KODEX KOFR Rate Active (Synthetic) (423160) 🔎 In-depth
Samsung Asset Management · Rates · Parking · Korea · Rates · Parking · Price 2026-08-06 · Analysis 2026-07-14
This is an ultra-short-term rate (parking-type) ETF managed by Samsung Asset Management (KODEX) that tracks 'KOFR,' Korea's risk-free reference rate. Because it accrues a day's worth of safe interest little by little each day, it is widely used for 'parking' a lump sum for a short while. It was listed on April 26, 2022, and rather than holding actual bonds, it uses a 'synthetic' method in which it receives the index return through a swap contract with a securities firm.
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 | +0.01% | +0.22% |
| 3M | +0.01% | +0.64% |
| 6M | +0.02% | +1.28% |
| 1Y | +0.01% | +2.58% |
| 3Y | +6.62% | +9.54% |
This ETF pays regular distributions. The returns and max drawdown above are on a NAV (price) basis, distributions not reinvested, so actual total return is higher and the drawdown smaller than shown; excess return and tracking error are omitted for that reason. Source: data.go.kr securities market-price API.
Fees & distributions
Fees prior fiscal year · Samsung Asset Mgmt official disclosure
Distributions Source: Samsung Asset Mgmt distribution notice
Distributions vary with fund performance; paying out more than income can reduce principal.
Understanding this ETF
The benchmark index is the 'KOFR (Korea Overnight Financing Repo Rate) Index.' KOFR is Korea's representative risk-free rate, calculated on a transaction basis from overnight (next-day) repo rates collateralized by government bonds and monetary stabilization bonds, and each business day interest at that rate accrues steadily into the index. A key feature is its high stability, since the collateral consists of government bonds and monetary stabilization bonds and it is calculated from actual transactions. This ETF is designed to follow the day-by-day interest flow of that KOFR Index.
Because it is an ultra-short-term product with a duration (interest-rate sensitivity) that is effectively close to a single day, its price does not swing much when market rates rise or fall, unlike a bond-type ETF. Instead, as interest at the KOFR rate accrues each business day, the price shows a gently upward-sloping trend. When the base rate rises, KOFR rises with it and more interest accrues; when the base rate falls, the interest that accrues shrinks as well. Since it reflects only domestic rates, there is no FX effect, and it is not a leveraged product that magnifies the multiple.
Its price barely fluctuates and interest accrues steadily on a daily basis, making it especially stable even among parking-type products. It suits parking cash for a short while or holding money awaiting investment. That said, the name 'risk-free reference rate' does not mean the principal is guaranteed. Because it is synthetic, there is in theory counterparty risk should the securities firm that is the swap counterparty run into trouble (this is managed with various safeguards), and one should also understand that, tracking an ultra-short-term rate, it is not an asset that rises much.
As of the latest reference date (2026-07-13), the closing price was ₩110,705 with a daily change of just +0.01%. AUM (net assets) was about ₩3.6 trillion, a fairly large size, and NAV (net asset value per unit) was about ₩110,698 moving almost right alongside the market price. True to its parking-type nature, it continued a stable trend of accruing interest with almost no daily fluctuation.
In a word, it is a 'parking-account-like ETF' that accumulates the state-backed overnight safe rate as interest, a little at a time each day. Its price barely moves, so it is good for stashing money briefly, but it is not a product that grows much, and it is different from a deposit with a fixed principal.
Composition
Because it is a 'synthetic' product, it does not directly buy and hold stocks like Samsung Electronics or individual bonds. Instead, it enters into a swap (over-the-counter derivative) contract with a securities firm (the counterparty) to receive the KOFR Index return as is, and the managed assets are filled with the collateral and cash-equivalent assets that back this structure. As a result, there is effectively no published list of individual constituents, and returns come not from any particular stock but from the KOFR rate itself. Although the name includes 'Active,' it is a product that tracks an ultra-short-term rate, so its character is very conservative.
Classification
Notes & cautions
- Because it is 'synthetic,' there is in theory counterparty risk tied to the credit of the swap counterparty (the securities firm), though this is managed with collateral and the like.
- Tracking a 'risk-free reference rate' does not mean the principal is guaranteed; unlike a deposit, it does not promise a fixed principal or interest.
- Because it accrues an ultra-short-term rate daily, price fluctuation is small, but if the base rate falls, the interest that accrues shrinks as well.
ETF terms explained
Korea FSC securities market-price API (data.go.kr) · ETF classification & tagging: our own descriptive categorization
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