KODEX US AI Power Core Infrastructure (487230) 🔎 In-depth

The benchmark index is the 'iSelect US AI Power Core Infrastructure Index (PR),' calculated by an NH Investment & Securities affiliate. 'PR (Price Return)' refers to a method that reflects only the share price, excluding dividends. The index is made up of US companies tied to the electricity demand that will grow as AI spreads, that is, power value-chain companies running from 'generation to transmission and distribution to data-center and energy-infrastructure construction to power efficiency.' Each holding's weight is set by blending market-cap weighting and theme-relevance weighting at roughly 7 to 3, and this ETF tracks the index by 'physical replication,' actually buying and holding those names. It is FX-exposed, without FX hedging.

Because it is FX-exposed without FX hedging, on top of the ups and downs of the US stocks it holds, won/dollar exchange-rate movements are also reflected in the return. When the dollar strengthens (won weakens), the won-converted value rises, and when the won strengthens, it is trimmed accordingly. Also, because it is concentrated in a small number of names around the clear theme of 'power infrastructure,' the whole ETF moves substantially with AI data-center investment and power-demand outlooks and with the share prices of top holdings such as GE Vernova and Vertiv. Because the benchmark is a PR method that reflects only the share price and excludes dividends, the dividends paid by the holdings are not included in the index return.

This is a 'growth-and-theme' ETF that aims to ride the broad trend of rising electricity demand as AI spreads. The logic that more data centers require more electricity and power equipment underpins the growth story, and its differentiator is that it invests not in AI chips but in the 'power and infrastructure that support them from behind.' However, because it is concentrated in a few names and a specific theme, it can rise strongly when the theme has momentum, but can also swing sharply when AI-investment expectations cool or the related names correct. Add the variable of exchange-rate movement, and it tends to have more sources of fluctuation than a broad market-representative index product.

As of July 13, 2026, the closing price was ₩23,690 and the NAV was ₩24,270, so the close was somewhat below NAV. The daily change that day was -3.13%. AUM was about ₩1.81 trillion and market capitalization was about ₩1.77 trillion, a fairly large size for a theme ETF.

In a nutshell, it is a theme ETF that 'gathers US power-infrastructure companies that generate and carry the electricity AI data centers will use.' Its distinguishing feature is that it invests not in AI chips but in the power equipment needed to run them; and just keep in mind that it is concentrated in a few names, so it swings a lot, and the exchange rate also affects the return.