KAP INDEX Overview
- KAP INDEX Overview
- KAP INDEX Description
Overview
- Bond index, a financial tool measuring bond market changes is generated by calculation of bond investment profit/loss, coupon payment and reinvestment return considering the effects of interest rate and credit rating changes.
Application
- Prompt and accurate implication of bond market
- Benchmark for performance analysis
- Indicators of asset allocation and investment decisions
Characteristics
- Representativeness
- Accuracy
- Objectivity
- Continuity
- Comparability
- Building Block Approach
- Several Indicators
Excellence in Services
Best partner from developing new index to commercializing new product
- Develop new Index
- Offering aggregated Index and BM index analysis and management
- ETF/Derivatives index development and commercializing
Beyond bond index
Domestic bond index
- BM index for ETF and many other domestic bond indices
- BM index by issuer, credit rating and maturity
Foreign bond index
- BM index from lists of foreign bonds that are being evaluated from KAP
- BM index for funds and ETF
Equity Index
- Performance index using actual or hypothetical portfolios
Composite / Strategic Index
- Composite index of equities and bonds and many other strategic indices
- ELS index
Flexible computations
- Depending on users’ interest, different method of computations for yield, interest payment and reinvestment returns will be applied
KAP INDEX Family
MKBP Index, KAP’s representative all bond index
Sub level indices
Sub level indices
MKBP Index and family Index
All Bond Index
- MKBP Aggregate Index
- MKBP 1YR
- MKBP Government & Public 1YR
- MKBP Short · Mid · Long Term
- Credit Index
- KAP Aggregate bond
Tracker Index
- MKBP 120
- MKBP 25
Money Market Index
- MMI
KAP’s Iconic Indices
ETF Index
- KAP Focus Index
- KAP Bullet Index
- KRW Cash PLUS Index
- KAP Short-Term Bond Index
- KAP FRN Index
- KAP Korea Long-term Total Market Bond Index
- KAP Ultra-long KTB Bonds Index
Real-Time Index
- KEBI Index
- KEBI F3 Index
Customized Index
- NPS
- Korea Post
- Government Employees Pension
- Ministry of Employment and Labor
- Pension Fund Pool
- House Index
Equity/Derivatives Index
- ELS Fund
- ETN real-time index
KAP Index Description
All Bond Index
Total return index, composed of market price (capital gain/loss + accrued interest), coupon received and reinvestment return, is calculated based on daily fair price of bonds provided by KAP. Bonds with maturity of less than 3 months are excluded from the index universe.
Multiple indices and various supplement indicators are being calculated and classified by issuer, credit rating and maturity. YTM reinvestment index, CALL reinvestment index and ZERO reinvestment index are also calculated based on reinvestment process. Supplementary indicators refer to average Duration, average Convexity, average Coupon, average Maturity and average YTM.
Multiple indices and various supplement indicators are being calculated and classified by issuer, credit rating and maturity. YTM reinvestment index, CALL reinvestment index and ZERO reinvestment index are also calculated based on reinvestment process. Supplementary indicators refer to average Duration, average Convexity, average Coupon, average Maturity and average YTM.
| MKBP ALL Bond Index | Represents all bond index where constituents have BBB- or higher credit ratings |
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| MKBP 1YR | Constituents with A- or higher credit ratings with target duration of 1 year |
| MKBP Government and Public 1 YR | Constituents (KTB, Municipals, MSB and Financial debentures with government holdings) with AAA or higher with target duration of 1year |
| MKBP Short · Mid · Long Term | Constituents with A- or higher with target duration of 0.75/1.85/8 year respectively |
| Credit Index | Aggregate index including constituents with B- or higher |
| KAP 1-5Y AAA Public Corporation & Bank Bond Index | An index composed of public corporation bonds and bank bonds with a remaining maturity of one to five years and a credit rating of AAA or higher. |
Tracker Index
Tracker Index whose primary goal is to track Market Portfolio and calculated from Portfolio. Rather than having significance in its actual Index value, it focuses on imitating Market Portfolio.
Under the assumption of All Bond Index representing the entire bond market, passive strategy is implemented through managing Index Fund whose portfolio tracks the All Bond Index.
Tracker Index where constituents have highest level of liquidity is different from Bellwether Index which reflects the market condition. In general, when composing portfolio of Tracker Index, individual bonds are selected from Bellwether Index Universe which has strong possibility of transaction.
Under the assumption of All Bond Index representing the entire bond market, passive strategy is implemented through managing Index Fund whose portfolio tracks the All Bond Index.
Tracker Index where constituents have highest level of liquidity is different from Bellwether Index which reflects the market condition. In general, when composing portfolio of Tracker Index, individual bonds are selected from Bellwether Index Universe which has strong possibility of transaction.
| MKBP 120 | Intended to track MKBP 1 YR, composed by 120 bonds |
|---|---|
| MKBP 25 | Intended to track MKBP All Bond Index, composed by 25 bonds |
Money Market Index
Money market Index reflects the characteristics of money market.
