As the KOSPI continues to trade within a range around the 7,000 mark, retail investors are showing a marked preference for U.S. exchange-traded funds (ETFs). In the past month, ETFs tracking the U.S. S&P 500 and Nasdaq 100 have ranked among the top purchases by individual investors, reflecting a significant inflow of funds into U.S. large-cap products.
According to Koscom's ETF Check on September 26, the top ETFs purchased by individual investors over the last month prominently feature U.S. index-tracking products. The TIGER U.S. S&P 500 ETF recorded the highest net purchases at 496.6 billion won, followed by the KODEX U.S. Nasdaq 100 at 286.8 billion won and the KODEX U.S. S&P 500 at 279.2 billion won. The TIGER U.S. Nasdaq 100 also saw net purchases of 186.5 billion won, placing it fifth.
Products that combine covered call strategies with U.S. stocks also made the list of top net purchases. The TIGER U.S. Nasdaq 100 Target Daily Covered Call ETF recorded net purchases of 99.2 billion won, ranking tenth.
The preference for U.S. index products is also evident in the overall fund inflows into ETFs. During the same period, the TIGER U.S. S&P 500 led with a net inflow of 693.6 billion won. The KODEX U.S. S&P 500 followed with 433 billion won, while the TIGER U.S. Nasdaq 100 and KODEX U.S. Nasdaq 100 recorded inflows of 431.6 billion won and 321 billion won, respectively. The TIGER U.S. Nasdaq 100 Target Daily Covered Call ETF also saw a net inflow of 237.5 billion won, placing it fifth.
In contrast, major ETFs tracking the domestic market experienced outflows. The KODEX Leverage ETF saw the largest outflow at 890.6 billion won, followed by the KODEX SK Hynix Single Stock Leverage ETF (-357.3 billion won), TIGER 200 (-341.6 billion won), and KODEX 200 (-283.3 billion won).
The domestic stock market remains range-bound, with the KOSPI fluctuating around the 7,000 level. According to the Korea Exchange, on the last trading day, September 23, the KOSPI closed at 7,080.92, up 63.01 points (0.90%) from the previous day. Foreign investors sold a net 504.7 billion won, marking a return to a selling trend after four trading days, while individual investors sold a net 1.4396 trillion won. Conversely, institutional investors purchased a net 316.9 billion won.
This trend of inflows into U.S. large-cap and growth ETFs, alongside outflows from domestic large-cap ETFs, indicates a growing preference disparity between domestic and international equity products.
Yoon Jae-hong, a researcher at Mirae Asset Securities, noted, "We are seeing a shift in preferences within equity products. In the last four weeks, net inflows totaled 1.2 trillion won for U.S. large-caps, 1.1 trillion won for U.S. large growth stocks, while Korean large-caps saw outflows of 1.6 trillion won, and covered calls attracted 800 billion won, indicating a preference for overseas products over domestic ones and a preference for covered calls within domestic equity products."
Han Soo-jin, a senior researcher at Samsung Securities, commented, "In the second half of 2026, the domestic ETF market is witnessing an increase in new listings of overseas tracking ETFs. The net assets of actively managed equity ETFs have doubled compared to the end of last year, reflecting a strategy that favors adjusting exposure amid increased volatility."
* This article has been translated by AI.
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