Analysis of South Korean Retail Investors' ETF Trading Trends in the U.S. Stock Market
South Korean retail investors, often referred to as 'Seohak Ants,' have shown active investment behavior in ETFs despite the volatility in the U.S. stock market. Their trading activities were particularly prominent in semiconductor-related leveraged ETFs, and they consistently bought ETFs tracking indices like the S&P500 and Nasdaq. Among major big tech companies, there was notable selling of Apple, Nvidia, and Microsoft stocks, whereas Tesla saw some net buying. There were also minor purchases of Bitcoin-related ETFs.
During the sharp declines in the U.S. stock market, Seohak Ants made net purchases of 3x semiconductor and 2x leveraged Nvidia ETFs. However, when the market turned bullish, they shifted to 3x inverse semiconductor ETFs. Meanwhile, they continued to buy ETFs tracking the S&P500 index. South Korean Depositary Data indicates that from the 5th to 11th of the month, these investors net bought $93.78 million worth of U.S. stocks. The most heavily purchased ETF was the Direxion Daily Semiconductor Bull 3x ETF (SOXL), followed by the 2x Nvidia Long ETF (NVDL) and the Direxion Daily Tesla Bull 2x ETF (TSLL). The most heavily sold position was the Direxion Daily 20+ Year Treasury Bull 3x ETF (TMF).
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