diff --git a/crates/polyglot-sql/src/optimizer/qualify_tables.rs b/crates/polyglot-sql/src/optimizer/qualify_tables.rs
index 8257070c..c108143b 100644
--- a/crates/polyglot-sql/src/optimizer/qualify_tables.rs
+++ b/crates/polyglot-sql/src/optimizer/qualify_tables.rs
@@ -868,9 +868,11 @@ mod tests {
         let qualified = qualify_tables(expr, &options);
         let sql = gen(&qualified);
 
+        // The parser keeps the set operation outside the derived table, so
+        // there is no wrapper left to normalize.
         assert_eq!(
             sql,
-            "SELECT * FROM (SELECT * FROM (SELECT * FROM tab_1 AS tab_1) AS _0 UNION ALL SELECT * FROM (SELECT * FROM tab_1 AS tab_1) AS _1) AS _2"
+            "SELECT * FROM (SELECT * FROM tab_1 AS tab_1) AS _0 UNION ALL SELECT * FROM (SELECT * FROM tab_1 AS tab_1) AS _1"
         );
     }
 }
diff --git a/crates/polyglot-sql/src/parser.rs b/crates/polyglot-sql/src/parser.rs
index 709e3262..024cf415 100644
--- a/crates/polyglot-sql/src/parser.rs
+++ b/crates/polyglot-sql/src/parser.rs
@@ -4807,34 +4807,11 @@ impl Parser {
                 };
                 self.expect(TokenType::RParen)?;
                 let trailing = self.previous_trailing_comments().to_vec();
-                // Check for set operations after parenthesized query
-                // If there's a set operation, wrap query in Subquery first to preserve parens
-                // e.g., (SELECT 1) UNION (SELECT 2) - the left operand needs Subquery wrapper
-                let result = if self.check(TokenType::Union)
-                    || self.check(TokenType::Intersect)
-                    || self.check(TokenType::Except)
-                {
-                    let left = Expression::Subquery(Box::new(Subquery {
-                        this: query,
-                        alias: None,
-                        column_aliases: Vec::new(),
-                        alias_explicit_as: false,
-                        alias_keyword: None,
-                        order_by: None,
-                        limit: None,
-                        offset: None,
-                        lateral: false,
-                        modifiers_inside: false,
-                        trailing_comments: Vec::new(),
-                        distribute_by: None,
-                        sort_by: None,
-                        cluster_by: None,
-                        inferred_type: None,
-                    }));
-                    self.parse_set_operation(left)?
-                } else {
-                    query
-                };
+                // A set operation after the closing paren is not part of this
+                // FROM item: it belongs to the enclosing query, or, inside
+                // nested parens (`((SELECT 1) UNION (SELECT 2))`), to the
+                // nested-paren branch, which parses it itself.
+                let result = query;
                 Expression::Subquery(Box::new(Subquery {
                     this: result,
                     alias: None,
@@ -4917,10 +4894,26 @@ impl Parser {
                     || self.check(TokenType::Intersect)
                     || self.check(TokenType::Except);
                 let result = if had_set_operation {
-                    // This is a set operation like ((SELECT 1) UNION (SELECT 2))
-                    // Wrap inner in a subquery-like expression and parse set operation
+                    // This is a set operation like ((SELECT 1) UNION (SELECT 2)):
+                    // the parens around it make it one derived table.
                     let set_result = self.parse_set_operation(inner)?;
-                    set_result
+                    Expression::Subquery(Box::new(Subquery {
+                        this: set_result,
+                        alias: None,
+                        column_aliases: Vec::new(),
+                        alias_explicit_as: false,
+                        alias_keyword: None,
+                        order_by: None,
+                        limit: None,
+                        offset: None,
+                        distribute_by: None,
+                        sort_by: None,
+                        cluster_by: None,
+                        lateral: false,
+                        modifiers_inside: false,
+                        trailing_comments: Vec::new(),
+                        inferred_type: None,
+                    }))
                 } else if self.check(TokenType::Cross)
                     || self.check(TokenType::Outer)
                     || self.check(TokenType::Inner)
diff --git a/crates/polyglot-sql/tests/unaliased_derived_table_set_operation.rs b/crates/polyglot-sql/tests/unaliased_derived_table_set_operation.rs
new file mode 100644
index 00000000..7f807d8c
--- /dev/null
+++ b/crates/polyglot-sql/tests/unaliased_derived_table_set_operation.rs
@@ -0,0 +1,36 @@
+//! An unaliased derived table at the end of a set operation's first operand
+//! belongs to that operand: the set operation after it is not part of it.
+
+use polyglot_sql::{transpile, DialectType};
+
+fn reprint(sql: &str, dialect: DialectType) -> String {
+    transpile(sql, dialect, dialect)
+        .unwrap_or_else(|e| panic!("failed to transpile {sql:?}: {e}"))
+        .remove(0)
+}
+
+#[test]
+fn a_set_operation_after_an_unaliased_derived_table_stays_outside_it() {
+    for sql in [
+        "SELECT 1 AS s, * FROM (SELECT x FROM a) UNION ALL SELECT 2, x FROM b",
+        "SELECT 'p' AS side, * FROM (SELECT * FROM a LIMIT 1) UNION ALL SELECT 'l' AS side, * FROM (SELECT * FROM b LIMIT 1) LIMIT 2",
+        "SELECT * FROM c, (SELECT x FROM a LIMIT 1) UNION ALL SELECT x FROM b",
+        "SELECT y, * FROM (SELECT x FROM a) EXCEPT SELECT y, x FROM b",
+    ] {
+        for dialect in [DialectType::Trino, DialectType::Generic] {
+            assert_eq!(reprint(sql, dialect), sql, "{dialect:?}");
+        }
+    }
+}
+
+#[test]
+fn a_parenthesized_set_operation_keeps_its_own_modifiers_inside_its_parens() {
+    for sql in [
+        "SELECT * FROM ((SELECT 1) UNION (SELECT 2))",
+        "SELECT * FROM ((SELECT 1) UNION SELECT 2)",
+        "SELECT * FROM (((SELECT 1) UNION SELECT 2) ORDER BY x LIMIT 1 OFFSET 1)",
+        "SELECT * FROM ((SELECT 1) AS a UNION ALL (SELECT 2) AS b)",
+    ] {
+        assert_eq!(reprint(sql, DialectType::Generic), sql);
+    }
+}