The effects of the upcoming presidential elections in South Korea on the country’s exchange traded fund (ETF) remains to be seen. iShares MSCI South Korea Index (EWY) is up 37.8% year to date — will it be able to continue the climb?

The front-runner in the contest is already calling for North Korea to dismantle its nuclear weapons program, reports the Associated Press. Lee Myung-bak says that if the North dumps the program, South Koreans could invest in the country. If this happens, it could mean good things are in store for the region.

The presidential election must be a big deal, though — John Herkovitz of Reuters says the politicians are raising the dead for the occasion. That’s because most South Koreans  believe that where a person’s ancestors are buried determines one’s fortunes and destiny. It seems that some ancestors are in dire need of a change of address.

Tags: South Korea, UNG