MMI includes CD, CP and Call and reflects money market volatility and performance. Due to shortage of public issuance information on CP and CD, mark-to-market pricing is used instead of total current price.
MMI is utilized as BM Index along MKBP Bond Index to measure portfolio performance and sub indicators for CP, CD and Call are generated.
MMI includes CD, CP and Call and reflects money market volatility and performance. Due to shortage of public issuance information on CP and CD, mark-to-market pricing is used instead of total current price.
MMI is utilized as BM Index along MKBP Bond Index to measure portfolio performance and sub indicators for CP, CD and Call are generated.
ETF-ETN Index
Real-time tracking Index for Exchange-Traded Fund; ETF.
| KAP Korea Total Market Bond Focus Index(AA- or higher, TR) | An index to track KAP Korea Total Market Bond Index (AA or higher, Total return) |
|---|---|
| KRW Cash PLUS Index(Total Return) | Constituents (KTB, MSB, Special, Financial Debenture, Corporate Bond, CP) with maturity less than 1year Represents actual short term market |
| KAP Investible Credit Bond 1Y Index | A composite index that is weighted 80% local KRW corporate bonds A- or higher rated and 20% local KRW commercial papers A2+ or higher rated |
| KAP Short-Term MSB Index (New open) | An index of monetary stabilization bonds issued by the Bank of Korea |
| KAP Short-Term Bank FRN Index(AAA, TR) | An index included 100 floating rate notes issued by local commercial banks AAA rated |
| KAP Korea Total Market Bond Index(AA- or higher, TR) | A composite index that weighted 95% local KRW bonds and 5% call (included 4,000 or over high credit bonds) |
| KAP Korea Long-term Total Market Bond Index(AA- or higher, TR) | Represents composite index with constituents with AA- or higher credit ratings with maturity exceeding 3 years |
| KAP Ultra-long KTB Bonds Index | Index only composed by 3 on-the-run KTBs with extremely long maturity (10, 20 and 30 year) with equal weight |
| KAP Inflation bond TR Index |
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| KAP Leverage Inflation Bond TR Index | By Leveraging, expected earning is higher than KAP Inflation Bond TR Index. Note that the risks are also higher. |
| KAP US Inflation bond TR Index |
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| KAP US Leverage Inflation Bond TR Index | By Leveraging, expected earning is higher than KAP US Inflation Bond TR Index. Note that the risks are also higher. |
| KAP KTB 30y TR Index | An index consisting of three recently issued 30-year maturity government bonds. As of July 2021, it has the longest duration among indices composed of physical government bonds. |
| KAP Leverage KTB 30 years Bond TR Index | An index that leverages exposure to the 30-year government bond index through borrowed funds, offering the highest expected returns when domestic long-term interest rates decline. |
| KAP Inverse KTB 30Y Bond TR Index | An index that takes an inverse position on the 30-year government bond index through short selling. It offers potential investment returns when domestic long-term interest rates rise. |
| KKAP Inverse Leverage KTB 30Y Bond TR Index | An index representing a position created by shorting the 30-year government bond index and then shorting that position again. It offers the potential for more aggressive investment returns when domestic long-term interest rates rise. |
| KAP Short Term Risk Free Bond TR Index | A risk-free ultra-short-term bond index composed of the three securities with the shortest remaining maturities among Treasury bonds, fiscal notes, and monetary stabilization bonds. It is easily used as a benchmark index for repo operations. |
| KAP ESG Total Market Bond Index(A- or higher, Total return) |
This index is an enhanced version of the KAP ESG Total Market Bond Index, optimized for use as an ETF benchmark. It consists of 95% bonds and 5% call rate. The bond portion comprises bonds rated A- or higher issued by companies with the top three ESG ratings (A+, A, B+) from the Korea Institute of Corporate Governance and Sustainability(KCGS), as well as ESG-certified bonds.
