Foreign investors favored leveraged exchange-traded funds (ETFs), while individual investors bought inverse ETFs (funds designed to profit from declines) during September 1–23. Foreigners’ largest purchase was KODEX Leverage at 214.4 billion Korean won, followed by two SK Hynix single-stock leveraged ETFs. Individuals instead led purchases of KODEX 200 Futures Inverse 2X and KODEX Inverse, while selling the two ETFs foreigners bought most heavily. KODEX Leverage gained 9.24% during the period, compared with a 12.99% decline for KODEX 200 Futures Inverse 2X, as the KOSPI 200 rose 5.06%. DS Investment & Securities researcher Lee Sang-hyun said the opposing flows reflected short-term demand for volatility rather than conviction about the index’s direction.