Kodex Ultra T-bond Futures Inverse(H)
304670.KS
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- Samsung Kodex Ultra Treasury Bond Futures Inverse(H) ETF (304670.KS) is an exchange-traded fund that provides inverse exposure to the performance of ultra-long-term Korean Treasury bond futures contracts, specifically targeting hedged returns for investors seeking to profit from declines in long-duration government bond prices. The ETF tracks the daily inverse performance of the KOSPI Ultra 10-Year Treasury Bond Futures Index (H), employing derivatives including futures contracts, swaps, and short positions on underlying bonds to achieve its -1x leverage objective; it offers daily liquidity through trading on the Korea Exchange (KRX) and is designed for sophisticated investors employing tactical hedging or speculative strategies in the fixed-income derivatives market. Launched in 2021 and managed by Samsung Asset Management Co., Ltd., headquartered in Seoul, South Korea, the fund operates exclusively within the South Korean financial markets, catering to domestic institutional and retail investors focused on interest rate volatility and yield curve movements. The ETF maintains a portfolio of cash equivalents, short-term repurchase agreements, and financial derivatives to replicate inverse returns while minimizing tracking error; it does not hold physical bonds but uses futures on the benchmark index for efficient exposure. Samsung Asset Management, a leading Korean asset manager with over KRW 300 trillion in assets under management, oversees the fund as part of its extensive KODEX ETF suite, which spans equities, bonds, commodities, and leveraged products; no parent company relationships apply beyond Samsung Group's broader affiliate structure. Recent developments include enhanced liquidity provisions amid rising Korean government bond yields in 2024-2025, driven by global rate normalization and domestic fiscal policy shifts; the fund benefited from increased trading volumes following the Bank of Korea's interest rate adjustments in late 2024, with no major acquisitions, partnerships, or structural changes reported in the past two years. Samsung Asset Management expanded its ETF lineup with additional fixed-income inverse products in 2024, aligning with growing demand for rate-hedging tools, though the 304670.KS ETF itself underwent no name changes, reorganizations, or new product launches.