high demand for leveraged positions in South Korean chip stocks. The CSOP SK Hynix daily double-leveraged product, betting on a twofold increase in SK Hynix's stock price, achieved a single-day trading volume of HKD 2.4 billion (approximately $307 million) on Thursday, setting a historical record. This data indicates that Hong Kong investors are actively using leveraged tools to concentrate their bets on a single leading domestic chip stock.

Mainland investors are also accelerating their entry. The Huatai-PB South Korea Semiconductor ETF was temporarily suspended on Friday due to the premium rate soaring to over 17%, a historical high. This fund heavily invests in Samsung Electronics and SK Hynix, while also listing the domestic chip company Cambricon as one of its main holdings.

The root cause of this round of ETF anomalies lies in the strong performance of the South Korean stock market itself. The KOSPI has risen 50% this year, making it one of the best-performing major stock indices globally, while the S&P 500 index has risen by less than 1%. As core suppliers of AI-related storage chips, Samsung Electronics and SK Hynix have attracted a large amount of global capital betting on the expansion of AI infrastructure