Kiwoom Asset Management Expands Engagement with Solactive with ETF Tracking K-Tech Top 10 Index
South Korea continues its ascent as a global innovation powerhouse. Renowned for its dominance in key industries, such as consumer electronics (including smartphones, TVs, and home appliances), semiconductors, displays and OLED technology, online services (online platforms and messaging services), and gaming & entertainment, the nation’s position at the forefront of the tech world is undeniable. This has been fueled by a convergence of factors, including government support for research and development since the 1960s, the rise of world-renowned companies such as Samsung and LG, and a resolute shift towards high-tech industries1. Moreover, an education system promoting science and engineering2 coupled with cutting-edge infrastructure encompassing lightning-fast internet3 and advanced transportation systems4 further propels South Korea’s tech industry.
In a strategic move to harness the growth potential of this thriving environment, Kiwoom Asset Management reinforces its engagement with Solactive, introducing the KIWOOM KOSEF K-TECHTOP10 ETF. The exchange-traded fund is designed to mirror the performance of the Solactive K-Tech Top 10 Index, the first Solactive Korean-stocks-only index launching in Korea.
The Solactive K-Tech Top 10 Index represents the ten largest and most influential technology companies in South Korea. To be eligible for inclusion in the index, companies must be within the Solactive GBS South Korea Large & Mid Cap USD Index, and additionally they must be listed on either the KOSPI Stock Market or the KOSDAQ.
The ETF is listed in the Korean Exchange (KRX) under the ticker 469790.KS.
Timo Pfeiffer, Chief Markets Officer at Solactive, commented: “In the global arena of technological innovation, South Korea stands as a beacon of progress and prowess. We are delighted that Kiwoom Asset Management shares this view with us and is partnering with Solactive, especially through Solactive’s first Korean stocks-only index, to not only open new investment avenues but also reflect our joint commitment to delivering customised solutions to clients. South Korean tech firms lead the way in innovation, with global recognition and a substantial impact in electronics, semiconductors, and telecommunications. This makes them an appealing choice for investors seeking exposure to a thriving sector.”
1 Nature: How South Korea made itself a global innovation leader
3 Countries with the fastest average mobile internet speeds as of April 2023
4 In Seoul, the future of Transportation is here