Investors directed money toward overseas equities and ultra-short-term safe assets over the past month, even as the strongest returns came from KOSDAQ-focused ETFs. KODEX Money Market Active attracted the largest net inflow among domestic ETFs, drawing 1.79 trillion won for a 0.28% return, according to Koscom's ETF CHECK on the 4th. The 10 largest inflow recipients collected about 5.35 trillion won, but their average return was only 0.83%. Six were short-term rate or bond products and four tracked major U.S. indexes. By contrast, ETFs linked to KOSDAQ-listed materials, parts and equipment suppliers dominated the performance rankings. DS KOSDAQ Active led with a 32.36% return, while all 10 leading funds gained between 26% and 32%. The KOSDAQ index rose 11.11% to 893.29 from 803.98, meaning key KOSDAQ ETFs more than doubled the benchmark's advance. The divergence reflects investor caution toward large-cap chipmakers such as Samsung Electronics, where concerns about peak earnings and continued foreign selling weighed on performance, while supplier stocks benefited from recovering factory utilization and clearer supply-chain advantages. With 2.17 trillion won sitting in two large domestic money market active funds, the approaching third-quarter earnings season will test whether sidelined cash moves back into the Korean market and KOSDAQ suppliers.