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| KAP KOR Gov’t Bond TR Index | The KAP KOR Gov't Bond TR Index is a bond index comprising all government bonds with remaining maturities over 3 months. It is the first bond index for domestically listed bond ETFs to include all government bond issues. |
| KAP KTB 10Y TR Index | This index consists of the three most recently issued 10-year maturity government bonds. |
| KAP Leverage KTB 10Y TR Index | This index leverages the KAP KTB 10y TR Index through borrowing, aiming to deliver twice the return of the KAP KTB 10y TR Index. |
| KAP Inverse KTB 10Y TR Index | This index represents an inverse position established by short selling the 10-year Treasury bond index. |
| KAP Inverse Leverage KTB 10Y TR Index | This index represents an inverse leveraged position created by first shorting the 10-year Treasury bond index and then shorting that resulting position again. |
| KAP US Treasury bond 10Y TR index | An index composed of the three most recently issued 10-year maturity US Treasury Notes |
| KAP Leverage US Treasury Bond 10Y TR Index | An index that leverages the US Treasury 10-year index through borrowing, aiming to achieve twice the return of the US Treasury 10-year index |
| KAP Inverse US Treasury Bond 10Y TR Index | This index represents an inverse position created by shorting the US Treasury 10-year index. |
| KAP Inverse Leverage US Treasury Bond 10Y TR Index | This index represents an inverse leveraged position created by first shorting the US Treasury 10-Year Bond Index and then shorting that resulting position again. |
| KAP Inverse US Treasury Bond 30Y TR Index | This index represents an inverse position created by shorting the US Treasury 30-year index, providing potential investment returns when US long-term interest rates rise. |
| KAP Inverse Leverage US Treasury Bond 30Y TR Index | An inverse leveraged index of the KAP US Treasury Bond 30Y TR Index, offering the potential for twice the inverse return of the three U.S. Treasury Bond issues. |
| KAP US Treasury bond 30Y TR index | An index composed of the three most recently issued 30-year maturity US Treasury Bonds. |
| KAP Leverage US Treasury Bond 30Y TR Index | An index that leverages the US 30-year Treasury Bond index through borrowing, offering the potential for twice the return of the US 30-year Treasury Bond index. |
| KAP Gov’t Bond 3Y Index(Total Return) | This index is composed of a basket of near-month 3-year Treasury bond futures contracts, with equal weighting applied to each basket component. If the basket contains fewer than three components, the most recently issued bonds from the previous basket are added to reach a total of three components. |
| KAP Gov’t Bond 10Y Index(Total Return) | This index is composed of a basket of near-month 10-year government bond futures contracts. Equal weighting is applied among the basket constituents. However, if the current basket has fewer than three constituents, the most recently issued bonds from the previous basket are added in order of issuance to total three constituents. |
| KAP Gov’t Bond 30 years TR Index | This bond index includes government bonds issued with a 30-year maturity and a remaining maturity exceeding 20 years, calculated using a market capitalization-weighted method.
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| KAP K-Total Market Bond Index(AA- or higher, Total return) |
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| KAP KTB 3Y TR Index | An index composed of the three most recently issued 3-year maturity government bonds. |
| KAP Leverage KTB 3Y TR Index | This index leverages investment in the 3-year government bond index through borrowed funds. |
| KAP Inverse KTB 3Y TR Index | An index that takes an inverse position on the 3-year government bond index by shorting it. |
| KAP Inverse Leverage KTB 3Y TR Index | This index represents a position created by shorting the 3-year government bond index and then shorting that resulting position again. |
| KAP KTB 5Y TR Index | An index composed of the three most recently issued 5-year maturity government bonds. |
| KAP Leverage KTB 5Y TR Index | This index leverages the 5-year Treasury bond index through borrowed funds. |
| KAP Inverse KTB 5Y TR Index | An index that takes an inverse position on the 5-year government bond index by shorting it on margin. |
| KAP Inverse Leverage KTB 5Y TR Inde | This index represents a position created by shorting the 5-year government bond index and then shorting that resulting position again |
| KAP Gov’t Bond Focus TR Index | KAP Gov’t Bond Focus TR Index is an ETF underlying index developed for government bonds with a remaining maturity of 5 years or less. It consists of nine bonds with residual maturities similar to those of the basket bonds, including the 3-year Treasury bond futures basket. |
| KAP Short-Term MSB Focus TR Index | This index targets Monetary Stabilization Bonds (MSBs) issued by the Bank of Korea. It consists of nine MSB issues selected to achieve an average duration of 0.3 years on the first day of each month. The weighting within the index is equal-weighted, and it is rebalanced on the first business day of each month. |
