KODEX Inverse (114800) 🔎 In-depth
Samsung Asset Management · Equity · Korea · Broad market · Price 2026-08-06 · Analysis 2026-07-14
An inverse ETF managed by Samsung Asset Management (KODEX) that tracks the daily move of the KOSPI 200 futures index in the exact opposite direction (-1x). In other words, it rises when the index falls and falls when the index rises. It listed on September 16, 2009, and is used to gain exposure to the upside when the index declines.
This page organises public pricing and fund data for information purposes. It is not a recommendation to buy or sell, nor investment advice. Fees and distributions follow the manager's official disclosures and may change. Please verify with the fund manager's own materials and decide at your own responsibility.
Price as of 2026-08-06 close
USD values (market cap, AUM, turnover) are converted from KRW at ₩1,423.5 per US$ (2026-08-07); won figures are as reported. Market cap is listed units × market price, while AUM is the fund's net asset value — the two are close but not identical.
Returns & tracking as of 2026-08-06
| Period | ETF (NAV) | Index |
|---|---|---|
| 1M | +14.76% | -21.35% |
| 3M | -1.16% | -15.99% |
| 6M | -40.68% | +27.88% |
| 1Y | -67.38% | +124.34% |
| 3Y | -74.80% | +178.52% |
This ETF tracks the inverse (-1x) of the index's daily return, so multi-day cumulative returns do not equal that multiple of the index's cumulative return (volatility decay in choppy markets). Long-term excess return and tracking difference are therefore not shown. Source: data.go.kr securities market-price API.
Fees & distributions
Fees prior fiscal year · Samsung Asset Mgmt official disclosure
Distributions
Distributions vary with fund performance; paying out more than income can reduce principal.
Understanding this ETF
The benchmark index is the KOSPI 200 futures index (F-KOSPI 200). KOSPI 200 is the headline stock index built from 200 of Korea's large, blue-chip companies, and this ETF tracks the movement of a futures index based on that KOSPI 200. Because the direction is reversed, however, the ETF is designed to rise in price when this index (the market) falls.
If the KOSPI 200 futures index falls 1% in a day, this ETF rises about 1%, and if the index rises 1%, it falls about 1%; that is, it moves opposite to the index (-1x) every day. The key point here is that this is on a 'daily' basis. Because the ratio is reset fresh each day (daily compounding), holding it over several days can produce a result that differs from simply multiplying the index's move over that period by -1. In particular, when the index swings up and down (a sideways, volatile market), the price of this ETF can be gradually ground lower even if the index returns to where it started.
This is a reverse-direction product used mainly to respond to a falling market or to reduce (hedge) the risk of assets you hold. It can feel more volatile than the index itself, and because of its daily-compounding nature it suits short-term positioning rather than long-term holding. Given that daily moves can be large, as seen today, it is a product for which you should weigh both direction and holding period.
On the most recent reference date (2026-07-13), the closing price was ₩1,129 up +9.83% on the day; given the inverse nature of the product, this means the underlying KOSPI 200 futures index fell by that much. AUM (net assets) was about ₩914.4 billion, and NAV (net asset value per unit) was about ₩1,138 moving with little gap from the market price.
In a word, it is a reverse-direction ETF that rises when the market falls. It follows the KOSPI 200 futures index at -1x on a daily basis, and instead of holding stocks directly it creates that opposite movement using futures and cash-like assets. Because it is reset each day, however, holding it over several days can produce a different result from a simple -1x, so it is better suited to short-term positioning.
Composition
Because it is an inverse product, it does not work by buying and holding individual stocks such as Samsung Electronics or SK Hynix. Instead, it uses KOSPI 200 index futures to take a position that bets on a falling index (a futures inverse position), and fills the rest with cash-like assets such as deposits and short-term bonds to produce the -1x daily return. As a result, there is effectively no published list of individual holdings, and gains or losses come not from individual stocks but from the direction of the KOSPI 200 futures index as a whole.
Classification
Notes & cautions
- This is a -1x daily product. Because it has a 'daily compounding' structure in which the ratio is reset each day, holding it over several days can produce a result that differs from simply multiplying the index's move over that period by -1.
- During periods when the index swings up and down (sideways), a 'negative compounding' effect can appear in which the price is ground lower even if the index returns to where it started.
- Given its inverse nature, no list of individual holdings is published, and gains or losses arise from the direction of the KOSPI 200 futures index as a whole.
- A close of +9.83% means the underlying index fell by that much (the direction is reversed).
ETF terms explained
Korea FSC securities market-price API (data.go.kr) · ETF classification & tagging: our own descriptive categorization
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