Mirae Asset Global Investments has put its "TIGER Semiconductor TOP10 Covered Call Active ETF" front and center, emphasizing a semiconductor supercycle driven by expanding investment in artificial intelligence (AI) infrastructure. The strategy aims to pursue both growth and cash flow by reflecting the structural demand expansion centered on memory semiconductors along with the trickle-down effect extending to components and materials, parts, and equipment. Through the latest portfolio rebalancing, the fund added SK Square (402340.KS) and Samsung Electro-Mechanics (009150.KS), simultaneously broadening both indirect exposure and investment scope.
On the 6th, Mirae Asset Global Investments introduced changes in the AI industry and its investment direction at a webinar on the portfolio reshuffle of the "TIGER Semiconductor TOP10 Covered Call Active ETF," diagnosing that large-scale capital spending by global Big Tech is driving semiconductor industry conditions. According to Mirae Asset Global Investments, infrastructure investment is expanding as competition intensifies among AI companies such as Anthropic, OpenAI, and Google, with global Big Tech capital expenditure (CAPEX) estimated to reach approximately $715 billion this year.
Advances in AI models are also stimulating demand expansion. Token usage is surging and context windows are widening, sharply increasing computational requirements. This is driving up overall memory demand, not only for high bandwidth memory (HBM) but also for server DRAM, according to the firm. Indeed, SK hynix (000660.KS) posted an operating margin exceeding 70% in the first quarter of this year, achieving record-high earnings that numerically confirm the robust industry conditions.
The AI trickle-down effect is spreading beyond memory semiconductors into the components sector. With the number of multilayer ceramic capacitors (MLCCs) installed in AI servers surging, Samsung Electro-Mechanics' utilization rate exceeds 90%, and strong demand continues, while orders are also expanding at related companies amid rising demand for high multi-layer substrates. As a result, expectations for earnings improvement across the entire semiconductor value chain are rising.
Against this backdrop, Mirae Asset Global Investments presented the "TIGER Semiconductor TOP10 Covered Call Active ETF" as a key investment vehicle. The ETF combines a structure in which Samsung Electronics (005930.KS) and SK hynix account for more than 50% of its holdings with a covered call strategy based on individual stock options. It recorded 83.2 billion won ($61 million) in net retail purchases on its listing day, the largest among covered call ETFs, and attracted more than 200 billion won ($147 million) in inflows within a week, demonstrating investment demand.
The firm also emphasized the new inclusion of SK Square and Samsung Electro-Mechanics through this month's rebalancing. Indirect exposure is expanded through SK Square, the largest shareholder of SK hynix, while Samsung Electro-Mechanics reflects benefits from AI infrastructure including MLCCs and packaging substrates, broadening the investment scope across the entire semiconductor value chain.
The strategy also aims to secure high distribution resources through covered calls utilizing individual stock options. According to Mirae Asset Global Investments, individual stocks have higher volatility than indexes, enabling higher option premiums at the same maturity. Investors can secure cash flow without tax burden by utilizing a structure in which such premiums are classified as non-taxable. The first distribution since listing is scheduled to be paid on the 15th of this month.
"The more intense competition among AI companies becomes, the more each company invests in infrastructure, and Korean memory semiconductors are at the core of all this infrastructure," said Jung Eui-hyun, head of the ETF Management Division at Mirae Asset Global Investments. "The AI trickle-down effect is spreading to materials, parts, and equipment including MLCCs and substrates, and we plan to continuously reshape the portfolio with a focus on growth to reflect this."
