ETF Workshop

July 13, 2023, IDX

ETF LP 관련 리스크관리
리스크관리부
목

ETF GLOBAL TREND

ETF AP & LP

Q&A

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[Global] ETF GLOBAL TREND
Market Summary (End of June 2023)

Market Category Issue Up↑ Down↓

Overall Emerging Market, Blockchain Consumer, Tech.

Stock, Thematic Vietnam, Brazil, Housing, Blockchain Hydrogen, Cannabis, RIETs, Bank
• Kebijakan The Fed.
US • Profit-taking
US Coupon Bond, Treasury Inflation protected
F.I High-Yield
Sec.

Steel, S/W, Information, Consumer, Sec.

Stock, Thematic Defence, Tesla, Entertainment
• Impact dari Market US, Battery
Korea • Semiconductor/Sec. Battery
melemah
F.I Short-term US bond Long-term KR Bond

Health, Media, Consumer, Internet,

China/Hongkong Stock, Thematic • Konflik antara China-US Defence, Communication
Semiconductor

• Kenaikan Inflation
Japan Stock, Thematic
• Profit-taking
Bank, High-Dividend, JP Bond Semiconductor, Tech, Nikkei225

• Kenaikan suku bunga UK/Europe-RIETs, Dividend, Information,

UK(Europe) Stock, Thematic
• Resesi
UK Bond
Consumer

Commodity, Etc. Wheat, Gas Palladium, Silver, Sugar

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[US] ETF GLOBAL TREND
Top Increase Index ETF

#Vietnam #Brazil #Home Construction

Ticker ETF Name Product Summary Change (%)

VNM VanEck Vietnam ETF MVIS Vietnam 3.1

BRF VanEck Brazil Small-Cap ETF Brazil Small cap 1.9

ARGT Global X MSCI Argentina ETF MSCI Argentina 1.9

ITB iShares U.S. Home Construction ETF Home Construction 1.9

PKB Invesco Dynamic Building & Construction ETF Home Construction 1.6

IHF iShares U.S. Healthcare Providers ETF Healthcare service industry 1.4

EWZS iShares MSCI Brazil Small-Cap ETF MSCI Brazil Small Cap 1.3

EWZ iShares MSCI Brazil ETF MSCI Brazil 1.1

FLBR Franklin FTSE Brazil ETF FTSE Brazil 1.1

PFFR Infracap REIT Preferred ETF REITs 0.8

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[US] ETF GLOBAL TREND
Top Decrease Index ETF

#China #RIETs #Regional Bank

Ticker ETF Name Product Summary Change (%)

PGJ Invesco Golden Dragon China ETF Chinese Company listed in US -8.7

Global X MSCI China Consumer

CHIQ MSCI China Consumer -8.5
Discretionary ETF

KBWY Invesco KBW Premium Yield Equity REIT ETF Medium-Small RIETS -8.1

WisdomTree Trust WisdomTree China

CXSE Chinese Company non state owned -7.8
ex-State-Owned Enterprises Fund

CQQQ Invesco China Technology ETF Chinese Tech. Company -7.8

Kraneshares MSCI All China Health Care

KURE MSCI China Health Care -7.6
Index ETF

EZA iShares MSCI South Africa ETF MSCI South Africa -7.4

MCHI iShares MSCI China ETF MSCI China -7.3

KRE SPDR S&P Regional Banking ETF Regional Bank -7.2

KBWR Invesco KBW Regional Banking ETF Regional Bank -7.1

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[US] ETF GLOBAL TREND
Top Increase Thematic ETF

#Blockchain #Bitcoin

Ticker ETF Name Product Summary Change (%)

WGMI Valkyrie Bitcoin Miners ETF Blockchain Sector, Bitcoin 18.2

BTF Valkyrie Bitcoin Strategy ETF Bitcoin Futures 17.9

BITO ProShares Bitcoin Strategy ETF Bitcoin Futures 17.8

XBTF Vaneck Bitcoin Strategy ETF Bitcoin Futures 17.6

SATO Invesco Alerian Galaxy Crypto Economy ETF Blockchain Sector 15.4

BKCH Global X Blockchain ETF Blockchain Sector, Digital Asset 15.0

DAPP VanEck Digital Transformation ETF Digital transformation Sector 13.3

First Trust SkyBridge Crypto Industry and

CRPT Blockchain Sector 12.2
Digital Economy ETF

BITQ Bitwise Crypto Industry Innovators ETF Blockchain Sector 11.5

Fidelity Crypto Industry And Digital Payments

FDIG Blockchain Sector, Electronic Payment 9.3
ETF

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[US] ETF GLOBAL TREND
Top Decrease Thematic ETF

