diff --git a/packages/html/src/html.ts b/packages/html/src/html.ts
index 611f2f7..0491ba1 100644
--- a/packages/html/src/html.ts
+++ b/packages/html/src/html.ts
@@ -62,7 +62,7 @@ export class HtmlFragments implements FlattenInto {
         } else {
             n.innerHTML = source;
         }
-        for (const p of Array.from(n.querySelectorAll('placeholder'))) {
+        for (const p of Array.from(n.content.querySelectorAll('placeholder'))) {
             const e = nodeMap[p.id];
             if (e) {
                 p.parentNode!.insertBefore(e, p);