KODEX Top5PlusTR (315930) 🔎 In-depth

The benchmark is the 'FnGuide TOP 5 Plus Total Return Index,' calculated by FnGuide. From the large-cap names on the securities market (KOSPI) and KOSDAQ, it selects mega caps with especially large market capitalizations and stocks with high dividend yields, compressing them into about 10 names. 'Total Return' means that instead of paying the dividends (distributions) from the holdings out to investors in cash, they are automatically reinvested inside the index and accumulated together. Each stock enters with a larger weight the larger its market cap, a weighting method, and rebalancing usually occurs twice a year. This ETF tracks the index using 'physical replication,' actually buying and holding those stocks.

It is a plain (1x, not leveraged or inverse) ETF, but because it holds only a few names, when the prices of its top holdings move sharply the ETF moves almost exactly as much. In fact, on July 13, 2026 the KOSPI fell sharply and Samsung Electronics and SK Hynix plunged by around 10% and around 15% respectively, and this ETF — over 70% concentrated in those two names — fell 7.17% the same day. This is not an error but the result of top holdings' sharp moves passing through almost directly to the ETF in a concentrated structure. Because of the TR method, dividends are not paid out in cash but reinvested inside the fund, and as a domestic asset it is not affected by the exchange rate.

This is an ETF of a compressed-investment character in our market's mega-cap flagship stocks. By selecting only the core stocks that lead the market, it can rise powerfully in an upswing, but because it relies heavily on a few names, the diversification benefit is very weak and losses grow accordingly when an individual stock is shaken. In particular, the tilt toward the two semiconductor names is pronounced, so performance is heavily driven by the semiconductor cycle and the share prices of those two companies. On the other hand, because of the TR structure, the tax on dividends is deferred until you later sell and realize a gain, and dividends are reinvested and compounded, which can be an advantage on the tax and compounding side when held for the long term.

Recently in the domestic market, semiconductors have come to the fore as market leaders amid a surge in demand for high-bandwidth memory (HBM) driven by the spread of artificial intelligence (AI), and a trend of Samsung Electronics and SK Hynix being re-rated has continued. However, because of the structure concentrated in these names, it was confirmed that, when external negatives and a plunge in semiconductor stocks overlap as on July 13, 2026, this ETF too can drop sharply in a single day. That day the closing price was ₩76,375 the NAV (the actual asset value of one ETF share) was ₩76,323 and AUM (net assets) was around ₩1.3 trillion.

In a word, it is a 'compressed basket that piles into a few mega-cap flagship stocks such as Samsung Electronics and SK Hynix and rolls the dividends back inside.' It can rise sharply when things go well, but with over 70% concentrated in the two semiconductor names, just remember that when they are shaken the ETF is shaken sharply along with them.