#Hydrogen #China Telecommunication

Ticker ETF Name Product Summary Change (%)

HYDR Global X Hydrogen ETF Hydrogen Production & Renewable energy -9.9

KWEB KraneShares CSI China Internet ETF Chinese Telecommunication sector -9.3

HDRO Defiance Next Gen H2 ETF Hydrogen Production & Renewable energy -8.2

THCX AXS Cannabis ETF Cannabis -7.4

PBW Invesco WilderHill Clean Energy ETF Clean energy sector -7.2

MOON Direxion Moonshot Innovators ETF Innovative Technology -7.2

BATT Amplify Lithium & Battery Technology ETF Lithium Battery, Secondary Battery -7.0

URNJ Sprott Junior Uranium Miners ETF Uranium mining sector -7.0

EMQQ Emerging Markets Internet and Ecommerce ETF Emerging Telecommunication & Ecommerce -6.7

KraneShares MSCI China Clean Technology

KGRN Chinese Clean Energy -6.6
Index ETF

6
[US] ETF GLOBAL TREND
Top Increase Commodity ETF

#Wheat #Natural Gas

Ticker ETF Name Product Summary Change (%)

WEAT Teucrium Wheat Fund Wheat 5.4

UNG United States Natural Gas Fund LP Natural Gas 5.0

DWSH AdvisorShares Dorsey Wright Short ETF Large Cap Short 4.4

NOPE Noble Absolute Return ETF Long(150%)/short((100%) strategic 2.4

UNL nited States 12 Month Natural Gas Fund LP Natural Gas 1.5

BTAL AGFiQ US Market Neutral Anti-Beta Fund Buy Low Beta / Sell High Beta 0.9

WisdomTree Bloomberg U.S. Dollar Bullish

USDU Dollar Index – Leverage 0.9
Fund

TAIL Cambria Tail Risk ETF US Bond + S&P Put Option 0.8

APLY YieldMax AAPL Option Income Strategy ETF Apple + Short Term Bond 0.8

UUP Invesco DB US Dollar Index Bullish Fund Dollar Index – Leverage 0.7

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[US] ETF GLOBAL TREND
Top Decrease Commodity ETF

#Palladium #Silver

Ticker ETF Name Product Summary Change (%)

PALL abrdn Physical Palladium Shares ETF Palladium -9.2

SLV iShares Silver Trust Silver -7.2

SIVR abrdn Physical Silver Shares ETF Silver -7.2

PLTM GraniteShares Platinum Trust Platinum -6.7

PPLT abrdn Physical Platinum Shares ETF Platinum -6.6

abrdn Physical Precious Metals Basket Shares

GLTR Precious Metals -4.1
ETF

CANE Teucrium Sugar Fund Sugar Futures -4.0

KRBN KraneShares Global Carbon Strategy ETF Carbon emission -3.6

DBB Invesco DB Base Metals Fund Base Metal -3.2

BNO United States Brent Oil Fund LP Brent Oil -3.1

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[US] ETF GLOBAL TREND
Top Increase Leverage/Inverse ETF

#China #Gold mine #Semiconductor

Ticker ETF Name Product Summary Change (%)

YANG Direxion Daily FTSE China Bear 3X Shares FTSE China Inverse 23.5

ZSL ProShares UltraShort Silver Silver Inverse 15.9

CONL GraniteShares 1.5x Long COIN Daily ETF Coin Leverage 15.8

MicroSectors Gold Miners -3X Inverse

GDXD Gold mine Inverse 15.3
Leveraged ETN
MicroSectors US Big Banks Index -3X Inverse
BNKD Large Bank Sector 15.2
Leveraged ETN

