South Korea's EWY, which tracks the MSCI Korea Index with heavy exposure to semiconductors like Samsung Electronics and SK Hynix, has delivered over 90% YTD gains through late September 2026, fueled by AI-driven memory chip demand and strong export growth. Recent price action shows volatility, with the ETF trading near $183–187 amid a post-Chuseok pullback as KOSPI slipped below 7,000 on elevated U.S. Treasury yields above 5%, higher oil prices, and foreign selling of chip names. The Bank of Korea's rate hike to 3.00% and persistent global rate sensitivity add valuation pressure, while forward earnings estimates for major holdings remain robust on supply constraints extending into 2027–2028. Traders are monitoring U.S. data releases and yield movements for near-term direction.