$ISHRS MSCI S Korea Capped(EWY.US) and $CSOP KOSPI(03121.HK) both saw slight gains, with the same market exposure trading in lockstep across both listings; $Schwab US Div Eq(SCHD.US) remained flat. Risk appetite is shifting toward tech weightings in emerging markets, leaving dividends behind—Samsung and SK Hynix dominate the Korean index, meaning we're essentially betting on the memory cycle. Given that, is the extra diversification from holding a Korean index worth the tracking error compared to buying memory stocks directly? I'd choose direct 产业链 exposure; the dilution from the index layer is pure drag during an upcycle.
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