EWY has attracted nearly $900 million in new assets this year, a time in which several large emerging markets ETFs have bled cash. Whether strong inflows to one ETF imply an overheated trade is up for debate, but what is not debatable is the allure of EWY and its holdings.

EWY has come into the spotlight because South Korea has two traits emerging markets investors now prize: A strong currency and a current account surplus. [Investors Rush Into South Korea ETFs]

What may be getting crowded is the number of banks calling South Korean stocks cheap. In addition to Credit Suisse, the list includes Citigroup, Goldman Sachs and J.P. Morgan, among others.

iShares MSCI South Korea Capped ETF