ACE Global Semiconductor TOP 4 Plus (446770) 🔎 In-depth

The benchmark index is the 'Solactive Global Semiconductor TOP4 Plus PR Index,' created by the German index provider Solactive. This index divides the semiconductor industry into four fields, memory chips, non-memory (system) chips, foundry (contract manufacturing), and semiconductor equipment, then applies a rule that selects a representative company from each field. The 'TOP4' in the name means it fills the four core companies chosen this way at large weights, and 'Plus' means it adds other semiconductor companies as a supplement. 'PR (Price Return)' indicates an index that reflects only pure share-price movement, excluding dividends. This ETF tracks the index by 'physical replication,' actually buying and holding the constituent stocks.

As a plain (non-leveraged, non-inverse, one-times) ETF, when the benchmark index rises it generally rises in the same direction, and when it falls it falls along with it. However, because it is concentrated in a few large-cap semiconductor names, if the earnings or share prices of core names such as Nvidia or TSMC swing sharply, the fluctuation can feel larger than the market as a whole. It also mixes in assets invested in currencies such as the US dollar and the Taiwan dollar (FX exposure), so even if foreign share prices are unchanged, when the won-dollar rate rises the won-based value rises, and when the rate falls it can be pressed down. In other words, both 'semiconductor share prices' and 'the exchange rate' create the movement together.

This is a 'theme and growth' style ETF concentrated on a single industry (semiconductors) and, moreover, on a small number of flagship companies. When demand for AI chips is strong it gets a big boost, whereas if the chip cycle turns down or core names underperform, the drawdowns can be correspondingly steep. It has higher volatility than broadly diversified market-representative ETFs, with a clear amplitude between good times and bad. It suits the aim of participating with a concentrated focus on the growth of the semiconductor industry, but one needs to understand that it is correspondingly heavily exposed to the ups and downs of a single industry.

The closing price on July 13, 2026 was ₩85,040, down 6.04% that day; the NAV (the actual asset value of one ETF share) was ₩76,586 and AUM (net assets) was about ₩1.5 trillion. The benchmark index closed at 14,923.3. In the first half of 2026 the semiconductor sector was broadly strong but with differences among names: TSMC showed strength, with June monthly revenue hitting an all-time high, while Nvidia, after an extended rally, recently entered a pause, so trends diverged even among the large caps. The ups and downs of these core names are reflected directly in this ETF's daily fluctuation.

In a word, it is 'a basket that invests concentrated in a few of the world's strongest semiconductor companies.' Nvidia, TSMC, Samsung Electronics, and SK Hynix take up large weights, so it rises sharply when the chip cycle and their share prices are good and falls sharply when they are bad. Just remember that the exchange rate also comes into play on top of this.