KODEX US Semiconductor (390390) 🔎 In-depth

The benchmark index is the 'MVIS US Listed Semiconductor 25 Index,' calculated by the US index provider MarketVector (formerly VanEck/MVIS). Only companies that are US-listed and derive more than half of their revenue from semiconductors or semiconductor equipment are eligible, and the index selects the 25 largest of them. Each name enters with a larger weight the bigger its market capitalization (the market value of all the company's shares), but with a cap limiting each individual weight to a maximum of 20% so no single name grows too large. Rebalancing (adjusting the composition) is done quarterly. The ETF follows the index through full physical replication, actually buying and holding those 25 constituents.

As a plain (1x, non-leveraged, non-inverse) ETF, when the benchmark 25-name semiconductor index rises 1% in a day this ETF generally rises around 1% as well, and when the index falls it falls in the same direction. However, this product carries two layers of volatility. First, semiconductor stocks themselves are sensitive to the economy and the industry cycle and swing sharply, and in particular the moves of heavily weighted names such as Nvidia heavily drive the whole ETF. Second is the exchange rate. Because this ETF is FX-exposed and does not separately block won-dollar rate changes, even if US stock prices are unchanged, returns are added when the dollar strengthens against the won (a weaker won) and trimmed when the dollar weakens (a stronger won). In other words, 'US semiconductor share prices' and 'the exchange rate' together determine performance.

This is a growth and thematic ETF that invests across the semiconductor industry, a core component of the artificial-intelligence and data-center era, in one go. Its strength is that you can hold leading US semiconductor companies in diversified form without picking individual stocks, but in practice weight is heavily concentrated in a few top names such as Nvidia, so the whole ETF swings significantly when their share prices move. On top of this, because there is no FX hedge, exchange-rate changes are reflected as they are, making it a high-volatility product exposed to the dual volatility of stock prices and the exchange rate. Not incurring FX-hedge costs can be a cost advantage over the long term, but by the same token, if the exchange rate moves unfavorably it can amplify losses.

Recently the US semiconductor sector rose, centered on Nvidia, as demand for graphics processing units (GPUs) and high-bandwidth memory (HBM) used in artificial-intelligence data centers continued strongly, and the US Philadelphia Semiconductor Index (SOX) also showed strength, climbing to record-high levels in 2026. That said, policy variables such as US export controls on advanced chips to China and tariffs remain, and can affect individual company earnings and share prices. The closing price on July 13, 2026 was ₩60,800, net asset value (NAV, the actual asset value of one ETF share) was ₩62,635, and assets under management (AUM) were about ₩1.48 trillion.

In short, it is a basket that holds 25 leading US-listed semiconductor companies all at once. It is heavily tilted toward a few large-caps such as Nvidia, TSMC and Broadcom, so it moves sharply with their share prices, and since it does not block the exchange rate, just remember that a rising dollar adds a gain and a falling dollar adds a loss.