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DEEP RESEARCH · SEMICONDUCTOR ETF

Navigating the AI Supercycle: Korean Semiconductor Process ETFs

A comparison of TIGER, HANARO, and SOL ETFs through AI/HBM structural growth, front-end cyclicality, and liquidity

Date: 2025-09-13 · ETF comparison/asset-allocation view · Naver Blog

Investment decisions are your own responsibility. This material is research, not a recommendation to buy or sell.

0. Bottom line first

The source selects TIGER AI Semiconductor Core Process (471760) as the top pick. The rationale is its direct exposure to AI, HBM, and advanced packaging, combined with stronger AUM and retail inflows that can create a liquidity flywheel.

Shift in semiconductor valueFrom front-end scaling toward HBM, back-end processing, and packaging
AI data centersPresented as growing at an 18% CAGR
HBMKorea described as controlling about 90% of the global HBM market
Advanced packagingTC bonding and high-density PCB importance rising
ETF selectionCompare theme purity, momentum, and liquidity
The core view is that AI demand is a stronger structural driver than a simple cyclical recovery

1. Market premise: structural growth beyond recovery

Official fact: The source summarizes forecasts that global semiconductor revenue could rise from about $534 billion in 2023 to $624-705 billion in 2025 and reach $1 trillion by 2030.

Official fact: HBM market revenue is presented as growing 66.3% in 2025, with Korea holding about 90% of the global HBM market.

Interpretation: AI infrastructure investment is not the same cycle as PC or smartphone replacement. That is why an ETF with direct HBM and advanced-packaging exposure may have higher theme purity than a broad front-end recovery basket.

2. Three ETF philosophies

CategoryTIGER AI Semiconductor Core ProcessHANARO Semiconductor Core Process LeadersSOL Semiconductor Front-End Process
AUMAbout KRW 84.1bn-203.7bnAbout KRW 5.3bn-6.1bnRelatively small; exact figure not confirmed
TER0.45% per year0.45% per year0.45% per year; 0.40% management and 0.05% other
IndexiSelect AI Semiconductor Core ProcessFnGuide Semiconductor Core Process LeadersFnGuide Semiconductor Front-End Process
StrategyFocus on AI, HBM, and advanced packagingSelect leaders by growth and momentumFocus on front-end process companies
Top pick

TIGER AI Semiconductor Core Process

Focused on AI, HBM, and advanced packaging. AUM is presented as about KRW 84.1bn-203.7bn.

Momentum

HANARO Semiconductor Core Process Leaders

Uses a quantitative model to select process leaders with strong growth and momentum.

Cycle

SOL Semiconductor Front-End Process

Closer to a pure cyclical bet on front-end equipment and materials recovery.

3. Portfolio and performance

The holdings show TIGER mixing HBM/packaging leaders with large memory names, HANARO leaning toward momentum-driven equipment names, and SOL concentrating on front-end materials and equipment.

RankTIGERHANAROSOL
1Hanmi SemiconductorTES (14.80%)HPSP (21.60%)
2Isu PetasysPark Systems (10.57%)Hansol Chemical (15.20%)
3HPSPHanmi Semiconductor (10.50%)Dongjin Semichem (11.70%)
4Leeno IndustrialDI (10.49%)Soulbrain (10.50%)
5SK hynixJusung Engineering (8.37%)Jusung Engineering (9.60%)
ETF1 month3 months6 months1 yearSince inception
TIGER AI Semiconductor Core Process (471760)3.62%N/AN/AN/AN/A
HANARO Semiconductor Core Process Leaders (476260)10.12%16.66%12.07%6.34%-30.05%
SOL Semiconductor Front-End Process (475300)N/A10.82%14.96%-5.75%N/A

4. Flows and final judgment

Official fact: The source says TIGER ETF AUM quickly grew above KRW 200bn after listing, and retail net buying exceeded KRW 30bn in about two months, the largest inflow among semiconductor ETFs in that period. HANARO AUM is presented at around KRW 6bn.

Interpretation: When a timely theme gains market recognition, volume and spreads can improve, attracting more capital. The source's top-pick case for TIGER rests on this liquidity flywheel plus AI/HBM exposure.

Sources

Naver original