法国兴业银行表示，韩国散户投资者正从杠杆型交易所交易基金转向半导体股票相关结构化产品，这代表投资工具偏好发生转变，而非投资需求降温。
包括拉贾特·阿加瓦尔在内的策略师在研报中写道：“尽管过去六周单只股票杠杆ETF资金流入放缓，但普通股票买盘依旧坚挺、结构化产品发行规模走高，说明只是投资工具偏好改变，并非散户需求走弱。”
挂钩三星电子、SK海力士以及韩国综合股价200指数的结构化产品发行规模，自5月低点近乎增长两倍，7月分别达到3.4万亿韩元与4.3万亿韩元，8月有所回落。
以三星电子、SK海力士为底层标的，在香港与韩国上市的个股杠杆ETF，自7月中旬见顶后累计资金流入规模下滑近20%，资产管理规模缩水超60%。
即便近期出现回撤，韩国本土散户在7月、8月依旧净买入半导体股票，完全抵消同期外资的累计流出。
估值环境改善、盈利增长预期向好、股东回报政策优化，叠加旺盛的散户需求，意味着韩国结构化产品的发行环境依旧向好。
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