SOXS Direxion Daily Semiconductors Bear 3x Shares Semiconductor inverse 14.1

Direxion Daily MSCI Emerging Markets Bear 3X

EDZ MSCI Emerging Inverse 13.6
Shares

DRV Direxion Daily Real Estate Bear 3X Shares MSCI RIETs Sector 12.8

MicroSectors US Big Oil Index -3X Inverse

NRGD Large Oil Sector 12.1
Leveraged ETNs
MicroSectors Oil & Gas Exploration &
OILD Oil Sector 11.9
Production -3X Inverse Leveraged ETN

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[US] ETF GLOBAL TREND
Top Decrease Leverage/Inverse ETF

#Palladium
#China #Gold
#Silver
mine #Semiconductor

Ticker ETF Name Product Summary Change (%)

DPST Direxion Daily Regional Banks Bull 3x Shares Regional Bank Leverage -20.7

YINN Direxion Daily FTSE China Bull 3X Shares FTSE FTSE China Leverage -20.4

Direxion Daily CSI China Internet Index Bull 2x

CWEB China Telecommunication Sector Leverage -18.3
Shares

BITI ProShares Short Bitcoin Strategy ETF S&P CME Bitcoin Inverse -15.7

GDXU MicroSectors Gold Miners 3X Leveraged ETN Gold mine Leverage -15.5

AGQ ProShares Ultra Silver Silver Leverage -14.3

KORU Direxion Daily South Korea Bull 3X Shares MSCI MSCI Korea Leverage -14.1

MicroSectors US Big Banks Index 3X Leveraged

BNKU Large Bank Leverage -13.6
ETN

BABX GraniteShares 1.75x Long BABA Daily ETF Alibaba Leverage -13.3

SOXL Direxion Daily Semiconductors Bull 3x Shares Semiconductor Leverage -13.1

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[KOREA] ETF GLOBAL TREND
Top Increase Index ETF

#Defence #Steel #US Consumer #Vietnam

Ticker Product Summary Change (%)

449450 Korean Defence Industry 5.2

285020 Steel Company in KOSPI200 3.1

453660 S&P US Consumer Sector 3.1

245710 Vietnam VN30 Index 2.0

248270 Global Health care Sector 1.8

441680 Nasdaq100 Covered Call 1.8

256440 MSCI Indonesia Index 1.7

381170 US Technology 1.6

200250 India Nifty 50 Large Cap Index 1.5

441640 US High Dividend 1.5

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[KOREA] ETF GLOBAL TREND
Top Decrease Index ETF

#China #Media Contents #Steel #S/W

Ticker Product Summary Change (%)

371160 Hongkong Hangseng Tech Index -7.2

372330 Hongkong Hangseng Tech Index -7.0

250730 China HSCEI Index -6.8

310080 MSCI China -6.5

228810 Korea Media Contents Industry -5.4

099140 China H Index -4.5

245360 China HSCEI Index -4.4

117680 Top Steel Company -3.9

157490 Software Industry -3.9

139260 KOSPI200 Information Technology Sector -3.8

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[KOREA] ETF GLOBAL TREND
Top Increase Thematic ETF

#Tesla #Europe/Global Luxury #Korean Entertainment

Ticker Product Summary Change (%)

457480 Tesla & Tesla supply chain company 2.9

456250 Europe Luxury Consumer Goods 2.0

410870 Korean Entertainment industry 1.8

435040 Top 10 Industry Global company 1.6

399110 US S&P500 ESG 1.0

354350 Global Luxury Consumer Goods 1.0

407830 Global Platform Company 0.8

421320 Korea Aerospace Industry 0.7

456600 Global AI Hardware & Software 0.2

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[KOREA] ETF GLOBAL TREND
Top Decrease Thematic ETF

#Internet #Webtoon #China

Ticker Product Summary Change (%)

365000 Korea Telecommunication Company -7.1

395150 Webtoon, K-Drama -6.3

371470 China Bio Technology -5.9

150460 China Consumer Company listed in KRX -4.4

275980 Global Industry 4.0 -4.0

500064 Korea Waste disposal company -3.4

364980 Korea Secondary Battery Industry -3.4

401170 Global Metaverse -3.3

422260 Korea MZ generation Consumer Industry -3.2

371460 China EV -3.1

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[HONGKONG] ETF GLOBAL TREND
Top Increase ETF

#Global Blockchain

Ticker ETF Name Product Summary Change (%)