| KAP 32-10 Gov’t Bond 10Y TR Index | This index was developed as the underlying index for bond ETFs. It consists of 95% bonds and 5% calls and has a maturity date of October 31, 2032. It includes three government bonds maturing after November 2032, selected in order of shortest remaining maturity. |
| KAP Total Market Bond Index(AA- or higher, Total return) | The KAP Total Market Bond Index (AA or higher, Total return) is a comprehensive bond index targeting domestic won-denominated bonds with a credit rating of AA- or higher. It is composed of 96% bonds + 4% call rate. |
| KAP 3X Leverage KTB 3Y TR Index | This index aims to deliver three times the investment return of 3-year government bonds using leverage. It targets three 3-year government bond issues. |
| KAP Inverse 3X Leverage KTB 3Y TR Index | This is a 3x inverse index of the KAP KTB 3Y TR Index, which consists of three 3-year maturity government bonds. It offers the potential for a 3x inverse return on the three 3-year maturity government bonds. |
| KAP 3X Leverage KTB 5Y TR Index | This index utilizes leverage to provide an expected return equivalent to three times the investment return of 5-year government bonds. It is composed of three 5-year government bond issues. |
| KAP Inverse 3X Leverage KTB 5Y TR Index | A triple inverse index of the KAP KTB 5Y TR Index, composed of three 5-year maturity government bonds, offering the potential for triple inverse returns on these three bonds. |
| KAP 3X Leverage KTB 10Y TR Index | This index utilizes leverage to provide an expected return equivalent to three times the investment return of 10-year government bonds. It is composed of three 10-year government bond issues. |
| KAP Inverse 3X Leverage KTB 10Y TR Index | This is a 3x inverse index of the KAP KTB 10Y TR Index, which consists of three 10-year government bonds. It offers the potential for a 3x inverse return on these three 10-year government bonds. |
| KAP 3X Leverage KTB 30Y TR Index | This index utilizes leverage to provide an expected return equivalent to three times the investment return of 30-year government bonds. It is composed of three 30-year government bond issues. |
| KAP Inverse 3X Leverage KTB 30Y TR Index | This is a 3x inverse index of the KAP KTB 30Y TR Index, which consists of three 30-year government bonds. It offers the potential for a 3x inverse return on these three 30-year government bonds. |
| KAP KTB 30-Year Index(TR) | The KAP 30-Year Treasury Bond Index (Total Return) is composed of the three most recently issued 30-year maturity treasury bonds. The weights are 80%, 10%, and 10%, respectively, in order of their most recent issuance, making it the treasury bond spot index with the longest duration. |
| KAP 33-06 Gov’t Bond TR Index | This index is a fixed-duration bond index with a maturity date of June 10, 2033, composed of three coupon-bearing government bond issues. The index is composed of the three issues with the closest maturity date to the index maturity date (June 10, 2033), including the index maturity date itself, selected from issues maturing before the index maturity date. If three or more issues have the same maturity date, they are included in order of largest outstanding balance. |
| KAP 43-09 Gov’t Bond TR Index | This is a fixed-duration bond index with an index maturity date of September 10, 2043. The index consists of three government bonds (including STRIPS) maturing between September 10, 2041, and the index maturity date of September 10, 2043. The weighting of stripped bonds within the index is capped at 1% (CAP). However, the government bonds included are those issued with a 20-year maturity. |
| KAP 53-09 Gov’t Bond TR Index | This is a bond index with a maturity date of September 10, 2053, composed of three types of Treasury bonds with coupons. The index is composed of the three issues with the closest maturity date to the index maturity date, including the index maturity date of September 10, 2053, among issues maturing before the index maturity date. If three or more issues have the same maturity date, they are included in order of largest outstanding balance. |
| KAP Gov Bond Money Market TR Index | The KAP Gov Bond Money Market TR Index is a bond index that includes government bonds, central bank bonds, and special bank bonds with remaining maturities of six months or less. It offers the potential for stable returns through investment in government, central bank, and special bank bonds. |
| KAP SOFR Index | SOFR (Secured Overnight Financing Rate) is a USD risk-free reference rate (RFR) based on overnight repo transactions secured by U.S. Treasuries. It is calculated by the Federal Reserve Bank of New York. The KAP SOFR Index applies the SOFR rate published on the Federal Reserve Bank of New York website at 8:00 AM on U.S. |
| KAP Total Market Bond TR Index(AA- or higher) | This is a comprehensive bond index composed of domestically issued Korean won-denominated bonds rated AA- or higher. The index is made up of 95% bonds and 5% call rate. Its components include Treasury bonds, monetary stabilization bonds, public institution bonds (rated AA- or higher), bank bonds (AA- or higher), financial bonds (AA- or higher), corporate bonds (AA- or higher), and asset-backed securities (ABS) rated AA- or higher. |
