KODEX Inverse (114800) 🔎 In-depth

Samsung Asset Management · Equity · Korea · Broad market · Price 2026.07.13 · Updated 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.

Price as of 2026.07.13 close

Close₩1,117

Change+9.83%

NAV₩1,119

Premium / discount-0.16%

Market cap$639.0M

AUM (net assets)$606.0M

Volume975,874,445 shares

Turnover$693.0M

Benchmark indexKOSPI 200 Futures Index

Benchmark close5,311.49

Understanding this ETF

🎯What it tracks

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.

🌊How it moves

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.

🧭Profile & traits

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.

📈Recent trend

On the most recent reference date (2026-07-13), the closing price was ₩1,117, 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 ₩1,118.82, moving with little gap from the market price.

💡In plain terms

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.

Holdings & weights

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.

Detailed holdings and weights are filled in over time from reliable disclosures (KRX / the asset manager). The classification and benchmark above already give a good sense of what this ETF holds.

Classification

Asset typeEquity

RegionKorea

CategoryBroad market

Use caseShort-term trading (leverage/inverse)

ManagementPassive

LeverageInverse

ReplicationPhysical

FX hedgeDomestic (N/A)

IssuerSamsung Asset Management

Listed2009/09/16

InverseInverse (daily compounding)

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

NAV (net asset value)The real per-share value of the assets the ETF holds. The market price generally trades near this figure.

Premium / discountHow much the market price trades above (+) or below (−) NAV. The closer to 0%, the more fairly it is priced.

Tracking errorHow far the ETF's return drifts from its benchmark index. Smaller is better — it means the ETF follows the index closely.

AUM (net assets)The total pool of assets in the ETF. Larger AUM generally means smoother trading and a lower delisting risk.

Benchmark indexThe index the ETF aims to follow. The ETF's price reflects this index's moves.

Leverage / inverseLeverage products move at a multiple (e.g. 2x) of the index's daily move; inverse products move opposite to the index — the index falls, they gain. Both are volatile and mainly for short holding periods.

FX hedge / FX exposureFor overseas-asset ETFs, hedging the currency fixes returns against exchange-rate swings ((H) in the name); leaving it unhedged is FX exposure.

Korea FSC securities market-price API (data.go.kr) · ETF classification & tagging: our own descriptive categorization

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