Hanwha Asset Management to Cross-List Defense and Manufacturing ETFs in Abu Dhabi on Nov. 2

Hanwha Asset Management will cross-list two Korea-focused exchange-traded funds on the Abu Dhabi Securities Exchange on Nov. 2, taking the PLUS Korea Defense Industry Index ETF and the PLUS Korea Manufacturing Core Alliance Index ETF to a Middle Eastern venue. The company confirmed the plan to The Korea Herald, as reported by Naver.

Hanwha's Abu Dhabi Cross-Listing Plan

The two funds hold $93.47 million and $4.98 million in assets respectively and currently trade on NYSE Arca, where they are managed by US-based Exchange Traded Concepts, with Hanwha supplying their underlying indices. KDEF, launched in February 2025, invests in Korean defense companies including Hanwha Aerospace, Hyundai Rotem, Korea Aerospace Industries and LIG Nex1. Its assets surpassed $200 million within 15 months of launch and have since declined to $93.47 million, despite a market-price return of 112.75 percent since inception. KMCA, launched in May 2026, tracks Korean manufacturers across six sectors: AI semiconductors, rechargeable batteries, shipbuilding, defense, power grids and nuclear energy, and robotics.

Hanwha is pursuing overseas expansion through a white-label ETF model, under which it develops investment strategies and indices while ETC handles fund management and operations. The company said the arrangement reduces the cost and regulatory burden of entering overseas markets compared with establishing a local asset management business. "Financial markets are global, but investment opportunities remain highly localized, and our role is to connect the two," said Choi Young-jin, chief marketing officer and executive vice president of Hanwha Asset Management. "KDEF and KMCA are more than ETFs — they package Korea's strengths in defense and manufacturing into investment opportunities for global investors," he added.

Hanwha Asset Management's ETF Scale

Hanwha Asset Management is a Seoul-based subsidiary of Hanwha Group offering PE, credit, real estate, infrastructure, public and ETF strategies, according to akta.pro company records. The same records show approximately 13 trillion won (US$8.8 billion) in ETF assets under management as reported in 2026, a PLUS ETF brand net worth of 11.2 trillion won, up from approximately 3 trillion won at launch in July 2024, and a three-year goal to manage approximately 100 trillion won in ETFs. The company was founded in 1988 and is led by chief executive officer Kim Jong-ho (James Kim).

Earlier Hanwha ETF Moves

In May 2026, Hanwha Asset Management said its PLUS Global HBM Semiconductor ETF recorded a three-year cumulative return of 676.67 percent, the highest among semiconductor ETFs tracked by Fn Spectrum, Mk reported. In June 2026, the firm won Asia Asset Management's 2026 ETF Awards for Best Absolute Performing ETF and Best Dividend ETF for Korea, Asiaasset reported. In July 2026, Hanwha Asset Management and US-based MarcyPen Capital Partners launched MarcyPen Asia, a joint venture to invest in consumer brands tied to K-culture and Asian lifestyle trends, The Korea Herald reported.

What Follows the Abu Dhabi Listing

Hanwha Asset Management has said Europe is next on its agenda after the Abu Dhabi listings, without giving a date. The company said the Abu Dhabi expansion builds on Hanwha Group's existing Middle Eastern business ties, particularly through defense affiliates Hanwha Aerospace and Hanwha Systems.