KIS 채권평가 - Beyond Pricing

KOR

Fund Evaluation

ETF

Introduction Asset Comparison Characteristic KIS Real-Time Index

ETF

  • Exchange Traded Fund
  • Financial instruments that combine the advantages of stocks and funds
    • Funds that are listed on exchanges and can be traded like stocks
    • Index funds designed to link price movements and yields of specific indices

Category

inform of Equity ETF, Fixed Income ETF, Currency ETF, Commodities ETF, Real-estate ETF, Mixed Asset ETF, Leverage/Inverse ETF, Active ETF
Equity ETF Designed to follow the performance of stock indexes such as KOSPI200 and S&P 500
Fixed Income ETF Designed to follow the performance of bond indices such as KTB INDEX and KIS MSB Index
Currency ETF Designed to follow exchange rate fluctuations on the US dollar, Japanese yen and etc.
Commodities ETF Designed to follow the performance of Commodities indices such as Metals, Energy, Agricultural products
Real-estate ETF Designed to follow the performance of the Ritz Fund
Mixed Asset ETF Designed to follow the performance of an index that combines stocks and bonds
Leverage/Inverse ETF Designed to perform multiple times of the tracking Index by integrating derivatives such as futures and options
Active ETF Active ETFs are designed to allow ETF management to add various investment products into the ETF to generate additional return

Example

KOSPI200 Tracking ETF
  • Designed to track KOSPI200 Index Movement.
  • The KOSPI 200 Index is a capitalization-weighted index of 200 Korean stocks which make up 93% of the total market value of the Korea Stock Exchange. The index was developed with a base value of 100 as of January 3, 1990.
  • Buying a KOSPI 200 constituents require large capital, but buying a KOSPI 200 ETF is taking advantages of having all stocks under the KOSPI 200 index
ETF tracking KTB Index
  • An ETF that aims to operate in conjunction with the performance of the KTB Index
  • The KTB Index is calculated by reflecting the changes in the three bonds from 3yr KTB futures basket (3-year-, 2-year and 5-year)
  • Individuals access to bonds are limited as the minimum trading unit of a treasury bond is 1 billion won. However, trading of treasury bond ETFs of 3 years can be used to invest evenly in three treasuries.

Asset Comparison

  • ETF is as product, based on the index-Funds and listed in the exchanges for trading
  • ETF has advantages in high liquidity, asset diversification, low fee cost, high transparency like index futures, and capability to leverage the investments
inform of Comparison(Target Goal, Legal Identity, Transparency, Liquidity, Settlement date, Leverage, Risk, Diversification), ETF, Equity, Index Fund, Active Fund, Index Futures
Comparison ETF Equity Index Fund Active Fund Index Futures
Target Goal Specific Index Index return + Excess return Specific Index Index return + Excess return Hedger&return
Legal Identity Collective investment organization Equity Securities Collective investment organization Collective investment organization Derivatives Product
Transparency High High Medium Medium High
Liquidity High High Low Low High
Settlement date T+2 T+2 T+3 T+3 T+1
Leverage Yes Yes No No Yes
Risk Market Risk Market Risk+ additional risk Market Risk Market Risk+ additional risk Market Risk
Diversification Yes No Yes Yes Yes

Characteristics of ETF

  • Low Fees : Has lower fees than the Funds
  • Diversification : Effects of investing into the index
  • Tradability : Able to trade like a equity, No redemption fee
  • Liquidity : ETF liquidity provision is mandated
  • Transparency : Daily disclosures of paid-in assets
inform of ETF, Funds, Stock. Fees, Tax, Diversification, Exchange
ETF Funds Stock
Fees Brokerage Fees + Management Fees Management Fees+ Redemption fees Brokerage Fees
Tax Equity ETF no tax, ETF Income tax (15.4%) ETF Income Tax(15.4%) Trade Tax
Diversification Diversified amount the Index Fund selected diversification Difficult
Exchange Listed Not Listed Listed
inform of Characteristics of ETF - Low Fees, Diversification, Liquidity, Tradability, Transparency

KIS Real Time Index

  • The best Bond ETF index provider, #3 in the overall market sector
  • The best ETF index calculation agency (as of July 2018), which has proven reliable and effective in calculating the tracking index of 19 ETFs out of 26 listed bond ETFs,
inform of Category, Name of ETF, Tracking Index, Asset Management
Category Name of ETF Tracking Index Asset Management
Bond ETF ARIRANG Good Corp.50 1YR KOBI Half Credit Index Hanwha Asset Mgmt.
Bond ETF KBSTAR KTB3YR KTB Indexadditional explanation KB Asset Mgmt.
Bond Active ETF KBSTAR Short term KTB Active KIS KTB 3M-1.5YR KBKB Asset Mgmt.
Bond ETF KBSTAR Short-Term MSB KIS MSB 5M Index KB Asset Mgmt.
Bond ETF KBSTAR Mid-Term MSB KOBI Credit KB Asset Mgmt.
Bond Active ETF KBSTAR Mid-Long KTB Active KIS KTB 4-5YR KB Asset Mgmt.
Bond ETF KINDEX Short-Term MSB KIS Short term MSB Index Korea Asset Mgmt.
Bond ETF KINDEX Mid-Term KTB KTB Indexadditional explanation Korea Asset Mgmt.
Bond Active ETF KINDEX Mid-Long KTB Active KIS KTB 1-10YR Korea Asset Mgmt.
Bond ETF KOSEF KTB 10YR KIS 10Y KTB Kiwoom Asset Mgmt.
Bond ETF KOSEF KTB 10YR Leverage KIS 10Y KTB Kiwoom Asset Mgmt.
Bond ETF KOSEF KTB 3YR KTB Indexadditional explanation Kiwoom Asset Mgmt.
Bond ETF KOSEF Money Market MK Money Market index Kiwoom Asset Mgmt.
Bond ETF KOSEF MSB 1YR MK MSB Index Kiwoom Asset Mgmt.
Bond ETF TIGER 국채3년 KTB Indexadditional explanation Miraeasset Asset Mgmt.
Bond Active ETF TIGER Short-Term Active KIS MSB 3M Index Miraeasset Asset Mgmt.
Bond ETF TIGER Short Term MSB KIS MSB 3M Index Miraeasset Asset Mgmt.
Bond ETF TIGER Mid-Long Term KTB KIS KTB3yr-10yr Index Miraeasset Asset Mgmt.
Bond ETF Power Mid-Term KTB KTB Indexadditional explanation Kyobo Asset Mgmt.

KTB Indexadditional explanation Developed with KRX

  • Calculating the ETF tracking index: Treasury bonds, ETF tracking index
  • Calculating the credit ETF tracking index: bond market: Only provider of ETF tracking index composed of Korea's corporate Bonds
  • Various tracking index: Various ETF tracking index lineups that can be utilized from short-term to long-term funds depending on the nature of the funds
  • The only real-time bond index in Korea (Patent No. 10-1139952)
Limitation SITEMAP KOR
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