03171 Samsung Blockchain Technologies ETF Global Blockchain Industry 4.4

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[HONGKONG] ETF GLOBAL TREND
Top Decrease ETF

#Healthcare #Bio-Tech # Hangseng-Tech

Ticker ETF Name Product Summary Change (%)

03174 CSOP China Healthcare Disruption Index ETF China Healthcare -11.7

ChinaAMC Hang Seng Hong Kong Biotech

03069 China/HK Bio-Tech Industry -11.1
Index ETF

02820 Global X China Biotech ETF China Bio-Tech -9.2

03067 iShares Hang Seng TECH ETF HK Hangseng Tech Index -8.3

03088 ChinaAMC Hang Seng TECH Index ETF HK Hangseng Tech Index -8.2

03032 Hang Seng TECH Index ETF HK Hangseng Tech Index -8.1

03033 CSOP Hang Seng Tech Index ETF HK Hangseng Tech Index -8.0

02812 Samsung CSI China Dragon Internet ETF China Telecommunication Company -7.9

02801 iShares Core MSCI China ETF MSCI MSCI China Index -6.7

03167 ICBC CSOP S&P New China Sectors ETF China Consumer & Service -6.7

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[CHINA] ETF GLOBAL TREND
Top Increase ETF

#Defence # Communication Device #5G

Ticker ETF Name Product Summary Change (%)

512660 Guotai CSI National Defense ETF China Defence Industry 2.4

512680 GF CSI National Defense Industry Index ETF China Defence Industry 2.1

Guotai CSI All Share Communication Devices

515880 China Communication Devices industry 1.9
ETF
Fullgoal CSI Military Industry Leading
512710 China Defence Industry 1.4
Enterprises ETF

512670 Penghua CSI National Defense ETF China Defence Industry 1.3

515050 ChinaAMC CSI 5G Communications Theme ETF 5G Communication Industry 0.7

159998 Tianhong CSI Computer ETF China IT Service, H/W 0.7

159996 Guotai CSI All Share Household Appliances ETF China Home electric device industry 0.6

159994 Yinhua CSI 5G Communications Theme ETF 5G Communication Industry 0.5

159819 E FundSI Artificial Intelligence ETF AI Industry 0.4

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[CHINA] ETF GLOBAL TREND
Top Decrease ETF

#Media #Alcohol # Medical

Ticker ETF Name Product Summary Change (%)

512980 Guangfa CSI Media Index Investment Fund China Media Industry -6.4

512690 Penghua CSI Alcohol ETF China Alcohol Industry -5.1

515120 GF CSI Brand Name Drug Industry ETF China Pharmaceutical industry -5.0

159992 Yinhua CSI Brand Name Drug Industry ETF China Pharmaceutical industry -4.9

159828 Guotai CSI Medical Service ETF China Medical Service Industry -4.5

512400 China Southern CSI SWS Nonferrous ETF China Nonmetal industry -4.5

512170 Hwabao CSI Medical ETF China Medical Service industry -4.3

512290 Guotai CSI Bio-medicine ETF China Bio-medicine -4.1

512010 E Fund CSI 300 Health Care Index ETF China Healthcare industry -4.1

159837 E Fund CSI Biotechnology Thematic ETF China Bio-Tech Industry -4.0

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[JAPAN] ETF GLOBAL TREND
Top Increase ETF

#Bank #High Dividend #JP Bond

Ticker ETF Name Product Summary Change (%)

1615 NEXT FUNDS TOPIX Banks ETF TOPIX Bank 1.8

2865 Global X Nasdaq 100 Covered Call ETF Nasdaq100 Covered call 1.5

2866 Global X U.S. Preferred Security ETF US Preferred Security 1.4

2635 NEXT FUNDS S&P 500 ESG Index ETF US S&P500 ESG Company 0.5

NEXT FUNDS Nikkei 225 High Dividend Yield

1489 Nikkei225 High Dividend Company 0.5
Stock 50 Index ETF
NEXT NOTES S&P 500 Dividend Aristocrats Net
2044 US S&P500 Dividend 0.3
Total Return Index ETN

2510 NEXT FUNDS Japan Bond NOMURA-BPI ETF Japanese Bond 0.2

2561 iShares Core Japan Government Bond ETF Japanese Government Bond 0.2

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[JAPAN] ETF GLOBAL TREND
Top Decrease ETF