| KAP CD Index | A negotiable certificate of deposit (CD) is a short-term financial product where banks grant negotiability to time deposit certificates. The KAP Negotiable Certificate of Deposit (CD) Index applies the final quoted yield of 91-day CDs announced by the Korea Financial Investment Association at 4 PM, calculated as a compound interest rate based on a 365-day year. |
| KAP KTB 10-Year Equal Weighted Index(TR) | KAP KTB 10-Year Equal Weighted Index(TR) is composed of three 10-year maturity Treasury bond issues. It consists of the three most recently issued 10-year Treasury bonds, weighted equally. |
| KAP MSB 3M TR Index | An index composed of three Monetary Stabilization Bonds (MSBs) that mature three months after the reference month, selected in descending order of outstanding balance. If fewer than three MSBs mature in that month, bonds maturing in the previous or following month are included, prioritized by proximity to the target maturity date. The selected bonds are weighted at 40%, 30%, and 20%, respectively, in the order of selection. |
| KAP MSB 6M TR Index | An index composed of three Monetary Stabilization Bonds (MSBs) that mature six months after the reference month, selected in descending order of outstanding balance. If fewer than three MSBs mature in that month, bonds maturing in the previous or following month are included, prioritized by proximity to the target maturity date. The selected bonds are weighted at 40%, 30%, and 20%, respectively, in the order of selection. |
| KAP KTB 10-Year TR Index | An index composed of the three most recently issued 10-year government bonds, weighted at 70%, 20%, and 10% in order of most recent issuance. |
| KAP Inverse KTB 10-Year TR Index | This index represents an inverse position created by shorting the KAP KTB 10-Year TR Index. |
| KAP 3X Leverage KTB 10-Year TR Index | An index designed to deliver three times the investment return of the KAP KTB 10-Year TR Index through leverage. |
| KAP Inverse 3X Leverage KTB 10-Year TR Index | A 3x inverse index of KAP KTB 10-Year TR Index, offering exposure to three times the inverse return of 10-year Treasury bonds. |
| KAP US Treasury 20+ Years Bond Index(Price return) | This index consists of US Treasury Bonds with a remaining maturity exceeding 20 years. It is composed of US Treasury Bonds with a KRW 50 billion or more balance converted to KRW at the end of each month. It primarily includes fixed-rate coupon bonds, while excluding inflation-linked bonds, floating-rate bonds, Treasury Bills, and strip bonds. This index is hedged against foreign exchange rate fluctuation risk, allowing investors to expect returns when US long-term interest rates decline. |
| KAP Total Market Bond AA- or higher Index(TR) | KAP Total Market Bond AA- or higher Index(TR) is a composite bond index targeting domestic won-denominated bonds rated AA- or higher. It is composed of 95% bonds + 5% call options. The bonds included in this index comprise treasury bonds, monetary stabilization bonds, and AA-rated or higher public corporation bonds/bank bonds/financial institution bonds/corporate bonds. Bonds with maturities under 3 months, outstanding balances under KRW 50 billion, ratings below AA-, FRNs, equity-linked bonds, subordinated bonds, private placement bonds, guaranteed corporate bonds, option-linked bonds, ABS, MBS, inflation-linked treasury bonds, national housing bonds, and regional bonds are excluded from the index constituents. |
| KAP 26-09 Special Bond Index(TR) | KAP 26-09 Special Bond Index(TR) is an index developed as the underlying index for a fixed-duration bond ETF, with an index maturity date of September 30, 2026 The index consists of special bonds with a credit rating of AAA or higher issued before the index base date of December 31, 2022, with outstanding balances of 50 billion won or more maturing between September 2026 and December 2026. Special bonds are bonds issued by corporations established under special laws, including currency stabilization bonds, industrial finance bonds, small and medium enterprise finance bonds, Korea Electric Power Corporation bonds, land development bonds, and deposit insurance fund bonds. |
| KAP 25-11 Corporate Bond TR Index | KAP 25-11 Corporate Bond TR Index is an index developed as the underlying index for a fixed-duration bond ETF, with a maturity date of November 18, 2025 This index consists of corporate bonds and financial bonds rated A+ or higher issued before the index start date of December 31, 2022, with maturities falling between October and November 2025. |
| KAP 25-09 Corporate Bond TR Index(AA- or higher) | KAP 25-09 Corporate Bond TR Index(AA- or higher) is an index developed as the underlying index for a fixed-duration bond ETF, with an index maturity date of September 30, 2025. The index consists of corporate bonds and financial bonds rated AA- or higher by , issued before the index base date of December 31, 2022, with outstanding balances of 50 billion won or more and maturities falling between August 2025 and October 2025. |
