Mirae Asset's Korean New Deal-themed ETFs top W700b in NAV

Mirae Asset Global Investments said Friday its five exchange-traded funds investing in stocks dedicated to batteries, biotechnology, internet and gaming sectors have topped 700 billion won ($642 million) in their combined net asset value as of Thursday, two months after their listing.

The ETFs are its signature Tiger suite of products -- Tiger KRX BBIG K-New Deal ETF, Tiger KRX Bio K-New Deal ETF, Tiger KRX Secondary Battery K-New Deal ETF, Tiger KRX Internet K-New Deal ETF and Tiger KRX Game K-New Deal ETF -- tracking top-notch stocks of sectors that are expected to become beneficiaries of the nation’s Korean New Deal initiative, the company said.

Of the five, four -- barring Tiger KRX Internet K-New Deal ETF -- generated returns since they began trading on Oct. 7.

Notably, Tiger KRX BBIG K-New Deal ETF, whose NAV exceeded 300 billion won on Thursday, tracks three top stocks by market cap in each sector -- batteries, biotechnology, internet and games. The product gained 12.15 percent from Oct. 7 to Thursday.

The company attributed the ETFs‘ success to active transactions on the stock market compared to other New Deal-themed ETFs by local competitors, the company said.

Mirae Asset Global Investments is the asset management arm of Mirae Asset Group. The asset manager was overseeing $162 billion worth of assets as of September.

Of the total, its ETFs accounted for nearly 30 percent of the total assets under management. The company is managing over 380 ETFs globally.

By Son Ji-hyoung (consnow@heraldcorp.com)