PLUS Global HBM Semiconductor Leads Overseas ETFs With ₩593.3B

What the Money Flowing Into PLUS Global HBM Semiconductor Tells Us

The concentration of retail investor funds in Hanwha Asset Management’s PLUS Global HBM Semiconductor suggests investor interest has expanded from individual memory-chip companies to portfolios that also include related equipment makers. According to data reported by Maeil Business Newspaper Securities on 2026-10-28, the product ranked first among overseas semiconductor ETFs this year for net purchases by retail investors. What is clear so far is the strong fund inflow and returns; what remains unknown is each holding’s contribution.

PLUS Global HBM Semiconductor is an ETF centered on Micron, Samsung Electronics and SK hynix, while also holding SanDisk, Teradyne and Techwing. Its defining feature is an investment structure that combines memory companies with related equipment makers rather than relying on the performance of a single company.

The Gap Between ₩593.3 Billion in Net Buying and an 88.30% Return

As of the 26th, year-to-date net purchases of PLUS Global HBM Semiconductor by retail investors totaled 593.3 billion won. Over the same period, PLUS Global HBM Semiconductor returned 88.30%, ranking 10th among Korea-listed ETFs, including leveraged and inverse products. The significance of this record lies in the combination of substantial fund inflows and strong performance.

The return figures remain strong over longer periods. PLUS Global HBM Semiconductor posted cumulative returns of 526.75% over the past three years, 368.22% over the past two years and 135.01% over the past year. However, the data does not specify the return-calculation method or reference price, so these figures across different periods cannot simply be extrapolated into future performance.

A Structure Uniting Micron, Samsung Electronics and SK hynix

The portfolio centers on three global memory-chip companies. With Micron, Samsung Electronics and SK hynix as its core investments, the ETF gives investors memory-sector exposure across three companies rather than just one. The disclosed data does not provide the exact weighting of each stock (ticker), making it impossible to determine which company contributed most to returns.

The regular rebalancing in May broadened the investment universe further. SanDisk was newly included, while Teradyne and Techwing were added, extending the portfolio beyond memory companies to testing and back-end processing equipment makers. If this composition is maintained, the ETF’s performance will reflect trends across both its core memory companies and related equipment makers.

SK hynix Earnings and Anthropic’s Filing Add Supporting Evidence

SK hynix said its third-quarter revenue and operating profit reached all-time quarterly highs. The fact that a core ETF holding delivered record earnings provides clear evidence when assessing the backdrop to the fund inflows. Samsung Electronics is scheduled to release detailed third-quarter earnings on 2026-10-29, providing another near-term data point.

Anthropic, the developer of the Claude AI model, identified semiconductor supply shortages as a major business risk in an IPO registration statement filed with the U.S. Securities and Exchange Commission. This confirms that an AI company has explicitly identified semiconductor procurement as a business risk. However, the filing did not specify the scale or duration of the shortage, so it should not be treated as conclusive evidence of further gains for the ETF.

Different Transmission Channels Across Portfolio Companies

• Micron, Samsung Electronics and SK hynix: These are the core investments of PLUS Global HBM Semiconductor. The companies should be viewed collectively when interpreting the ETF’s returns and fund flow, while recognizing that their individual weightings remain unknown.
• SanDisk: The company was newly added during the regular rebalancing in May. It broadens the portfolio’s memory-sector exposure.
• Teradyne and Techwing: These memory-testing and back-end processing equipment makers were added during the same rebalancing. Their inclusion shows that the portfolio is not focused solely on finished-memory producers.

Bullish Momentum and Conditions for a Reversal

The bullish scenario depends on continued net buying by retail investors, supported by strong earnings from the ETF’s core holdings. Keum Jung-seop, head of Hanwha Asset Management’s ETF Business Division, said the ETF’s first-place ranking for retail net purchases this year reflects investors’ view that memory semiconductors are structurally positioned to benefit from the growth of AI infrastructure.

The opposing scenario would begin if performance and fund flow weaken. Given the already elevated cumulative returns, past performance alone cannot determine future results, while total assets and the number of retail net buyers have not been disclosed. In particular, without portfolio weightings, the impact of an individual company’s earnings changes on the overall ETF cannot be calculated precisely.

What Investors Should Monitor Next

• Samsung Electronics: Review the detailed third-quarter earnings due on 2026-10-29 to assess the earnings trajectory of this core holding.
• SK hynix: Track subsequent announcements following its record quarterly revenue and operating profit in the third quarter.
• PLUS Global HBM Semiconductor: Monitor whether retail net buying continues and how the portfolio composition changes at the next rebalancing.
• Portfolio limitations: Do not assign a numerical contribution to individual companies until total assets and precise stock (ticker) weightings are disclosed.

This article was automatically summarized and analyzed based on the original news report. View the original article (Maeil Business Newspaper Securities)