| KAP KTB 10Y Index(TR) | This index is composed of a basket of 10-year government bond futures. If the basket contains fewer than three bonds, the most recently issued security from the previous basket is added to make a total of three securities. The weightings per security are 50%, 40%, and 10% in the order of their most recent issuance. |
| KAP Short Term Money Market Index | An index representing the short-term money market, composed of 50% domestic won-denominated bonds with a credit rating of AA- or higher and a remaining maturity of 3 months or less, 30% commercial paper and electronic short-term bonds with a credit rating of A1 or higher and a remaining maturity of 3 months or less, and 20% call rate. |
| KAP CNH KRW TR Index | KAP CNH KRW TR Index tracks the price change of the Chinese yuan (CNH) against the Korean won (KRW). |
| KAP Leverage CNH KRW TR Index | KAP Leverage CNH KRW TR Index aims to deliver twice the return of the Chinese yuan (CNH) relative to the Korean won (KRW). |
| KAP Inverse CNH KRW TR Index | KAP Inverse CNH KRW TR Index tracks the inverse (-1x) price movement of the Chinese yuan (CNH) relative to the Korean won (KRW). |
| KAP Inverse 2X CNH KRW TR Index | KAP Inverse 2X CNH KRW TR Index tracks the inverse (-2x) price movement of the Chinese Yuan (CNH) relative to the Korean Won (KRW). |
| KAP JPY KRW TR Index | KAP JPY KRW TR Index tracks the price movement of the Japanese yen (JPY) relative to the Korean won (KRW). |
| KAP Leverage JPY KRW TR Index | KAP Leverage JPY KRW TR Index tracks twice the price movement of the Japanese yen (JPY) relative to the Korean won (KRW). |
| KAP Inverse JPY KRW TR Index | KAP Inverse JPY KRW TR Index tracks the inverse (-1x) price movement of the Japanese yen (JPY) relative to the Korean won (KRW). |
| KAP Inverse 2X JPY KRW TR Index | KAP Inverse 2X JPY KRW TR Index tracks the inverse (-2x) price movement of the Japanese Yen (JPY) relative to the South Korean Won (KRW). |
| KAP 3X Leverage KTB 30-Year TR Index | This index aims to provide 3x the return of a 30-year government bond investment, utilizing leverage provided by the issuer. The leverage cost is the Bank of Korea base rate + [Call rate - 3-month government bond rate]. |
| KAP 26-12 Corporate Bond TR Index(AA- or higher) | This index was developed as the underlying index for a bond ETF with a fixed maturity date, specifically bonds maturing on December 14, 2026. It consists of corporate bonds and financial bonds rated AA- or higher that mature between October and December 2026. |
| KAP Gov’t Bond 30Y Index(TR) | KAP Gov’t Bond 30Y Index(TR) is composed of three 30-year Treasury bond issues, weighted at 70%, 20%, and 10% respectively, based on the order of their most recent issuance. |
| KAP Feb Maturity Rollover Corp Bond TR Index(above AA-) | This index was developed as a benchmark for continuous maturity bond ETFs. Its constituents change annually on the first business day of March. It consists of AA-rated or higher special bonds, bank bonds, corporate bonds, and financial bonds maturing between January and March of the following year. |
| KAP Aug Maturity Rollover Corp Bond TR Index(above AA-) | An index developed as a benchmark for continuous maturity bond ETFs, with its constituent bonds updated on the first business day of September each year. This index comprises AA-rated or higher special bonds, bank bonds, corporate bonds, and financial bonds maturing between July and September of the following year. |
| KAP 25-11 Bank Bond Plus Index(AA-orhigher,TR) | This index was developed as the underlying index for a fixed-duration bond ETF, tracking bonds maturing on November 21, 2025. This index consists of AAA rated commercial bank bonds and AA- or higher rated financial bonds maturing between October and December 2025. Within the index, bank bonds account for 70% and financial bonds account for 30% of the weighting. |
| KAP Korea Total Market Bond 2-3Y Index(AA- or higher, Total return) | This comprehensive bond index targets bonds with a credit rating of AA- or higher and a remaining maturity of 2 to 3 years. It is composed of government bonds, monetary stabilization bonds, local government bonds, special bonds, bank bonds, financial bonds, and corporate bonds. |
| KAP Mark-to-market MMF Index(TR) | KAP Mark-to-market MMF Index(TR) is an index representing the performance of the short-term money market. It consists of KOFR, Call, commercial paper/electronic short-term bonds, and short-term bonds with a remaining maturity of 1 to 3 months. The asset allocation weights are KOFR 15%, Call 15%, commercial paper/electronic short-term bonds 30%, and bonds 40%. |
| KAP KTB 10Y Index(TR) | KAP KTB 10Y Index(TR) consists of the three most recently issued 10-year Treasury bonds. Weights are differentiated by face value at 50%, 30%, and 20% in descending order of most recent issuance. By allocating a larger weight to the most recent issues among 10-year government bonds, it aims to generate investment returns when long-term interest rates decline. |
| KAP 1Y Bank CD+Additional Rate Index | KAP 1Y Bank CD+Additional Rate Index compounds the market-to-market yield of AAA-rated 1-year CDs with an additional annualized 0.5% return, compounded daily, whenever the Kospi200 Index rises by 1% or more. |
