Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

SAMSUNG KODEX KOREA Value-Up ETF / Equity Bottom-Up

SAMSUNG KODEX KOREA Value-Up ETF (495850 KS)

<ul>
<li><em><strong>In this insight, I discuss a pair trade between KODEX Korea Value Up ETF (495850 KS) (long) and KODEX KOSPI ETF (226490 KS) (short).</strong></em></li>
<li>Key investment thesis of this trade is that regardless of the market direction in the next 6-12 months, the Korea Value Up index is likely to outperform the KOSPI index.</li>
<li>KODEX Korea Value Up ETF (495850 KS) is up 193% in the past one year, outperforming KODEX KOSPI ETF (226490 KS) which is up 154% in the same period.</li>
</ul>


In this insight, I discuss a pair trade between KODEX Korea Value Up ETF (495850 KS) (long) and KODEX KOSPI ETF (226490 KS) (short).
Key investment thesis of this trade is that regardless of the market direction in the next 6-12 months, the Korea Value Up index is likely to outperform the KOSPI index.
KODEX Korea Value Up ETF (495850 KS) is up 193% in the past one year, outperforming KODEX KOSPI ETF (226490 KS) which is up 154% in the same period.


A Pair Trade Between KODEX Korea Value Up ETF (Long) And KODEX KOSPI ETF (Short)

Index Rebalance

SAMSUNG KODEX KOREA Value-Up ETF / Index Rebalance

<ul>
<li>There has been a sharp increase in AUM of ETFs tracking the Korea Value-Up Index in 2026. </li>
<li>Net assets of the 13 Korea Value-Up ETFs totaled 3.1 trillion won as of 17 April 2026, up 143% YTD (up from 1.26 trillion won as of 2 January 2026).</li>
<li>Korea Value-Up Index closed at 2,826.61 on 17 April 2026, up 53% from 2 January 2026, outperforming KOSPI and KOSPI200 (up 44.3% and 49.9%, respectively in the same period). </li>
</ul>


There has been a sharp increase in AUM of ETFs tracking the Korea Value-Up Index in 2026. 
Net assets of the 13 Korea Value-Up ETFs totaled 3.1 trillion won as of 17 April 2026, up 143% YTD (up from 1.26 trillion won as of 2 January 2026).
Korea Value-Up Index closed at 2,826.61 on 17 April 2026, up 53% from 2 January 2026, outperforming KOSPI and KOSPI200 (up 44.3% and 49.9%, respectively in the same period). 


A Sharp Increase in the AUM of ETFs Tracking the Korea Value-Up Index in 2026

Korea / Special Situations, Clepsydra Capital

Sanghyun Park

Korea / Special Situations

Korea / Special Sits, Pairs, Index Rebalancing

Clepsydra Capital

Investigate special situations, pairs, and index rebalancing trades in Korea.

Event-Driven

SAMSUNG KODEX KOREA Value-Up ETF / Event-Driven

<ul>
<li>The KRX is going all-in, using data transparency to clean up the Value-Up Index, rebuild trust, and keep it in the spotlight.</li>
<li>This sharpens predictability for June’s rebalancing, enhances market transparency, and attracts foreign investors to GICS-based indices like the KOSPI 200.</li>
<li>This could transform index dynamics, boosting inflows, liquidity, and global interest, creating a potential alpha opportunity.</li>
</ul>


The KRX is going all-in, using data transparency to clean up the Value-Up Index, rebuild trust, and keep it in the spotlight.
This sharpens predictability for June’s rebalancing, enhances market transparency, and attracts foreign investors to GICS-based indices like the KOSPI 200.
This could transform index dynamics, boosting inflows, liquidity, and global interest, creating a potential alpha opportunity.


Utilize the Killer Dataset Provided by KRX Through the Value-Up Index

<ul>
<li>They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.</li>
<li>KRX hasn't confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.</li>
<li>The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.</li>
</ul>


They ditched the rulebook, used a market cap filter to pick the top 5, and watered down PBR and ROE, making them irrelevant. Market cap was the real deciding factor.
KRX hasn't confirmed it, but local sources say the special rebalancing was based on the top 50 KOSPI market caps as of the December 13th close.
The shift was driven by local pension funds, especially NPS, which pushed for more big-cap exposure to trigger Value-Up investments, signaling a potential ramp-up in their involvement.


Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics

<ul>
<li>With the Fed shock pushing the won past 1,450 and the KOSPI down, it's time to dig into the stabilization fund—its size, timing, and which stocks will catch the flow.</li>
<li>With ₩10T in play, even spread over 10 stages, it could drive significant price impact. NPS's ₩1.5T injection in December shows how even smaller flows move the market.</li>
<li>The FSC plans to focus on KOSPI 200 and broad market ETFs, with new ETFs like the Value-Up Index likely getting more flow—target stocks in both for bigger impact.</li>
</ul>


With the Fed shock pushing the won past 1,450 and the KOSPI down, it's time to dig into the stabilization fund—its size, timing, and which stocks will catch the flow.
With ₩10T in play, even spread over 10 stages, it could drive significant price impact. NPS's ₩1.5T injection in December shows how even smaller flows move the market.
The FSC plans to focus on KOSPI 200 and broad market ETFs, with new ETFs like the Value-Up Index likely getting more flow—target stocks in both for bigger impact.


Korea FSC's Stabilization Fund: Breaking Down the Buzz and Flow Impact

South Korea

SAMSUNG KODEX KOREA Value-up ETF is an exchange-traded fund incorporated in South Korea. The objective of the fund is to achieve return that closely replicates the performance of KOREA Value-up Index. The fund invest more than 60 % in equity.

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SAMSUNG KODEX KOREA Value-Up ETF (495850 KS)

A Pair Trade Between KODEX Korea Value Up ETF (Long) And KODEX KOSPI ETF (Short)

In this insight, I discuss a pair trade between KODEX Korea Value Up ETF (495850 KS) (long) and KODEX KOSPI ETF (226490 KS) (short).

Douglas Kim

A Sharp Increase in the AUM of ETFs Tracking the Korea Value-Up Index in 2026

Net assets of the 13 Korea Value-Up ETFs totaled 3.1 trillion won as of 17 April 2026, up 143% YTD (up from 1.26 trillion won as of 2 January 2026).

Douglas Kim

Utilize the Killer Dataset Provided by KRX Through the Value-Up Index

This post examines how we can fully capitalize on the killer dataset that KRX is introducing with their Value-Up Index initiative.

Sanghyun Park

Behind the Scenes of KRX Value-Up Index Special Rebalancing: What It Means for Flow Dynamics

This post provides the inside scoop on the KRX Value-Up Index special rebalancing and its implications for flow dynamics.

Sanghyun Park

Korea FSC's Stabilization Fund: Breaking Down the Buzz and Flow Impact

This post breaks down the buzz around the Korean FSC potentially triggering the stabilization fund and digging into the flow impact from a market...

Sanghyun Park

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