KODEX Leverage (122630) 🔎 In-depth
Samsung Asset Management · Equity · Korea · Broad market · Price 2026-08-06 · Analysis 2026-07-14
A leverage ETF designed to track the 'daily' move of the KOSPI 200 index at 2x. It aims to rise about 2% when KOSPI 200 rises 1% in a day and to fall about 2% when it falls 1%. Managed by Samsung Asset Management, it was Korea's first leverage ETF; rather than holding twice the amount of actual stocks, it creates the 2x effect using derivatives such as index futures.
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 | -42.90% | -19.80% |
| 3M | -40.54% | -14.52% |
| 6M | +24.32% | +29.85% |
| 1Y | +266.39% | +128.23% |
| 3Y | +437.86% | +189.37% |
This ETF tracks 2x 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(prospectus)
Distributions
Distributions vary with fund performance; paying out more than income can reduce principal.
Understanding this ETF
The benchmark index is KOSPI 200, Korea's headline index. It does not simply follow the index, however; it tracks the index's 'daily return' at 2x. The crucial point is that this is on a 'daily' basis. The 2x ratio applies to each day's move; it does not mean that a return accumulated over several days or months will be 2x that of the index.
The most important feature is the 'daily reset' and the compounding effect it produces. Because the 2x exposure is re-set each day, over several days the cumulative return will differ from 'the index's cumulative return x 2.' In particular, if the index moves up and down in a sideways range, a 'volatility loss' can occur in which value is gradually ground away in the process of re-setting 2x each day. For example, even if the index rises 10% one day and then falls 10% the next to return to its original level, a 2x product experiences +20% on the first day and -20% on the second, ending below where it started (1 -> 1.2 -> 0.96). Because it is based on a Korean index, there is no FX effect.
It can legitimately serve short-term purposes, such as making large use of a short-term directional move or briefly offsetting (hedging) the downside risk of assets you hold. On the other hand, because of the daily reset and volatility loss described above, the longer it is held the more likely it is to drift away from the intended '2x' outcome, so it is generally unsuitable for long-term holding. It rises much faster than an ordinary ETF in an uptrend, but its declines are also twice as large in a downturn, so it must be handled with a clear understanding that it is a high-risk product.
When the benchmark KOSPI 200 moves sharply, this ETF swings twice as much. On the reference date (2026-07-13), the close was -19.1% on the day, showing plainly how sharply a 2x product reacts on a day when KOSPI 200 falls significantly. Rather than trying to predict direction, it is important to be mindful of the very fact that this is a product in which the index's daily move is amplified twofold.
In a word, it is a product that tracks the 'daily' move of KOSPI 200 magnified twofold. It is a tool for taking a short-term directional view; if held for a long time in a sideways market, value can gradually leak away through volatility loss, so it is not suited to long-term holding.
Composition
Rather than buying and holding twice the amount of physical stocks, a leverage ETF mainly takes a long (upside) position in KOSPI 200 index futures to create exposure equal to 2x the index's movement. As a result, it is hard to describe its profile with a table of 'holdings and weights' like an ordinary ETF; in practice it consists of derivative positions such as futures and the cash-like assets that back them. The notional size of the derivative positions is large, but understanding it as if it were individual-stock weights can be misleading.
Classification
Notes & cautions
- The 2x is on a 'daily' basis; accumulated over several days, it will differ from 2x the index's return.
- If the index repeatedly moves up and down (sideways), volatility loss can erode value, making it generally unsuitable for long-term holding.
- Because it is replicated with derivatives such as futures, there is no table of physical-stock holdings and weights.
- It is a high-risk product whose losses also double when the market falls.
ETF terms explained
Korea FSC securities market-price API (data.go.kr) · ETF classification & tagging: our own descriptive categorization
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