| KAP MXNKRW TR Index | KAP MXNKRW TR Index is indexed by compounding the Bank of Mexico's benchmark interest rate on a 365-day annual basis. As an exchange-rate exposed index, it reflects both interest income and the price change of the Mexican Peso (MXN) against the Korean Won (KRW). |
| KAP INRKRW TR Index | KAP INRKRW TR Index is calculated by compounding the Reserve Bank of India's benchmark interest rate on a 365-day annual basis. As a currency-exposed index, it reflects both interest income and changes in the price of the Indian Rupee (INR) relative to the Korean Won (KRW). |
| KAP US Treasury 10 Years Bond Index(TR) | This index consists of the five most recently issued 10-year U.S. Treasury Bonds, with equal weighting based on face value. It is currency-exposed, tracking changes in the U.S. dollar value. |
| KAP US Treasury 30 Years Bond Index(TR) | This index consists of the five most recently issued 30-year U.S. Treasury Bonds, with equal weighting based on par value. It is currency-exposed, linked to changes in the U.S. dollar value. |
| KAP Leverage US Treasury 10 Years Bond Index(TR) | This index aims to provide twice the return of the U.S. Treasury 10-Year Index by utilizing leverage provided by the issuer. The leverage cost is the U.S. Federal Reserve benchmark rate + [‘SOFR 3-Month Rate’ × 1.05 – ‘OIS 3-Month Rate’ + 0.3%]. It is currency-exposed, linked to changes in the U.S. dollar value. |
| KAP Leverage US Treasury 30 Years Bond Index(TR) | This index aims to provide twice the return of the U.S. 30-Year Treasury Index by utilizing leverage provided by the issuer. The leverage cost is the Federal Reserve benchmark rate + [‘SOFR 3-Month Rate’ × 1.05 – ‘OIS 3-Month Rate’ + 0.3%]. It is currency-exposed, linked to changes in the U.S. dollar value. |
| MK-KAP Money Market TR Index | MK-KAP Money Market TR Index is jointly developed by the Maeil Business Newspaper and Korea Asset Evaluation. It includes spot CDs to earn CD interest rates, while also incorporating short-term bonds and commercial paper (including short-term notes) to achieve additional returns. |
| KAP MMF Index | The KAP MMF Index is an index representing the performance of the short-term money market. It is composed of KOFR, Call, negotiable certificates of deposit (CDs), commercial paper/electronic short-term bonds, and short-term bonds with remaining maturities of 1 to 3 months. |
| KAP Mark-to-market MMF Index | KAP Mark-to-market MMF Index is designed to be comparable to the short-term collective investment schemes (MMFs) defined under the Capital Markets Act. It serves as a benchmark index for the KAP Market Value MMF ETF. A key feature is that its weighted average remaining maturity is designed to be 120 days or less. |
| KAP Government Bonds MMF Index(TR) | An index composed of high-quality short-term financial products such as short-term government bonds, time deposits, ABCP, and special short-term bonds, representing the performance of the short-term money market. |
| KAP Japan Short-term Treasury Bill Index | The KAP Japan Short-Term Government Bond Index is composed of Japanese Treasury Discount Bills (JTDB) with a remaining maturity of 3 months or less. |
| KAP Leverage INRKRW TR Index | This index tracks twice the price change of the Indian Rupee (INR) against the Korean Won (KRW). The INR/KRW rate is calculated using the USD/KRW and USD/INR exchange rates. The closing exchange rate is based on the mid-price published on the Refinitiv terminal at 15:30 on Korean business days. |
| KAP Leverage MXNKRW TR Index | This index tracks twice the price change of the Mexican Peso (MXN) relative to the Korean Won (KRW). The MXN/KRW exchange rate is calculated using the USD/KRW and USD/MXN exchange rates. The closing exchange rate is based on the mid-price published on the Refinitiv terminal at 15:30 on Korean business days. |
| KAP 25-12 Bank Bond TR Index | KAP 25-12 Bank Bond TR Index is an index developed as the underlying index for a fixed-duration bond ETF, representing a bond index with a maturity date of December 10, 2025. This index consists of bonds issued prior to the index start date of December 29, 2023, specifically comprising special bank bonds and AAA-rated commercial bank bonds maturing between November and December 2025. |
| KAP 26-12 Credit Bond Index(AA- or higher, TR) | The KAP 26-12 Credit Bond Index (AA- or higher, Total Return) is an index developed as the underlying index for a fixed-duration bond ETF, with a maturity date of December 10, 2026. It consists of bonds rated AA- or higher, including special bonds, bank bonds, financial bonds, and corporate bonds issued before the base date of December 31, 2023, with outstanding amounts of 50 billion KRW or more, maturing between October and December 2026. |
| KAP CD & Short Term Money Market Index | The KAP CD & Short-Term Money Market Index represents the short-term money market and is composed of 50% CDs with a remaining maturity of 3 months or less, 25% bonds, 15% commercial paper/short-term notes, and 10% call rate. |
| KAP 26-06 Public Finance Bond TR Index(AAA or higher) | KAP 26-06 Public Finance Bond TR Index(AAA or higher) is an index developed as the underlying index for a fixed-duration bond ETF, maturing on June 11, 2026. It consists of bonds issued before the index launch date of December 29, 2023, including National Housing Bonds, special bonds rated AAA or higher, and special bank bonds, with outstanding balances of 50 billion won or more maturing between May and July 2026. |
