South Korea ETF (EWY) has traded near $192 in early October 2026 after a roughly 97% year-to-date advance, propelled by the AI memory supercycle. Heavy exposure to Samsung Electronics and SK Hynix, which together exceed 44% of assets, has amplified gains from surging DRAM and NAND demand tied to hyperscaler capex. Official forecasts reflect the momentum, with the OECD lifting its 2026 GDP growth projection to 3.7% and the ADB to 3.2%, citing record semiconductor exports that already surpassed prior full-year totals. Technology comprises more than half the fund, leaving returns sensitive to chip pricing cycles, energy costs, and global trade policy shifts. Traders monitor upcoming export data and corporate earnings for signals on sustained momentum versus volatility risks.