#Semiconductor #Tech Industry #Nikkei225

Ticker ETF Name Product Summary Change (%)

2644 Global X Japan Semiconductor ETF Japanese Semiconductor Industry -4.4

2854 Global X Japan Tech Top 20 ETF Japanese Tech Industry -3.8

1563 TSE Mothers Core ETF TSE Mathers/small cap index -3.1

2624 iFreeETF-Nikkei225(Quarterly Dividend Type) Nikkei225 Index -3.0

1329 iShares Core Nikkei225 ETF Nikkei225 Index -2.9

1330 Listed Index Fund 225 Nikkei225 Index -2.9

1346 MAXIS NIKKEI225 ETF Nikkei225 Index -2.9

1369 One ETF Nikkei225 Nikkei225 Index -2.9

1320 Daiwa ETF-Nikkei 225 Nikkei225 Index -2.9

Listed Index Fund Australian REIT (S&P/ASX200

1555 S&P ASX200 REITs -2.8
A-REIT)

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[KOREA] ETF GLOBAL TREND
ETF Market Trend - AUM
No. Listed ETF AUM in KRW 100 Mil.
Total ETF AUM
800 717 1,200,000
666
700
1,000,000
600 533 967,545
450 468 800,000
500
785,116
739,675
400 600,000

300 517,123 520,365

400,000
200 135
4 4 12 37 64
200,000
100
3,444 4,896 15,609 33,994 60,578 147,177
0 0
2002 2004 2006 2008 2010 2012 2019 2020 2021 2022 2023.05

AUM Listed ETF

Listed ETF Total AUM

• Penambahan Product ETF Leverage, Inverse, Derivatif,

Sectoral, Global, Commodity mulai berkembang pada tahun
• Total AUM mulai berkembang pesat sejak tahun 2010
2010
• AUM Thematic dan Bond ETF bertambah besar pada 2023
• Produk Domestik 442
(Index + KRW 4.3T, Bond + KRW 5T, Global +KRW 3T)
(Index 255, Thematic 86, Leverage/Inverse 53, Bond 29, Etc.19)
• Per May 2023, AUM berkembang KRW 18.2T (YoY 23%)
• Produk Global 275
(Index 148, Thematic 49, Leverage/Inverse 33, Commodity 13, Etc 32 )

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[KOREA] ETF GLOBAL TREND
ETF Market Trend – Daily Transaction Value

AUM in KRW 100 Mil.

180,000
154,242
160,000

140,000
122,004
120,000

100,000 90,084 91,339

80,000
51,902 56,198
60,000 48,236 49,898
34,352 38,433
40,000 30,416 29,389 27,828 27,467
22,321
13,332
20,000 5,442
327 113 230 981 1,102
-
2002 2004 2006 2008 2010 2012 2019 2020 2021 2022 2023.05

Daily Transaction Value

• Mulai tahun 2020, selama masa COVID, transaksi terhadap Leverage & Inverse ETF, Oil ETF transaksi bertambah secara pesat
• Diantara transaksi ETF, memiliki bobot ; Index domestic 19.8%, Bond 31.1%, Leverage/Inverse 33.9%, Global 10.2%

Retail Investor
• Dibanding dengan pendaftaran ETF pertama pada Tahun 2002, Asset Nasabah Retail Investor berkembang 280 kali (CAGR 31.67%)
• Retail Investor 32.83% Vs. Institutional Investor 67.17%

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감사합니다.
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ETF AP & LP
ETFs Categories based on types

Stock Index

Sector
Currency & Industry

Types
of Geographic
Commodity
ETF

Inverse/Short Leveraged
ETF AP & LP
ETFs Categories based on underlying (Korea)

Categories Underlying

Stock Alokasi lebih dari 60% pada saham (alokasi kurang dari 10% pada derivatif)

Bond Alokasi lebih dari 60% pada obligasi

Balanced Balanced-Stock/Bond : batas maksimum alokasi pada saham 50%

Derivative Alokasi lebih dari 10% pada derivative (Underlying : Stock, Properti)

Fund in Fund Alokasi lebih dari 40% pada kontrak investasi kolektif
 ETF AP & LP
Pengertian ETF

• ETF adalah
– Suatu jenis reksa dana yang kinerjanya mengacu pada indeks atau asset tertentu dan dapat ditransaksikan pada Bursa Efek layaknya
saham.