| KAP 26-12 Credit Bond TR Index(AA- or higher) | KAP 26-12 Credit Bond TR Index(AA- or higher) is an index developed as the underlying index for a fixed-duration bond ETF, with an index maturity date of December 31, 2026. It consists of bonds with a credit rating of AA- or higher, including special bonds, bank bonds, financial bonds, and corporate bonds issued before December 31, 2023, with an outstanding balance of 50 billion won or more maturing between November 2026 and January 2027. |
| KAP 3X Leverage US Treasury 30 Years Bond Index(TR) | This index aims to deliver three times the investment return of the KAP US Treasury 30 Years Bond Index(TR) using leverage. |
| KAP 27-12 Corporate Bond TR Index(AA- or higher) | KAP 27-12 Corporate Bond TR Index(AA- or higher) is an index developed as the underlying index for a fixed-duration bond ETF, with a maturity date of December 14, 2027. This index consists of corporate bonds rated AA- or higher and financial bonds maturing between October and December 2027. |
| KAP Short Term KTB MSB TR Index | KAP Short Term KTB MSB TR Index consists of Treasury bonds with remaining maturities between 1 month and 2 years, and Treasury bills with remaining maturities between 1 and 2 years, and carries no credit risk. It allocates 95% to securities with maturities of one year or less and 5% to those with maturities exceeding one year, resulting in an average duration of approximately 0.59. This structure minimizes price volatility risk from interest rate changes and provides high liquidity. |
| KAP US Money Market Index | The KAP US Money Market Index represents the performance of the US short-term financial market. It consists of US Treasury Bills (T-Bills) with a remaining maturity of over 1 month and within 3 months, the US 1-Week Repo Rate and SOFR (Secured Overnight Financing Rate). |
| KAP Short Term Specialized Bank Bond Index | KAP Short Term Specialized Bank Bond Index is composed of discount bonds issued by special banks such as the Industrial Bank of Korea, Korea Development Bank, and Korea Export-Import Bank, with remaining maturities of 6 months or less. It has low price volatility arising from credit risk and interest rate changes while offering higher yields compared to government bonds. |
| KAP Japan Government Bond 10Y Index | The KAP Japanese 10-Year Government Bond Index is composed of the five most recently issued Japanese government bonds (JGBs) with a 10-year maturity. |
| KAP 3X Leverage Japan Government Bond 10Y Index | This index utilizes leverage to aims to deliver three times the investment return of the KAP Japan Government Bond 10Y Index. |
| KAP Inverse Japan Government Bond 10Y Index | This index represents an inverse position created by shorting the KAP Japan Government Bond 10Y Index. |
| KAP Inverse 3X Leverage Japan Government Bond 10Y Index | A 3x inverse index of the KAP Japan Government Bond 10Y Index, offering the potential for three times inverse returns on 10-year government bonds. |
| KAP 27-12 Credit Bond Index(AA- or higher, TR) | KAP 27-12 Credit Bond Index(AA- or higher, TR) is the underlying index for fixed-term bond ETFs. It consists of special bonds, bank bonds, and corporate bonds with a credit rating of AA- or higher, issued prior to the base date of December 31, 2024, and maturing between October 2027 and December 2027, outstanding balance of 50 billion won or more. |
| KAP US Treasury 10 Years Bond Index(Total Return) | KAP US Treasury 10 Years Bond Index(Total Return) is an index composed of fixed-rate bonds issued by the U.S. government in U.S. dollars with a remaining maturity exceeding 7 years but not exceeding 10 years, with currency risk hedged. |
| KAP Money Market Index(Total Return) | KAP Money Market Index (Total Return) is an index that represents the performance of the short-term money market. It is composed of high-quality short-term financial instruments rated AA- or higher, including short-term bonds, time deposits, Asset-Backed Commercial Paper (ABCP), and special short-term bonds. |
Real Time Index
| Korea Economic daily Bond Index (KEBI) |
KEBI (KTB) is calculated every 5 minutes and user can mix desired sectors.
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Customized Index
Customized Index is separately developed Index by the request from specific clients.
In general, main clients requesting such indices are pension funds entrusting considerable portion of their funds. Customized Indices are used as BM for performance analysis.
Customized index including MK-BP Bond Index(MK-BP) is used for performance evaluation of fund and indices matched to sub-sector are calculated.
In general, main clients requesting such indices are pension funds entrusting considerable portion of their funds. Customized Indices are used as BM for performance analysis.
Customized index including MK-BP Bond Index(MK-BP) is used for performance evaluation of fund and indices matched to sub-sector are calculated.
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