South Korea's iShares MSCI South Korea ETF (EWY) has traded near $149–152 in late October 2026 after a sharp correction that erased roughly 18–22% from early-month levels near $190. The ETF's performance remains tightly linked to the semiconductor sector, where Samsung Electronics and SK Hynix together represent about 43% of holdings and track global AI-driven demand for high-bandwidth memory. Strong September chip exports, up 263% year-over-year, and IMF revisions lifting 2026 GDP growth to 3.3% have supported the broader economy, yet forward P/E ratios near 4.5x reflect trader caution over potential AI spending slowdowns and foreign outflows. Key near-term catalysts include Q3 GDP data and any shifts in U.S. monetary policy or trade dynamics that could influence memory pricing and the won.