DS Asset Management, known for unlisted company investments, held an ETF market entry press conference on the 10th and announced the launch of 'DS KOSDAQ Active ETF' on the 14th. The new product actively invests in leading KOSDAQ stocks expected to show structural growth, differentiating from passive index-tracking ETFs through selective stock picking based on portfolio manager judgment. The company aims to leverage research capabilities and networks accumulated over years of unlisted investment to generate alpha. KOSDAQ's 1,800+ listed companies face significant information asymmetry, with research coverage concentrated on large-caps: 86.9% coverage for companies with market capitalization over 500 billion won, but only 11.5% for mid-caps and 1.6% for companies under 100 billion won.
DS Asset Management Differentiates Through Fundamental Analysis
DS Asset Management presented the brand slogan 'Starting Real Active' for its ETF business. Kim Sung-hoon, CEO of DS Asset Management, stated: "The ETF market started with passive products in 1999 and has grown to over 500 trillion won. If passive ETFs pursued beta, DS's ETF declares its commitment to pursuing alpha."
Kim emphasized differentiation from existing products: "KOSDAQ active ETFs launched a few months ago are in significant loss territory. We will distinguish ourselves through research and leading stock selection, mobilizing all in-house capabilities to become an excellent choice for investors."
The company selected KOSDAQ market active investment as its first product based on fundamental analysis capabilities accumulated through long-term unlisted investment experience. Han Sang-kyun, CIO of DS Asset Management, explained: "Unlisted individual company investment requires in-depth analysis. Listed company management differs by reflecting industry, supply-demand, and liquidity factors."
![Kim Sung-hoon, CEO of DS Asset Management]()
KOSDAQ Market Shows Earnings Growth Potential
DS Asset Management expressed expectations for KOSDAQ market revaluation. Since the beginning of the year, KOSPI 200 surged 114.41%, while KOSDAQ 150 recorded negative 0.67%. However, next year's operating profit growth rate forecasts show KOSDAQ at 33% overtaking KOSPI's 11%.
Jung Sung-in, Director, stated: "The KOSDAQ market has reached a very good investment timing. Earnings growth is becoming visible, centered on semiconductor materials, parts, and equipment within KOSDAQ." Jung added: "We expect market recovery through delisting of insolvent companies, introduction of promotion-relegation system, and shareholder value protection."
DS KOSDAQ Active ETF Charges 100bp Management Fee
The newly launched DS KOSDAQ Active carries a management fee of 100bp. While this represents a higher level compared to other companies' active products, the company explained this reflects commitment to delivering differentiated performance.
Jung Sung-in addressed the fee level: "Various efforts and resources must be invested in the product. Please view this as a declaration of our determination to never be negligent."
Company Manages 5.5 Trillion Won in Assets
DS Asset Management was established in 2008. The firm is recognized as a house with a complete investment lineup covering the entire growth cycle of companies, from discovering unlisted early-stage companies to post-listing stages.
As of last month, assets under management (AUM) stood at 5.5 trillion won. The company has discovered numerous unicorn companies in early stages based on corporate IR, site visits, and accumulated networks, and was recently selected as a large sub-fund operator for the National Growth Fund.
![DS Asset Management ETF Market Entry Press Conference]()
FAQ
What is DS Asset Management launching on the 14th?
DS Asset Management announced at a press conference on the 10th that it will launch 'DS KOSDAQ Active ETF' on the 14th. This actively managed ETF invests in leading KOSDAQ stocks through selective stock picking rather than passive index tracking.
How does KOSDAQ's earnings growth compare to KOSPI?
While KOSPI 200 surged 114.41% since the beginning of the year compared to KOSDAQ 150's negative 0.67%, next year's operating profit growth forecasts show KOSDAQ at 33% exceeding KOSPI's 11%.
What is the management fee for DS KOSDAQ Active ETF?
The DS KOSDAQ Active ETF charges a management fee of 100bp, which the company stated reflects the resources and efforts required to deliver differentiated performance through in-house research capabilities.