• Karakter ETF
① Kemudahan investasi karena mengacu suatu indeks

② Kemudahan dalam penjualan layaknya saham

③ Rendahnya biaya transaksi (Management Fee, bobot uang yang rendah)

• Subscription & Redemption

Hanya AP (authorized participant) dapat melakukan subscription dan redemption

Subscription
Underlying

Investor AP Custodian
ETF
Bank
Subscription
Konfirmasi
Underlying Konfirmasi

Portfolio Composition File Penerbitan

ETF
(Portfolio Deposit File)

Index Provider Informasi Index Asset

Management
 ETF AP & LP
Pengertian ETF

• Struktur Pasar ETF (Korea)

Kontrak Investasi Kolektif

Authorized Participants (AP) Liquidity Provider (LP)
(Asset Management)

– Pengelolaan/perencanaan ETF

· Menentukan PDF – Memastikan adanya likuiditas pada

· Rebalancing dan mengelola Pasar Sekunder
– Menjalankan subscription/redemption
underlying asset pada Pasar Perdana · Mengelola Spread dibawah 2% (Asset
· Pendaftaran/penghapusan ETF luar negeri 3%)
– Menjalankan pembelian/penjualan asset
· Menentukan jumlah CU sesuai CU – 22 LP / 20% dari Total Transaction Value

· Mengelola Tracking Error

· Menentukan Cash Devidend

ETF AP & LP
Pengelolaan Resiko oleh Asset Management

• Perbandingan Phisycal ETF vs. Synthetic ETF

Investor

Cash ETF Collateral

Cash Return on Collateral

Swap
Synthetic ETF
Index Return counterparty

Physical ETF Categories Synthetic ETF

Index / Benchmark Constituent Securities Underlying Collateral & Swap

Management Fee, Transaction Costs Biaya Management Fee, Swap expenses

Yes Keterbukaan Kepemilikan Limited

Limited Counterparty Risk Yes

Portfolio Structure / Dividend Tax Tracking Error Swap Terms

ETF AP & LP
Pengelolaan Resiko oleh Asset Management

• Synthetic ETF, Unfunded Swap vs. Funded Swap

Collateral

Collateral

Cash
Index Return
Swap Swap
Synthetic ETF Synthetic ETF
Counterparty Cash Counterparty
Index Return
Collateral
Basket Return

Unfunded Swap Categories Funded Swap

ETF Pembiayaan Underlying Swap Counterparty

Keuntungan dari berbagai jenis asset Swap Keuntungan kenaikan Indeks acuan

Asset dalam ETF menjadi jaminan Pengelolaan Jaminan Jaminan dikelola oleh Custodian pihak ke-3

Basket Return – Index Return Penilaian Resiko Nilai penilaian Swap – Nilai Penilaian Jaminan
ETF AP & LP
Pengelolaan Resiko oleh LP

• Penggunaan Shortsell dan Pasar Futures

① Harga ETF - Harga NAV
- Keuntungan dari perbedaan harga antara harga ETF pasar sekunder dan harga NAV
- Harga ETF > Harga NAV : Shortsell ETF → Buy ETF underlying saham
- Harga ETF < Harga NAV : Shortsell ETF underlying saham → Buy ETF

② Harga Saham Futures – Harga ETF

- Keuntungan dari perbedaan harga antara harga ETF pasar sekunder, harga NAV dan harga Saham Futures
- Harga Futures > Harga NAV : Sell Futures → Shortsell ETF underlying saham
- Harga Futures < Harga NAV : Buy Futures → Buy ETF underlying saham
- Harga Futures > Harga ETF : Sell Futures → Buy ETF
- Harga Futures < Harga ETF : Buy Futures → Sell ETF
 ETF AP & LP
Pengelolaan Resiko oleh LP

• ETF LP position berdasarkan jenis ETF

Long Position Short Position

Stock ETF Sell ETF underlying Stock

Sell ETF underlying PDF Stock

Index ETF
or Sell Futures Index

Synthetic ETF Sell Swap position

Sell Overseas stock

Overseas ETF
or Sell Overseas Futures
감사합니다.
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