ACE US S&P 500 (360200) 🔎 In-depth

The benchmark is the S&P 500. It holds about 500 leading large US corporations listed on the US market by market capitalization, showing the broad trend of the entire US stock market, and is one of the most widely used indices in the world.

This ETF is 'FX-exposed,' so two things together determine performance. The first is the movement of the S&P 500 index itself, and the second is the KRW/USD exchange rate. Even if the index is unchanged, if the dollar rises against the won (won weakness) the won-based valuation increases, and conversely if the dollar falls (won strength) it decreases. In short, it is best approached with an understanding that two factors — US stock prices and FX — operate at the same time.

It is widely used as a core (central) asset for those who want to invest broadly and for the long term in all of America's leading companies. Diversified across 500 names, individual-stock risk is low, but as the tilt toward top large-cap tech stocks has grown, if these stocks are shaken the whole index can swing with them. As a product that does not FX-hedge, a favorable currency move is a gain, but an unfavorable move can erode the won return even if US stock prices rise — a trait and a risk at once.

Into 2026 the S&P 500 continued to rise, but a shift emerged in which market leadership moved from the mega-cap tech stocks that had led the index in the first half toward AI-infrastructure and semiconductor beneficiaries such as memory chip makers. Even amid the relative underperformance of the Magnificent Seven, the index itself held up on the strength of a broad range of stocks.

In a word, this is an ETF that holds a 'bundle of America's 500 leading large corporations' in won. Just remember that not only US stock prices but also the KRW/USD exchange rate affect returns together.