Investors are piling into South Korean stocks: Call option notional open interest on the South Korea ETF, EWY, surged to a record $5.5 billion last week. The total dollar value of outstanding bullish bets has risen +600% over the last several weeks. To put this into perspective, weekly call open interest did not exceed $700 million before 2025. Meanwhile, the fund has also attracted +$6.3 billion in inflows year-to-date. As a result, the South Korean ETF is up +68% year-to-date, and +181% over the last 15 months, making it the best-performing major equity market globally. Investors are positioning for another leg higher in South Korean stocks.(The Kobeissi Letter)