South Korean retail investors have been adding bearish KOSDAQ exposure even as the KOSDAQ index surged 32.5% from July 31 to August 10, a move that far outpaced the KOSPI's 12.62% gain over the same period. Data from the Korea Exchange and Koscom CHECK as of August 11 showed individuals net bought ₩64.8 billion, or about $45.8 million, of the KODEX KOSDAQ 150 Futures Inverse ETF between July 31 and August 10, while also buying ₩21.8 billion, or about $15.4 million, of the Samsung Inverse 2X KOSDAQ 150 Futures ETN. At the same time, they net sold ₩324.1 billion, or about $229.2 million, of the KODEX KOSDAQ 150 Leverage ETF. The inverse ETF is designed to move at -1x the daily return of the F-KOSDAQ 150 index, while the double inverse ETN targets a 2x decline through the KOSDAQ 150 Futures TWAP Inverse-2X Index. Analysts say the recent KOSDAQ rally has been supported by tighter single-stock leverage rules that took effect on July 31, which may have pushed money away from concentrated semiconductor trades and into small- and mid-cap growth shares. But retail investors appear to be treating the advance as a short-term rotation or technical rebound and are positioning for a correction, even as some analysts argue improving semiconductor earnings sentiment and easing rate-hike concerns could support broader market normalization.