While the debate over slowing the pace of AI model development is gaining traction in the AI industry, dampening investor sentiment, opposing views are also emerging. This stems from the recognition that the AI industry is structurally bound to grow in the long term. In the ETF (exchange-traded fund) market, the listing of AI and semiconductor-related ETFs continues, and investor interest remains sustained.
On the 15th, KODEX U.S. AI Memory TOP2 Plus, HANARO U.S. Agentic AI TOP2+, PLUS AIBan Do-che-so (Director)Active, and PLUS Korea HBM Semiconductor were listed on the Korea Exchange. KODEX U.S. AI Memory TOP2 Plus is an ETF that invests in data storage device companies that are structurally growing due to the expansion of the AI industry, allocating approximately 50% to Micron and SanDisk, and about 30% to Seagate and Western Digital. HANARO U.S. Agentic AI TOP2+ is a product investing in 10 stocks related to agentic AI listed on the U.S. stock market and the technology ecosystems supporting them. Agentic AI refers to artificial intelligence that sets goals and formulates plans without individual user instructions, performing tasks autonomously.
PLUS Korea HBM Semiconductor is an ETF that invests approximately 50% in South Korea's two leading memory companies, Samsung Electronics and SK Hynix, which together hold about 80% of the global high-bandwidth memory (HBM) market share, with the remaining 50% invested in eight core semiconductor materials, components, and equipment (so-bujang) companies. PLUS AIBan Do-che-so (Director)Active is an active ETF that selects key so-bujang companies and actively adjusts portfolio weights, investing in undervalued semiconductor so-bujang companies based on changes in order backlogs, sales, estimated operating profits, and valuation relative to growth rates.
Recently, U.S. technology stocks and domestic semiconductor stocks have shown weakness due to arguments for slowing AI development, yet interest in AI and semiconductor investments continues. In particular, as the number of AI and semiconductor-related ETFs increases, investment themes are becoming more detailed and diverse, including U.S. memory companies, agentic AI firms, and HBM companies. Previously, ETFs investing in NAND memory, CPU semiconductors, and AI data centers have already been listed. Additionally, ACE U.S. CPU Semiconductor TOP3, IBKHan Mi (CEO)Corporate TOP2+ Bond Hybrid Active, and KODEX U.S. AI Agent Active are also preparing for listing.
The continued launch of ETFs investing in AI and Ban Do-che (CEO) companies signifies that expectations for growth in these fields remain strong. Hwang Soo-wook, a researcher at Meritz Securities, stated, "Proposals to adjust the pace of AI development can be interpreted as moves by AI pioneers to lay the groundwork for sustained competition." He added, "Viewing this as a virtuous cycle of AI infrastructure investment based on AI monetization, there is no need to interpret the issue of slowing down as pessimistic for AI infrastructure stocks."
However, as competition among asset management companies intensifies, concerns are also rising about similar ETFs being launched in succession and overlapping or concentrated holdings even across different thematic ETFs. For example, among recently listed products, PLUS Korea HBM Semiconductor, RISE Global AI NAND Memory Semiconductor, KIWOOM SamsungSK Group TOP4+, and ACE Semiconductor Plus Strategic Industry all feature different themes but hold approximately 50% exposure to Samsung Electronics and SK Hynix. An industry official noted, "While the variety of themes has increased due to the recent surge in AI and semiconductor product launches, there is inevitably some overlap in holdings," while also adding, "Efforts are increasingly being made to differentiate through weight differences or active strategies."
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