South Korean retail investors are broadening their exchange-traded fund (ETF, a fund traded like a stock) allocations beyond semiconductors as the KOSPI remains rangebound. From the 1st through the 11th, ACE KRX Gold Spot led net purchases among domestic sector-focused equity ETFs, excluding inverse products, with ₩21.7 billion, or about $16.2 million. TIGER KRX Gold Spot drew another ₩11.7 billion. Other leading purchases included a semiconductor covered-call ETF, secondary batteries, nuclear power, real estate infrastructure and power equipment. Selling was concentrated in semiconductor products, including leveraged funds tied to SK Hynix and Samsung Electronics. The shift contrasts with January through June, when semiconductor ETFs dominated retail buying. Individual-stock flows also diversified toward automobiles, auto parts and cosmetics, while Samsung Electronics and SK Hynix led net selling. Analysts at Kiwoom Securities and Mirae Asset Securities said the rotation reflects reduced concentration rather than deteriorating semiconductor fundamentals, with demand also supported by safe-haven gold buying, financial-sector income prospects and energy-storage-system demand from AI data centers. They expect diversified flows to persist for now while recommending that investors retain semiconductor exposure alongside sectors including defense, financials and cosmetics.